Bioplastics are those plastic materials that are manufactured by using natural resources. There are two categories of these plastics available in the market - biodegradable bioplastics and non-biodegradable bioplastics.
A growing beverage packaging industry, government support for adopting bio-based materials, and rising consumer acceptance of bio-plastics are expected to contribute to the growth of the global bio-plastic market over the forecast period.
Future Market Insights (FMI), in its latest report titled, “Bio-plastics Market: Global Industry Analysis and Opportunity Assessment”, estimates that the global bio-plastics market is expected to account for US$ 43.8 Bn by 2020, registering a CAGR of 28.8% during the forecast period.
Assessing the various factors driving this market, a FMI lead analyst, said, “Increasing consumer awareness regarding benefits of greener products, strict regulations to incorporate bio-based products in automotive & packaging, and increasing investments by local companies are expected to fuel the demand for global bio-plastics market.”
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Global Bioplastics Market: Drivers and Trends
Demand for bioplastics is increasing in the past decade due to growing awareness concerning environmental conservation, the use of bio-based or natural resources for manufacturing materials, and the formulation of various regulations across countries for the effective use of natural resources and waste management.
In terms of materials, the global bio-plastics market is segmented as bio-PET, bio-PE, bio-PA, bio-degradable polyesters, PLA & PLA blends, starch blends, PHA, and others. Currently, the bio-PET material segment dominates the bio-plastics market and was estimated to be US$ 5.6 Bn in 2014.
This segment is expected to reach US$ 29.1 Bn by 2020, with a momentous CAGR of 31.4% for the forecast period. Moreover, increasing demand for bio-plastics from the beverage packaging industry and the effectiveness of bio-plastics in the one-time-use application have driven the demand for bio-PET in the last few years.
On the basis of application type, the bio-plastics market is segmented as bottlers, other packaging, food services, agriculture/horticulture, consumer products, automotive, and others. Among all the aforementioned applications, the bottles segment is expected to dominate the market with 34.4% of the total revenue share by 2020.
However, the automotive segment is anticipated to exhibit the second-highest CAGR of 27.5% as compared to other applications during the forecast period. Additionally, the influx of new entrants is predicted to fuel the growth of others application segments, thereby accounting for a 5.0% market share by 2020.
Key regions considered for this market study include North America, Europe, Asia Pacific, and RoW (Rest of the World). Asia Pacific represents the most lucrative market, followed by North America. Asia Pacific is expected to contribute 33.7% market share to the overall bio-plastics market by 2020. The growth of Europe is supported by the strong influence of regulatory framework and awareness regarding greener products through various media among consumers.
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Key players in the global bio-plastics market are
Key Segments Covered
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Key Geographies Covered
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Mar 12, 2023
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