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
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