The global bioplastics market was valued at $21,126.31 million in 2017, and is projected to reach $68,577.25 million by 2024, registering a CAGR of 18.8% from 2018 to 2024. In 2017, the rigid packaging segment accounted for approximately one-third share in the global market in terms of value.
Bioplastics are the family of plastics derived from the renewable feedstocks such as corn, sugarcane and cellulose. Eco-friendly nature, availability of renewable feedstocks and favorable government policies were the prime reasons for manufacturers to shift towards bio-based plastics. Increasing adoption of biodegradable plastics, new trends and increasing popularity in the end user industries are the key factors driving the growth of bioplastics market. However, its high production cost may hamper the industry growth to a certain extent.
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Bioplastics are consumed across wide range of industries such as rigid packaging, flexible packaging, textiles, consumer goods, agriculture, construction, electrical & electronics and similar others. In 2014, the consumption of bioplastics in rigid packaging was highest and is expected to retain its lead through 2020. Bioplastics possesses properties such as gloss, barrier effect, antistatic behavior and printability among others, which makes it suitable for rigid packaging application. This has created greater opportunities in the sector. Furthermore, packaging industries have substantial curiosity for the biodegradability as packaging is needed for short period but in enormous quantity, results in the accumulation of waste. Therefore, packaging industry consumes bioplastics to decrease or recycle the accumulated waste products.
Bioplastics market report has been segmented by type as biodegradable and non-biodegradable plastics. Furthermore, biodegradable is segmented into PLA, PHA, Polyesters, Starch blends and others (cellulose esters & others) and non-biodegradable is segmented into Bio-PA, Bio-PE, Bio-PET and others (Bio-PTT, Bio-PUR and epoxies). In 2014, the consumption of non-biodegradable plastics was highest owing to its properties similar to that of traditional plastics despite of being bio-based.
In 2017, Europe accounted for the largest market share in the global bioplastic market and is anticipated to dominate the market during the forecast period. Regional industries have adopted bioplastics over conventional plastics with an objective of transforming Europe into a proper waste management region. Germany, Italy, and the UK are the major countries involved in the development and production of bioplastic in Europe. European Associations in collaboration with the government implement environmental policies to promote sustainability and bio-degradability. This trend is expected to significantly drive the growth of the bioplastics market in Europe. Asia-Pacific is anticipated to grow at the highest CAGR from 2018 to 2024. The large population base of the region is expected to provide growth opportunities for the bioplastics market in Asia-Pacific.
Competitive intelligence of a few prominent bioplastic manufacturers provide key insights on the strategies implemented to gain significant share in the bioplastics market. In 2017, the industry has a massive trend of market players strengthening their base as well expanding their outreach. The key strategies adopted by market players include partnership, expansion, collaboration, joint venture, merger, and product launch.
KEY MARKET BENEFITS:
• The research includes extensive analysis of the factors driving growth, restraining and creating opportunities in the global bioplastics market.
• The market projections for the forecast period 2014-2020 along with market size (Volume & Revenue) have been included along with factors affecting the same.
• The report also provides quantitative as well as qualitative industry trends to help the stakeholders in understanding the situations prevailing in the market.
• An in-depth research and analysis of key segments demonstrates stakeholders with different types of bioplastics consumed across different industries across the globe.
• SWOT analysis conducted during the research enables to study the internal environment of the leading companies for strategy formulation.
• Competitive intelligence highlights the market share and business practices analysis followed by the leading players across various geographies.