Global Bioplastics Market would reach $30.8 billion by 2020, registering a CAGR of 14.8% during 2015-2020, according to a new report by published by Allied Market Research. The rising environmental awareness among the consumers and substantial curiosity of packaging industries towards biodegradability are the key factors responsible for the increasing adoption of bioplastics in rigid packaging applications. The rigid plastic application would account for more than 40% of the market revenue by 2020.
Bioplastics are plastics derived from the renewable feedstocks such as corn, sugarcane and cellulose among others. Large availability of renewable feedstocks and eco-friendly nature of bioplastics boost its market across the globe. Furthermore, increasing adoption in new end user industries and favorable government policies for the use of eco-friendly and biodegradable products are some of the key factors that would drive the market growth. On the other hand, high production cost is likely to dampen the market growth during the forecast period.
Key Findings of Bioplastics Market
- Rigid plastics would be the fastest growing application segment, at a CAGR of 31.8%, during the forecast period
- Europe was the highest consumer, whereas, Asia Pacific was the largest producer of bioplastics in 2014. Asia Pacific would be the fastest growing consumer during the forecast period.
- Bio-PET 30 segment is expected to have healthy volume growth, at 25.7% CAGR, during the forecast period.
- Polyesters and starch blends segment collectively accounted for about one-third of the overall biodegradable bioplastic market in 2014.
- PLA is projected to be the fastest growing segment in the overall biodegradable plastics market, in terms of revenue and volume.
North America and Europe collectively accounted for more than 60% of the market, in 2014 and are expected to maintain their lead throughout the forecast period. European policy support for bioplastic manufacturers and increasing health awareness among consumers are the key factors responsible for the market growth within this region. However, Asia Pacific is projected to be the most lucrative market owing to availability of huge renewable feedstocks coupled with increasing investment made by the global bioplastics players.
The leading players in the market are adopting collaboration, partnership and expansion as the key developmental strategies. The prominent players profiled in this report include Novamont SPA, Metabolix Inc., BASF SE, Natureworks LLC, Corbion Purac, Braskem, Cardia Bioplastics, Biome Technolgies Plc, FKuR Kunststoff GmbH and Innovia Films.