COVID-19 impact on global bioplastics & biopolymers market

Bioplastics & Biopolymers Market

Bioplastics & biopolymers are used in various industries, such as packaging, consumer goods, automotive & transportation, textiles and agriculture & horticulture. However, due to the ongoing pandemic, the industries had been affected throughout the world. Manpower shortage, logistical restrictions, material unavailability, and other restrictions had slowed the growth of the industry during the previous year. Due to the outbreak of the Covid-19 pandemic and its gradual spread, industries of essential needs, like getting foods and required supplies safely to the consumers are increasingly affected. The global impact has led to sharp reduction in demand for some types of packaging which are condemned as non-essential. On the other hand the demand for essential packaging such as e-commerce shipment has seen massive growth. These changes are presenting the packaging companies with new set of challenges.  The affect of Covid-19 pandemic on the packaging industry will be mixed due to these reasons.

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The Covid-19 pandemic has affected the normal functioning of companies in the consumer goods sector. The successful marketing model has been impacted by the pandemic, which has furthered the proper functioning of business model. Due to the supply chain disruptions around the globe, 76% of the businesses had to reduce revenue targets by an average of 23%, as per Institute for Supply Management Research. The sector has mixed market feelings as some sectors such as household cleaning and frozen foods have seen increase in consumer demands whereas others have seen drop in sales and significant decrease in food traffic in retail stores. The companies had to become flexible with the change in consumer demand towards e-commerce. This as forced the entire consumer goods industry into digital age.

The automotive industry suffered largely due to the Covid-19 impact in 2020. However, the market has since rebounded during the previous months to show year-on-year growth in China, Europe and the US. However, in the long run, without the proper solution the demand is to remain moderate during the coming years. The industry also saw supply chain disruption in Chinese parts export, large scale manufacturing disruptions and closing of assembly plants

APAC is estimated to be the fastest-growing market for bioplastics & biopolymers between 2021 and 2026. Growth in APAC is primarily attributed to the fast-paced expansion of the economies such as China, India, and Indonesia. Growing population increased consumer spending, and rapid industrial expansion are the major factors responsible for the high growth rate of the region. Growing environmental concern and awareness along with increasing regulations are the key factors driving the demand for bioplastics & biopolymers. The manufacturers focus on the high-growth market to gain market share and increase their profitability.

The key players in this market are NatureWorks (US), Braskem (Brazil), BASF (Germany), Total Corbion (Netherlands), Novamont (Italy), Biome Bioplastics (UK), Mitsubishi Chemical Holding Corporation (Japan), Biotec (Germany), Toray Industries (Japan), and Plantic Technologies (Australia).

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