Global Bioplastics Market Future Scope, Trends, Analysis, Size, Share: by Type (Bio-PET, PLA, PBS, Bio-PP, and others), Application (Plastic Bottles, Packaging, and Others), and Region - Forecast Till 2023
Bioplastics Market Overview
The biodegradable feedstock is used to develop Bioplastics that can reduce the problems caused by conventional plastics. Market Research Future (MRFR) has published a report on the global Bioplastics Market that foresees growth for this market between 2017 and 2023. Analyzing the market structure, this report offers insights about factors affecting the market growth. Measuring the market size and foretelling the revenue, this report covers and observes the competitive developments of market players that include joint ventures, mergers and acquisitions, new product developments, research and developments (R&D), and strategic alliances.
The key factor that is driving the global Bioplastics Market growth is the stringent government regulations against the consumption of non-recyclable plastics driving the growth of the industry. Other factors aiding the market growth include the availability of raw material for making bioplastic, growth in awareness about the environmental pollution, growing demand for eco-friendly bottles & containers, ban on conventional plastics, and increased awareness among consumers about sustainable packaging. However, the high cost of bio-based materials and high complexity associated with the production of bioplastic packaging materials through agro-based raw materials are the factors that can hinder the market growth.
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- Biome Bioplastics Limited. (UK)
- Dow Chemical Company (USA)
- FKuR Kunststoff (Germany)
- Novamont S.P.A. (Italy)
- Koninklijke DSM N.V. (the Netherlands)
- BASF SE (Germany)
- Metabolix Inc. (USA)
- NatureWorks LLC (USA)
- Arkema Group (France)
- Eastman Chemical Company (USA)
- DaniMer Scientific LLC (USA) are the key players in the global Bioplastics Market.
- Resulting in a collaboration between Bio-on and Rivoira, the new product ZEROPACK has been introduced in the market as bioplastic for food packaging of fruits and vegetables. 28 DEC 2018
- Biome Technologies, the parent company of Biome Bioplastics, has received government funding as part of its £6 mn programme to use industrial biotechnology techniques to produce a new range of highly sustainable polymers. 6 DEC 2018
The global Bioplastics Market has been segmented based on type and application.
By type, the bioplastic market has been segmented into bio-PET, PLA, PBS, bio-PP, and others. Type-wise, the Bioplastics Market is being dominated by the bio-PET segment. Bio-PET has similar properties as of conventional PET and is highly used for bottling and other packaging applications such as for manufacturing bags, food containers, carry bags, bottles, and others. Meanwhile, the PLA segment is anticipated to expand over the forecast period on account of easy processability and superior mechanical properties.
By application, the Bioplastics Market has been segmented into plastic bottles, packaging, and others. Application-wise, the packaging segment is dominating the market and is likely to be the fastest-growing segment over the forecast period.
Region-wise, the Bioplastics Market has been segmented into North America, Rest-of-the-World (RoW), Europe, and Asia Pacific (APAC).
The Bioplastics Market is dominated by Europe. The region has been a frontrunner in the adoption of green packaging solutions. Moreover, stringent government regulations prohibiting the use of polymers in packaging applications has created a conducive environment for the growth of the Bioplastics Market in Europe. Moreover, due to the high level of awareness in the region, bioplastics are highly preferred, which generates considerable demand within the market. The European Union is aiding the growth of the market by reducing taxes on bio-based products. The UK, France, Germany, and Spain are the key contributors to the Europe market.
North America is likely to emerge as an important growth pocket in the coming years. Various laws are being regulated in the region to curb the intensifying problems of environmental pollution. The US and Canada are the key contributors to the North America market.
APAC market is likely to demonstrate notable growth over the forecast period. Escalating demand for packaged goods in the region is supporting the growth of the market. China is the major contributor to the APAC market. Other country-specific markets include South Korea, Australia, and Japan.
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Related Report : https://www.marketwatch.com/press-release/biodegradable-mulch-films-market-2019-size-global-trends-share-industry-analysis-top-key-players-target-audience-revenue-outlook-and-regional-forecast-to-2022-2019-10-23
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