Global Bioplastics Market – Overview
The ability to synthesize effective materials from renewable sources such as corn, sugar beet, and sugarcane is estimated to promote the bioplastic market. The polymers & plastics reports are made by Market Research Future, which includes market options for development. The market is likely to exhibit a CAGR of 10% that will motivate its returns to USD 6.8 billion by 2030.
The global bioplastics market is studied in detail in the report, which uses a platform of historical facts about the bioplastics market to present reliable projections about the market’s likely growth trajectory over the forecast period. A detailed assessment of the major drivers affecting the growth of the bioplastics market is presented in the report, along with a macroeconomic and microeconomic environment analysis. Key economic factors having a major impact on the bioplastics market are studied in detail in the report to give a comprehensive overview of the market. The usage of bioplastics in disposables, shopping bags, food packaging is estimated to create a positive impetus in the bioplastic market share. Moreover, as it is widely recognized as an excellent substitute for fossil fuel-based materials, its demand is set to rise in the coming period.
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Global Bioplastics Market – Prominent Players
Teijin Limited – Japan,Toray Industries – Japan,Toyota Tsusho – Japan,M&G Chemicals – USA,PTT Global Chemical Public Company Limited – Thailand,Showa Denko KK – Japan,Natureworks LLC – USA.
Bioplastics Market Highlights –
The global bioplastics market is mainly driven by the growing awareness about the environmental damage caused by the discarding of conventional, nonbiodegradable plastics. Being nonbiodegradable, plastics can remain in their discarded environment for years, even decades, causing problems for the ecosphere and interfering with the natural movement of soil, water, and other natural elements. Plastic pollution is considered among the most important environmental issues at present, due to their widespread use and high level of impact on an environment. This has led to a growing demand for bioplastics in a number of industries. Bioplastics degrade naturally into carbon-related material, allowing for their reintegration into the environment naturally. This is the major driver for the bioplastics market, as the demand for biodegradable plastics is likely to continue to grow over the forecast period.
The growing demand for bioplastics in the packaging and automotive industries is likely to be a key driver for the bioplastics market, due to the high volume of plastics consumed in these industries. The growing scope for the bioplastics market in these two industries, among others, is a major driver for the global bioplastics market. Due to governmental as well as public pressure, other industries such as agriculture, electronics, construction, and others are also expected to increase their consumption of bioplastics in place of conventional plastics. This is likely to remain a major driver for the global bioplastics market over the forecast period.
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Bioplastics Market – Segments:
The global bioplastics industry is segmented on the basis of type, application, and region.
By type, the global bioplastics market is segmented into biodegradable and nonbiodegradable bioplastics.
By application, the global bioplastics market is segmented into rigid packaging, flexible packaging, textiles, agriculture and horticulture, consumer goods, automotive, electronics, construction, and others.
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Global Bioplastics Market -Regional Analysis
Asia Pacific holds the largest share in the global bioplastics market, accounting for more than 34% of the market in 2018.
Europe also holds a dominant share in the global bioplastics market and is likely to remain a leading revenue generator in the coming years due to the increasing government support to the development of bioplastics in the region. The European market accounted for more than 33% of the global bioplastics market in 2018 and is likely to remain similarly dominant over the forecast period. The strong government support to bioplastics as well as government regulations making the use of conventional plastics more expensive are likely to be the major drivers for the bioplastics market in Europe over the forecast period. The Europe market for bioplastics is expected to exhibit a strong 10.85% CAGR over the forecast period. The strong research environment in Europe is likely to make the region an important regional market for bioplastics in the coming years.
Industry/ Innovation/ Related News:
Aug 2020 Biome Technologies announced recently that it had obtained an order worth USD 550,000 from a current major buyer functioning in the United States packaging market. The technology company said the order is the single major order to date for its heat-stable and compostable bioplastic for coffee pod uses, which was initially commercialized in 2019.
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