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 bioplastics over the forecast period.
As per the report published by an ESOMAR-certified market research and consulting firm, the bioplastic textiles market is anticipated to expand at a CAGR of around 12% over the next ten years.
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,” says a Senior Research Analyst.
Manufacturing companies are opting for more sustainable processes keeping in mind the needs of the present consumers. Moreover, market players are investing heavily in R&D and innovative solutions to come up with more efficient green products.
These insights are based on a report on Bioplastic Textiles Market by Fact.MR.