Bioplastic is a biodegradable product, which is derived from the renewable sources. These renewable sources include natural products such as potatoes, vegetable oil, rice, pea starch, tapioca, corn starch, sugar cane, wheat, grains, and cellulose from wood. Currently, there are many types of bioplastics in the global market, which are directly extracted from biomass, processed polymers, bio-based precursors such as PLA, and polymers manufactured by using derivatives of bacteria such as polyhydroxy butyrate and PHA. Bioplastics are different from conventional plastics and are used in the production of tools, bags, furniture, carpets, films, bottles, cups, and other packaging materials. Production of bioplastics reduces CO2 emissions by 31%-71% in comparison with other conventional plastics. The global bioplastics market is driven by the emergence of renewable resources, biomass, and bio-based raw materials such as starch and vegetable crop derivatives. In 2015, bio-based bioplastics accounted for more than 80% of the global bioplastics market. The use of bioplastics in numerous applications such as packaging and domestic goods has facilitated plastics manufacturers to reduce the overdependence on petroleum-based plastics.
Technavio’s analysts forecast the global bioplastics market to grow at a CAGR of 29.3% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global bioplastics market for 2016-2020. To calculate the market size, Technavio considers the revenue generated from the total consumption of bioplastics globally. The report does not include revenue generated from the aftermarket service of the product.
The market is divided into the following segments based on geography:
Technavio's report, Global Bioplastics Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
Cost-effectiveness of conventional plastic over bioplastics
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Consumption of bioplastics in novel applications
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Key questions answered in this report
What will the market size be in 2020 and what will the growth rate be?
What are the key market trends?
What is driving this market?
What are the challenges to market growth?
Who are the key vendors in this market space?
What are the market opportunities and threats faced by the key vendors?
What are the strengths and weaknesses of the key vendors?
Technavio Announces the Publication of its Research Report – Global Bioplastics Market 2016-2020
Technavio recognizes the following companies as the key players in the global bioplastics market: BASF, NatureWorks, Arkema, Novamont, and Plantic.
Other Prominent Vendors in the market are: DSM, DuPont, Evonik Industries, Ecospan, and Toray Industries.
Commenting on the report, an analyst from Technavio’s team said: “One trend leading to the growth of this market is the consumption of bioplastics in novel applications. With the increasing focus on sustainability and favorable government regulations for green procurement policies, the global bioplastic market will experience significant opportunities in the consumer goods and packaging sectors. The packaging applications are expected to experience significant growth with biodegradable mulch films, compostable waste bags, catering products, film packaging, and rigid packaging.”
According to the report, the emergence of bio-based and renewable raw materials will be a major growth promoting factor for this market. The global bioplastics market is driven by the emergence of renewable resources, biomass, and bio-based raw materials such as starch and vegetable crop derivatives. In 2015, bio-based bioplastics accounted for more than 80% of the global bioplastics market. The use of bioplastics in numerous applications such as packaging and domestic goods has facilitated plastics manufacturers to reduce the overdependence on petroleum-based plastics.
Further, the report states that the durability of bioplastics will pose a significant challenge for the growth of this market. The functional attributes of green plastics compared to conventional petroleum-based plastics include low barrier properties to air, water, oxygen, and low resistance to heat. Tests and trials are being carried out to increase the durability of bioplastics. Poor mechanical properties and process capabilities of bioplastics have been restricting the growth of the bioplastics market, and therefore, inhibiting its use in different applications.