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Global bioplastic textile market to grow at 12%: Study

Jun 02, 2021
Global bioplastic textile market to grow at 12%: Study

New York, USA

The worldwide market for bioplastic textile is forecasted to grow at a 12% compound annual growth rate (CAGR) over the next decade, according to a FACT MR study. The study says that the rise in urgency to lower the carbon dioxide emission into the environment and employment reduction of fossil fuels is the main driver for the bioplastic textile market.

The rising government and private funding towards developing cheaper and sustainable bioplastic textile production processes will promote growth in the market. The market growth will also benefit from the rising focus towards the development of natural recyclable alternatives to synthetic plastic and increasing efforts towards the introduction of carbon-negative manufacturing of bioplastics.

During 2020, there was a temporary fall noticed in market growth due to the pandemic and contraction of the European textile market. The rise in the production cost of bioplastic textile is also adversely affecting the market growth.

The market growth is getting hampered by the fact that bioplastic textile is a niche market. Therefore, it needs higher capital investment for production. The market growth is also restricted due to bioplastic textile’s high research and development costs and limited production. The inability to reach maximum potential for production and inadequate resource utilisation also hinders market growth.

New avenues for the growth of the bioplastic textile market has opened in Germany due to the rising demand for eco-friendly products and the flourishing clothing industry. In the U.S., there is an increased demand for bioplastic textile due to their benefits coupled with the growing awareness about the cons of conventional single-use plastic.

In India, there is an accelerated market growth due to the increasing demand for organic textile products coupled with the country’s stringent laws on non-biodegradable plastic use. In China, the growth in the bioplastic textile market has been fuelled by the rising consumer inclination towards bioplastic fibres adoption and the booming textile industry.

However, there is a higher demand for polylactic acid (PLA) and polytrimethylene terephthalate (PTT) among various end-users because PTT has superior strength and flexibility, while PLAs have better resistant properties and improved elasticity. During the forecast period, cornstarch-based bioplastic is expected to increase at a rapid pace.

The expansion of PLA is anticipated at 13% CAGR throughout the forecast period from 2021-2031. There is an increased market demand because PLA is highly degradable under compost conditions.

Source - Cision PR Newswire

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