Bioplastics Market: Growth and Trends - WorldOfChemicals

Growth and Trends of Bioplastics Market

Category : Industry Chemicals
Published by : Data Research Analyst, Worldofchemicals.com

 

Unlike plastics derived from petroleum, bioplastics are derived from biological sources. They are obtained from corn, sugar cane, sugar beets. potatoes and wheat. Bioplastic materials are generally compostable, as they decay in a matter of weeks and harmlessly blend with the soil. This makes bioplastics apt for the environment and sustainable as compared to petroleum plastics. Bioplastics are widely used in the manufacture of rigid packaging. Some widely used bio-plastics are starch extracts, bio-polyethylene (bio-PE), polybutylene succinate, polylactic acid (PLA) and PLA blends. 

 

Market Growth and Trends

The global bioplastics market had generated a revenue of $21 billion in 2017. It is expected to increase in terms of value with a CAGR of 18.8% from 2018 to 2024 and reach $68.5 billion by 2024.

In 2017, bioplastics had the highest adoption rate in rigid packaging and is projected to grow throughout 2024 at the same pace. In recent years, commercialization of multilayer film products has gained momentum in the bioplastics market. Multilayer films find applications in numerous industries such as textile, horticulture, agriculture, electronics, automotive, construction and consumer goods.



 

Bioplastics are regarded as a solution for sustainability because of their low emission of greenhouse gasses. The growth of the bioplastics market is driven by factors such as growth in environmental concerns, favorable government policies and increase in consumer awareness. Whereas, high manufacturing costs and relatively lower performance standards as compared to petroleum plastics, put caps on the market growth of bioplastics.

 

Regional Markets 

Europe had the biggest market share in 2017, which is expected to dominate the market throughout 2024. It accounts for 20% of the global bioplastics production capacity. In Europe, regional industries have chosen bioplastics instead of petroleum plastics with a bid to transform the continent into a proper waste management region. UK, Italy and Germany are the main countries, where the R&D as well as manufacturing of bioplastic is taking place in Europe. 

Around 50% of the global bioplastics were produced in Asia-Pacific region in 2018. Asia-Pacific region is expected to grow with the highest CAGR from 2018 to 2024. The driving force for the growth of Asia-Pacific bioplastic market is its large population base. China will contribute to the growth of this market, due to its high utilization of bioplastics to produce export products. 

North America accounts for nearly 15% of the global bioplastics market share. North America bioplastics market will have strong advances, where the demand is anticipated to reach more than double. The market of North America is being driven by the increasing consumption of bio-based commodity and polylactic acid (PLA) resins.

 

Summary 

Significant share in the bioplastics market is achieved by few prominent manufacturers, due to their highly competitive intelligence and strategies. There is a major trend, where market players are simultaneously strengthening their foundation and expanding their reach. The important strategies adopted by market players involve collaboration, partnership, expansion, product launch, joint venture and merger.


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