Bioplastics Market And Its Growth

Bioplastics are those type of plastics that are generally made from the sources of plants like sweet potato, soybean oil, sugarcane, cornstarch, hemp oil rather than petroleum. The regular usage of bioplastics reduces the excess consumption of petroleum and because of this reason, it is preferred by consumers all over the world as it is organic in nature. There are two main categories of bioplastics available in the market- biodegradable and non- biodegradable bioplastics. The biodegradable bioplastics are now gaining popularity due to its technical properties.

Segmentation of the bioplastics market

Material segmentation

·         Bio- based poly lactic acid with its other blends

·         Bio- based polyethylene terephthalate (bio- PET)

·         Bio- based polyamides (bio- PA)

·         Bio- based polyethylene (bio- PE)

·         Polyhydroxyalkanoate

·         Starch blends

Application segmentation

·         Horticulture

·         Agriculture

·         Packaging

·         Bottle manufacturing

·         Automotive applications

·         Food service disposables

·         Other consumer products

Regional segmentation

The bioplastics market has been categorized into Europe, North America, Asia Pacific, Central and South America, and the Middle East and Africa.

Factors affecting the growth of the bioplastic market

Growing awareness about the ecological and economic viability and environmental concerns of using an extensive number of bioplastics are some of the factors that are augmenting the growth of the bioplastics market. The present market trend of the bioplastics is that due to increasing environmental concerns, people are now focusing on the natural resources for material manufacturing. There are also several factors that are restraining the growth of the bioplastics market. One is the dependence on the products that are petroleum based and the other one is the increased cost of raw materials. Bioplastics are costlier than the normal plastics and that is one of the factors that is hindering the growth of the bioplastics market.

Market report of the bioplastic market

The global bioplastic market is expected to grow at the rate of $43.8 billion by the year 2020 at a CAGR of 28.8% between the year 2014 and 2020. This trend is expected to continue over the forecast period. According to the recent market reports published by different Information Technology & Market firms, the Asia Pacific region has seen the largest share in the bioplastic market on the account of a huge number of animal and plant feedstocks.

Key players in the bioplastic market

Some of the key market players of the bioplastic market include Novamont SPA, BASF SE, Metabolix Inc., Corbion Purac, Natureworks LLC, Cardia Bioplastics, Toray Industries Inc., Biome Technologies PLC, Evonik Industries, BioApply Polymers, E.I. du Pont de Nemours, and Company, NatureWorks LLC, Dow Plastics, BioSphere Plastic, Cereplast, Techno-Polymer Company Limited, Solvay SA, and RTP Company.

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