06-Feb-2023 | Zion Market Research
The global biomimetic plastic materials industry size was nearly $7.3 Billion in 2022 and is set to reach $15.3 Billion by 2030 with a CAGR of nearly 6.1% between 2023 and 2030.
Biomimetic plastic material is a synthetic plastic material that mimics natural materials and has the ability to change as per the external climatic conditions. Moreover, this is possible as a result of the chemical composition of biomimetic plastic materials. Massive penetration of these products in apparels, consumer electronics goods, and automotive has increased the popularity of the products across the globe. Thriving additive manufacturing activities are likely to contribute majorly towards the expansion of the global biomimetic plastic materials market.
Rise in plastic waste across the globe and high focus of various governments across the globe & the EU (European Union) to reduce plastic waste volume is likely to increase the use of biomimetic plastic material in plastic manufacturing, thereby driving the global biomimetic plastic materials industry trends. Reportedly, the EU has announced that all plastic packaging will be reusable and recycled by 2030. It also declared that about 10 million tons of recycled plastics will find their way into new products across the EU. Moreover, the EU aims to recycle nearly 55% of all plastic packaging by 2025. These initiatives will boost the demand for biomimetic plastic materials.
However, massive product costs owing to a low supply of raw materials will put brakes on the growth of the global biomimetic plastic materials industry. Diminishing awareness about the significance of biomimetic plastic materials can further put brakes on global market growth. Nevertheless, the growing demand for 3D digital services for improving the road infrastructure will generate new growth vistas for the market across the globe.
The global biomimetic plastic materials market is divided into type, application, and region.
Based on the type, the global biomimetic plastic materials market is divided into self-healing plastic and biodegradable plastic. Moreover, the biodegradable plastic segment is predicted to lead the type segment over the assessment timeframe owing to the huge demand for biodegradable plastics with their inherent environment-friendly properties.
In terms of application, the global biomimetic plastic materials industry is bifurcated into automotive, research institutions, consumer electronics, and transport segments. In addition to this, the consumer electronics segment is expected to lead the application segment in the years ahead. The growth of the segment from 2022 to 2030 can be due large-scale utilization of biomimetic plastic materials as raw components in the manufacturing of consumer electronics products.
The North American biomimetic plastic materials industry is anticipated to register sizable growth over the forecast timespan. The growth of the regional market over the projected timeline can be ascribed to the thriving healthcare sector in the region. Apart from this, the rise in the use of new technologies in the automotive sector in countries such as Canada and the U.S. will proliferate the size of the biomimetic plastic materials market in North America.
Increase in research activities and the presence of major players in the sub-continent will further add to the business growth in the sub-continent. Apart from this, Europe and the Asia-Pacific regions are set to register lucrative growth margins during the anticipated timeframe due to an increase in product demand across the residential and commercial construction sectors.
This review is based on a report by Zion Market Research, titled “Biomimetic Plastic Materials Market By Type (Biodegradable Plastic and Self-Healing Plastic), By Application (Research Institutions, Consumer Electronics, Automotive, and Transport), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030.”- Report at https://www.zionmarketresearch.com/report/biomimetic-plastic-materials-market
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