Global bioplastic textile market to grow at 12%: Study
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.
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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