A circular economy is “restorative and regenerative by design” that aims at keeping the materials, products and components at their respective highest utility and value all the time. Bioplastics fit in this notion by introducing a more circular concept of “make, use, reuse, recycle”.
Ensuring long term investments in biorefineries and integration with local agronomical value chain will give a major boost to the bioplastic textiles industry and eventually helping in transitioning to a circular economy.
Moreover, favourable governmental policies coupled with increasing awareness regarding the circular economy is expected to drive the demand for sugarcane bioplastics over the forecast period.
As per the report published by Fact.MR, the bioplastic textiles market is anticipated to expand at a CAGR of around 12% over the next ten years.
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The global bioplastic textiles market is projected to expand at a CAGR of around 12% over the 2021 to 2031 assessment period, with Polytrimethylene Terephthalate (PTT) and Polylactic Acid (PLA) being the most sought-after materials in this space.
Bioplastic textiles are materials derived from renewable feedstock such as sugarcane, corn starch, woodchips, straw and other biodegradable sources. An increase in awareness regarding the adverse effects of plastics on the environment coupled with stringent government policies are driving the bioplastic market.
The urgent need to curb CO2 emission by reducing dependency on fossil fuels is expected to bolster the demand over the forecast period (2021-2031). Additionally, technological developments have made bioplastics compatible and user friendly hence making it a potential alternate source for end-use.
Bioplastic textiles find their major application in the packaging industry which includes flexible packaging and rigid packaging. This can be attributed to the shift in consumer preference towards bio-based products and rising awareness regarding the negative impact of synthetic products. For instance, according to European bioplastics around 47% of the global bioplastics were used in the packaging industry.
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Key Take aways from Market Study
- The bioplastic textiles market is anticipated to add a significant value by 2031.
- Based on material used Polytrimethylene Terephthalate (PTT) and Polylactic Acid (PLA) segment captures major market share.
- Among the end uses, the packaging sector has been the fastest-growing segment, owing to the rise of the food & beverage industry over the past decade.
- Europe is set to dominate market revenue in 2021 and is set to dominate till 2031.
- The market in China is expected to rise with a higher single-digit CAGR through 2031.
- Due to the COVID-19 crisis, demand for bioplastics was hit in 2020, which saw a decline but with the packaging industry back on track, bioplastic demand is expected to bounce back. “High R&D spending coupled with technological advancements will aid market growth over the coming years,”
The aforementioned market players are considered as the prominent players in the bioplastic textiles market. Further, key market players are focusing on gaining access to untapped regions by performing geographic expansions. They are focusing on strategic partnership, innovative product launches and acquisitions in the market space to substantially increase its market presence.
- For instance, in July 2019 Braskem partnered with Atlhetica Nutrition to use its recently launched green plastic product for packaging.
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Key Market Segments Covered
- By Material
- Polytrimethylene Terephthalate (PTT)
- Polyamide (PA)
- Polyethylene Terephthalate (PET)
- Polylactic Acid (PLA) or Polylactide
- By Source
- Corn Starch
- Including Wheat
- By Application
- Home Textiles
- By Region
- North America
- Asia Pacific
- Rest of World
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