Global Bioplastic Recycling Market: Introduction
- Bioplastics are plastic materials that are produced from renewable biomass sources including vegetable fats and oils, corn starch, woodchips, sawdust, and food waste. Demand for bioplastics has been increasing over the last few years, as petroleum-based products are not used in them.
- Bioplastics carry certain limitations. Bioplastics do not biodegrade in a landfill. They could also contaminate plastic recycling. Therefore, companies around the world are developing cost effective and efficient recycling processes.
Key Driver and Restraint of Global Bioplastic Recycling Market
- Bioplastic can pose threats similar to PET plastics if it ends up in landfills. Bioplastic can last for a very long time without enough oxygen to break it down. They may release methane, which is a potent greenhouse gas. Thus, companies and governments are now focusing on recycling of bioplastics. Furthermore, countries around the world are focusing on circular economy, as it contributes to the economy, provides employment, and also prevents environmental damage. Thus, increase in awareness about environmental issues is expected to boost the bioplastics market during the forecast period.
- Availability of cheaper alternates for recycling is anticipated to restrain the bioplastic recycling market. Major portion of bioplastics is dumped in landfills. Dumping would cost less than recycling of bioplastics. Thus, dumping of bioplastics in landfills is estimated to hamper the bioplastic recycling market during the forecast period.
Global Bioplastic Recycling Market: Segmentation
- The global bioplastic recycling market can be segmented in terms of source and end-use
- Based on source, the global bioplastic recycling market can be divided into vegetable fat, starch composite, wood composite, recycled food waste, and others. Starch composite and wood composite segments are projected to expand at a high CAGR during the forecast period, as there are efficient feedstock to produce bioplastics. Thus, demand for bioplastics is higher among consumers.
- Based on end-use, the global bioplastic recycling market can be classified into recycling, energy recovery, compost, and others. The recycling segment is anticipated to expand at a high CAGR during the forecast period. Countries around the world are increasingly focusing on circular economy. This is facilitating the recycling of bioplastics. Hence, the segment is likely to expand significantly in the near future.
Global Bioplastic Recycling Market: Regional Outlook
- Based on region, the global bioplastic recycling market can be segregated into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- Asia Pacific dominated the global bioplastic recycling market in 2020. The market in the region is projected to expand during the forecast period, owing to the rise in infrastructure and growth in initiatives by governments in the region to promote the usage of bioplastics. For instance, India has banned single-use plastic. This is anticipated to boost the usage of bioplastics in the country.
- The market in North America is projected to expand significantly during the forecast period due to implementation of stringent government regulations regarding single-use plastics in the U.S. and Canada
- Europe is estimated to be a lucrative region for bioplastic. Large numbers of projects are being undertaken by various countries in the region, such as Germany, Italy, and France, to reduce pollution caused by plastics.
- The bioplastic recycling market in Latin America and Middle East & Africa is estimated to expand at a steady pace during the forecast period. This can be ascribed to the steady rise in investment in the bioplastic industry in these regions.
- The COVID-19 pandemic has adversely affected all major global economies. Majority of sectors have suffered serious damage due to direct and indirect effects of the Covid-19 pandemic. The bioplastic industry has also been hampered by the Covid-19 pandemic owing to the disruption in global manufacturing networks and supply chains; decrease in budgets; and delay in programs due to lack of funding. Thus, the Covid-19 pandemic has hampered the global bioplastic recycling market. The market is expected to recover from the negative effects of the pandemic in two to three years.
Key Players Operating in Global Market:
- BIOPLASTIC RECYCLING
- Green Dot Bioplastics
- Total Corbion PLA
- Biome Bioplastics
- BioCor LLC
- PROMATERIS SA
- SPM Bioplastic
Global Bioplastic Recycling Market: Research Scope
Global Bioplastic Recycling Market, by Source
- Vegetable Fat
- Starch Composite
- Wood Composite
- Recycled Food Waste
Global Bioplastic Recycling Market, by End-use
- Energy Recovery
Global Bioplastic Recycling Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.