plasticizer market 2022: SWOT Analysis, Business Strategies and Key Indicators By 2028

 

Market Highlights

The global biopolymers & bioplastics market is projected to reach USD 29,770.31 million by the end of 2030, registering a CAGR of around 20.7% during the forecast period.

The biopolymers & bioplastics are the key constituents of multiple industries, including automotive, packaging, consumer goods, and more. Traditionally formulated plastics are now being replaced with bio-based alternatives. For instance, increasing dependency on rigid packaging materials to deliver essentials across the globe is a key factor influencing the demand for bioplastics and biopolymers worldwide.

With the rise in COVID-19 cases in 2020, companies were highly reliant on ordering everyday essentials due to the imposition of strict nationwide lockdowns across all major countries of the world. This led to a high dependency on E-commerce platforms to order goods, which led to a direct increase in the sale of concurrent packaging industries. Rigid and flexible packaging were the key solutions captured in 2020, and the trend is aligned as of 2021.

Companies involved in manufacturing and sales of biopolymers Market bioplastics worldwide are directly involved with consumer sentiments and market movement to upgrade their business operations and sustain in the market space. Rising awareness amongst the consumers regarding the utilization of traditional plastic products and its subsequent impact on the ecosystem has promoted demand for biopolymers and bioplastics globally. Furthermore, a boost in the use of plastics globally has had an adverse impact on the environment as well, which led to the rise in demand for environmentally-friendly alternatives such as bio-based plastics. Increasing government regulations and efforts across developed economies towards subsiding environmental degradation will positively impact market growth worldwide over the foreseeable future.

COVID Impact Analysis

The outbreak of COVID-19 has resulted in the shutting down of business operations, canceled trade routes, and nationwide lockdowns, which has negatively impacted the industry. Disruptions in the supply chain of bioplastics & biopolymers, as well as lower demand from end-use markets, resulted in business damages and operational losses. However, with the lift of lockdown measures and ease of trade restrictions, the demand is expected to gain pace and drive the market growth substantially.

Government authorities and management have imposed a number of monetary as well as fiscal policies worldwide to limit the damage caused by the recent pandemic, which is expected to result in certain relief for consumers and market participants globally.

The overall impact of the COVID-19 pandemic in the global market space has, however, impacted certain businesses positively. For instance, the demand for consumer goods and packaging solutions worldwide has increased significantly. The use of biopolymers and bioplastics in the consumer goods sector is impeccable. These products are the key raw materials used in various toiletries, kid-care products, household essentials & utilities, and more. Strict impositions of lockdowns globally led to the emergence of online delivery systems. This hiked the demand for biopolymers & bioplastics globally during the pandemic.

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Segment Analysis

The global biopolymers & bioplastics market has been segmented on the basis of type, end use, and region.

On the basis of type, the global market is fragmented into biodegradable and non-biodegradable. The biodegradable segment further delves into polylactic acid (PLA), starch blends, polybutylene adipate terephthalate (PBAT), polyhydroxyalkanoate (PHA), polybutylene succinate (PBS), and others, while the non-biodegradable segment is divided into Bio-PE, Bio-PA, Bio-PET, Bio-PTT, and others.

By end use, the biopolymers & bioplastics market has been categorized into packaging, automotive & transportation, consumer goods, textiles, agriculture & horticulture, and other end-use markets. Increasing the dependency of consumers on e-commerce platforms for fetching essentials is one of the key driving factors of the plastic packaging sector. Furthermore, on a global scale, the reliability of automobile manufacturers on plastic components, rather than heavy-metal-based components, has been identified as one of the critical attributes driving the demand.

Key Findings of the Study:

• The global biopolymers & bioplastics market is projected to reach USD 29,970.31 million by 2030, at a CAGR of around 20.7% during the forecast period from 2021 to 2030.
• Asia-Pacific accounted for the largest market share in 2020; this is due to the high production and sale of automobiles in China, India, and Indonesia.
• With the rising concerns for environmental degradation, the demand for bio-based alternatives to plastics is rising among government agencies and other regulatory authorities.
• The proliferating automotive industry in Latin America and the Middle East & Africa is majorly driven by technological innovations that penetrate the marketspace.