The market for bioplastic textiles is projected to be worth US$ 915.6 million in 2023 and to reach US$ 2,128.1 million by the end of 2033 at a CAGR of 8.8%.
The market for bioplastic textiles is probably driven by the demand for textile and nonwoven fibres. Bio-based plastics used in textiles, such as PLA, PET, PHA, PA, and PTT, can easily replace synthetic fibres used in apparel and other applications.
Growing Demand for Bioplastics to Support Market Growth
Plastic is a significant product that is used in all areas of the industry. However, crude oil is needed as a raw material in the production of plastic. The plastics pollute the environment because they are toxic and do not biodegrade. A shift towards bioplastics, which are produced using bio-based sources and are biodegradable, has been brought about by rising crude oil prices and the non-biodegradable nature of plastic.
The global production capacity of bioplastics reached 2.23 million tonnes in 2022, and is projected to rise to 6.3 million tonnes by 2027, according to data from European Bioplastics and Nova-Institute.
Prominent bioplastic textiles manufacturers are BASF SE, Braskem, Bio-on SpA, Biome Bioplastics, Corbion, DuPont de Nemours, Ercros S.A, and Orbion.
Market participants are investing in the creation of economical manufacturing procedures. This aids in increasing long-term profit, meeting consumer demands, and minimizing negative effects on the environment. Market players are focusing on partnerships with end users to develop products that increase the consumption of bioplastic textiles.
In December 2022, BASF SE partnered with StePac to develop packaging solutions that are sustainable and increases the shelf life of fresh produce.
BioTexFuture is a German government-funded research initiative that focuses on increasing the use of bioplastic materials in the textile industry. The project is led by Adidas, a sportswear giant; and RWTH Aachen University. The research project aims to increase sustainability in the textile sector where currently around 73% of fibers are derived from petroleum.
Fact.MR has provided detailed information about the price points of key manufacturers of bioplastic textiles positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.
These insights are based on a report on Bioplastic Textiles Market by Fact.MR.