Global Bioplastics Market - Segmented by Type, Origin, Application, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global Bioplastics market was estimated at 3,123.24 kilo tons in 2017, and is expected to register an estimated CAGR of 26.03%, during the forecast period (2018 - 2023). One of the major drivers for the increasing demand in this market is the increasing environmental concerns, globally, and governments of the developed and developing nations encouraging environment friendly products.
Shift toward Environment Friendly Products
Due to the increasing environmental regulations and government initiatives of growing awareness, the consumers are increasingly shifting toward bio-based plastics. Increasing number of bans on traditional plastics is one of the major drivers for growth of this market.
Additionally, the fluctuations in oil prices and the change of laws regarding the usage of petroleum-based plastics helped accelerate the demand for ecofriendly bioplastic products.
The processing cost for Bioplastics is comparatively very high than the traditional petroleum-drive plastic, which is hindering its growth. Additionally, the recycling process for Bioplastics is too complex and expensive to maintain.
Non-Biodegradable Plastics Dominates the Market
Bioplastics are segmented into biodegradable plastics (bio-based and fossil-based) and non-biodegradable plastics (bio-based). Currently, non-biodegradable plastics (bio-based) account for around 72% of bioplastic market. Bio-based, non-biodegradable plastics, including the drop-in solutions, such as, bio-based PE (polyethylene), bio-based PET (polyethylene terephthalate), and bio-based PA (polyamides), currently make up for around 56% of the global bioplastics production capacities. The production of bio-based PE is predicted to continue to grow, as new capacities are planned in Europe, during the forecast period. Bio-based PE is used in packaging applications, such as, carry bags, plastic films, and bottles. Volatile prices, coupled with the limited availability of crude oil, are expected to force polymer manufacturers to develop bio-based alternatives, including bio-based PE. In addition, the renewable nature of bio-based PE makes it an eco-friendly substitute to its chemical counterparts, which is further expected to boost the demand for the bio-based market
The Asia-Pacific Region has the Highest Production
Globally, the production of Bioplastics is the highest in Asia-Pacific, due to the increasing investments made by major market players, along with a large amount of feedstock. The growing packaging industry, both rigid and flexible packaging, in Asia-Pacific, which also accounts for more than 80% of bioplastic market in Asia-pacific, is the reason for higher production. The bioplastic market for Asia-Pacific was estimated at 489.36 kilo tons 2017, due to the growing demands from countries, like China, India, South Korea, and Japan.
Notable Developments in the Market
February 2018: Growing opportunity for startups in the global bioplastics sales industry.
The major players include - BRASKEM, NATUREWORKS (CARGILL), NOVAMONT, BASF, CORBION, PSM, DUPONT, and ARKEMA, amongst others.
Reasons to Purchase the Report
To understand the impact of end-user applications on the market
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
To understand the dominating technology in the market
Countries expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3 months analyst support, along with the Market Estimate sheet (in Excel)
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