28. Dec 2016
Global Bioplastics Market is expected to register a CAGR of 19.2% during the forecast period 2017 - 2025, according to a new report by published by Progressive Markets.
The key factors responsible for the increasing adoption of bioplastics in rigid packaging applications include, the growing environmental awareness among the consumers and notable curiosity of packaging industries towards biodegradability. By 2020, the rigid plastic application would account for more than 40% of the market revenue.
Bioplastics are plastics that are made from the renewable feedstocks such as corn, sugarcane and cellulose among others. Largely available renewable feedstocks and eco-friendly nature of bioplastics fuel its market worldwide. Furthermore, increasing adoption in new end-user industries and encouraging government policies for the use of eco-friendly and biodegradable products are some of the main factors that would drive the market growth. On the other hand, high production cost is likely to restrain the growth during the forecast period.
Key Findings of Bioplastics Market
• Rigid plastics would be the fastest growing application section, at a CAGR of 31.8%, during the forecast period
• In 2014, Europe was the highest consumer, whereas, Asia-Pacific was the largest producer of bioplastics. Asia-Pacific would be the fastest growing consumer during the forecast period.
• Bio-PET 30 segment is projected to have a healthy volume growth, at 25.7% CAGR, during the study period.
• Polyesters and starch blends category collectively contributed around one-third of the overall biodegradable bioplastic market in 2014.
• In terms of revenue and volume, PLA is estimated to be the fastest growing segment in the overall biodegradable plastics market.
North America and Europe collectively contributed more than 60% of the market, in 2014 and are projected to retain their lead throughout the forecast period. European policies, support for bioplastic manufacturers and increasing health awareness among consumers are some of the key factors influencing the market growth in this region. However, Asia Pacific is projected to be the most lucrative market owing to availability of huge renewable feedstocks along with growing investments made by the global bioplastics players.
As a key developmental strategy, key market players in the market are adopting collaborations, partnerships and expansions. The prominent players profiled in this report include, Metabolix Inc., Novamont SPA, Natureworks LLC, BASF SE, Cardia Bioplastics, Corbion Purac, Braskem, Biome Technolgies Plc, Innovia Film and FKuR Kunststoff GmbH.
To view the complete report, visit the website (MT)