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 12.49 % that will motivate its returns to USD 11.68 billion by 2023.
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.
Segmental Analysis
The segmental investigation of the bioplastic market has been conducted on the basis of application, type, and region. Based on type, the bioplastic market has been split into biodegradable and non-biodegradable. The application basis of segmenting the bioplastic market has been segmented into flexible packaging, rigid packaging, textile, consumer goods, automotive, agriculture and horticulture, electronics, building a d construction, and others. Based on the regions, the bioplastic market has been segmented into Asia Pacific, Latin America, the Middle East, North America, Europe, and Africa.
Detailed Regional Analysis
The regional overview of the bioplastic market includes regions such as Asia Pacific, Latin America, the Middle East, North America, Europe, and Africa. The European bioplastic market held the principal market stake of 33.7% based on the worth in 2018, owing to the great production expenditure in the region and strict regulatory standards on synthetic chemicals. The Asia Pacific bioplastic market In terms of volume, it held the major market segment of 34.4% in 2018 owing to the accessibility to raw materials at minimal cost, low manufacture and labor rate, swift industrialization in evolving economies, and increasing awareness concerning the benefits of bio-based chemicals. The bioplastic market in the North American region held the third major share of the bioplastic market in 2018. The burden of the prohibition on the use of conventional plastics is likely to lift the regional market. The Latin American and the Middle Eastern African bioplastic market are anticipated to observe slow growth in the upcoming years due to deficiency of awareness among the consumers concerning the use of bioplastics.
Competitive Analysis
The production technology and processes are estimated to undergo a considerable overhaul to be able to meet the expectations of the new reality in the business domains. The tumultuous nature of global markets is currently estimated to create significant hindrances in the development of the market in the forecast period. The benefits of mergers and collaborations are likely to be more pronounced in this context as pooling in resources and capabilities can lead to the creation of a stronger competitive advantage for companies in the market. The inducement provided by governments is estimated to create a positive outlook for the development of the market in the impending period. The market is estimated to be further motivated by the policies that will be framed to create a conducive working atmosphere in the coming period. The need for innovation and incorporation of more value in products is estimated to induce the global market constructively to expand in the forecast period.
The important players in the Bioplastic Market are Corbion NV, Metabolix Inc., Novamont S.P.A, Toray Industries, Bio-On S.P.A., Plantic Technologies Ltd, Natureworks LLC, BASF SE, Braskem S.A., Evonik Industries, and Arkema.
Industry Updates:
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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