Bioplastics are a sustainable alternative to conventional plastics, derived from renewable sources like corn starch or sugarcane. They’re designed to minimize environmental impact, being biodegradable or compostable. Bio-plastics are versatile and used in various applications, from packaging to automotive parts, contributing to a greener, more eco-conscious future. 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 Billion 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 Billion 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.
Based on 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.
Key players in the global bio-plastics market are
- BASF SE
- Arkema, DSM NV
- I. du Pont de Nemours and Company
- Evonik Industries
- NaturePlast
- NatureWorks LLC
- RTP Company
- Techno polymer Co. Ltd.
- Toray Industries Inc.
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Key Segments Covered
Material Type:
- Bio-PET
- Bio-PE
- Bio-PA
- Bio-degradable Polyesters
- PLA & PLA Blends
- Starch Blends
- PHA
- others (Durable Starch Blend, Bio-TPE, Bio-PUR, Bio-PC, Cellulose Derivatives, and PCL)
Applications
- Bottle
- another packaging
- food-services
- agriculture/horticulture
- consumer products
- automotive
Key Geographies Covered
- North America
- Europe
- Asia Pacific
- RoW
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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