- Press Release -

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 Fact.MR, 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 Fact.MR analyst.

Winning Strategy

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.

More valuable Insights

Fact.MR, in its new offering, presents an unbiased analysis of the global bioplastic textiles market, presenting historical demand data (2016-2020) and forecast statistics for 2021 to 2031. The study divulges essential insights on the market based on material (Polytrimethylene Terephthalate (PTT), Polyamide (PA), Polyethylene Terephthalate (PET), Polylactic Acid (PLA) and others), source (sugarcane, beet, corn starch, cassava and others [including wheat and potatoes]), application (home textiles, clothing, footwear and others), and across major regions (North America, Europe, Asia Pacific and Rest of the world).

About the Chemical & Material Division at Fact.MR

Expert analysis, actionable insights, and strategic recommendations of the highly seasoned chemical & material team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over a thousand reports and 1 million-plus data points, the team has analysed the automotive industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.

For more information, refer to our market research report or contact the PR author.

Yash Pathak

Fact.MR

Consultant – Chemical& Material

E-mail: Yash@factmr.com