Analysis of Potential Impact of COVID-19 on 3D Printed Bioplastic Market

3D Printed Bioplastic: Introduction

3D printing is a process of creating an object from a digital model. Bioplastics such as polylactide (PLA), NYLON 11, Arnitel ECO (thermoplastic copolyester), and BIOME3D are used in largely in combination with 3D printing technology to manufacture various parts of products in end-use industries.

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Key Drivers of 3D Printed Bioplastic Market

Growth in population, increase in income of the middle class, considerable improvement in lifestyle of the people, and digital transformation are factors estimated to boost the production of 3D printed bioplastic across the globe. 3D printing helps decrease time required for the development of a product. It also reduces errors and increases the accuracy in production of complex designs. Furthermore, it helps in the manufacture of customized products. Rise in demand for 3D printing technology in a wide range of end-use industries and increase in penetration of bioplastic in 3D printing technology are expected to augment the 3D printed bioplastic market.

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Rise in depletion of fossil fuel feedstock and increase in ban on polymer-based products are anticipated to fuel the demand for bio-based products in the near future. Furthermore, growth in awareness about bio-based products among consumers is projected to fuel the biopolymers market across the globe. Bioplastic has the potential to replace chemicals made from fossil fuels. This is a key factor boosting the bioplastic market. Furthermore, shift in consumer preference toward bio-based products is offering significant opportunities to the development of technologically advanced materials across the globe.
Additionally, bioplastics offer increased safety and high environmental characteristics Raw material used in the formulation of these materials is available in abundance. This is expected to drive the demand for bioplastic in the near future. In turn, this is anticipated to boost the 3D printed bioplastic market.

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Lower Dependence on Non-renewable Resources

Bioplastic has the potential to lower the dependence on crude oil. Independence from fossil fuel resources is projected to lead to greener economic growth. Additionally, lower carbon footprint is likely to benefit manufacturers by increasing economic stability and avoiding social crisis within oil exporting regions such as GCC.

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North America to Hold Major Share of Global 3D Printed Bioplastic Market

Based on region, the global 3D printed bioplastic market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
North America and Europe dominate the global 3D printed bioplastic market. These regions are followed by Asia Pacific. The 3D printed bioplastic market is estimated to expand rapidly owing to the rise in demand for bioplastic in automotive and electrical & electronics sectors. North America held major share of the market in 2019 due to increase in adoption of 3D printing technology in various end-use industries including aerospace & defense, automotive, health care, and electrical & electronics. Rise in awareness regarding the use of 3D printing, increase in manufacturing facilities, and growth in research & development activities in bioplastic in the 3D technology sector are likely to augment the demand for 3D printed bioplastic in North America.

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Europe is projected to be a leading consumer of bioplastic in the near future. Increase in regulations on the usage of fossil fuel based products and rise in restrictions on the use of hazardous chemicals are anticipated to propel the demand for alternatives in the region.
The market in Asia Pacific is expected to expand at a faster pace during the forecast period. China and Japan are the major countries that are extensively engaged in the production and supply of 3D printed bioplastic in Asia Pacific.

Key Players Operating in Market

The global 3D printed bioplastic market is highly consolidated, with the leading producers accounting for prominent share. Manufacturers operating in the market are highly engaged in product launches to increase the awareness of 3D printing in the bioplastic market. Key players operating in the 3D printed bioplastic market include: