Pune, May 25, 2020 (GLOBE NEWSWIRE) -- The global bioplastics market size is likely to gain impetus in the coming years on account of the rising demand for environment-friendly plastics worldwide. Bioplastics are materials obtained from renewable sources that can reduce plastic waste on the planet. As per a recent report by Fortune Business Insights titled,”Bioplastics Market Size, Share & Industry Analysis, By Type (Biodegradable and Non-biodegradable), By Application (Rigid Packaging, Flexible Packaging, Textiles, Automotive & Transportation, Agriculture & Horticulture, Consumer Goods, and Others), and Regional Forecast, 2019-2026,” the market is expected to rise at a CAGR of 16.2% and reach USD 19.93 billion by 2026 from USD 6.04 billion earned in 2018.
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List of the Key Companies Operating in the Bioplastics Market are:
- Taghleef Industries
- Braskem
- Kaneka Takasago
- Toray
- Genecis
- LCY biosciences
- NatureWorks
- BASF
- Bioapply
- Roquette
- Avantium
- Yield10 Biosciences
- Succinity GmbH
- Biofase
- Solvay
- Trifilon
- Matrica
- Arkema
- Novamont S.p.A.
- PTT MCC biochem
- Danimer Scientific
- Lyondellbasell
- Total Corbion NV
- Other players
What is the Scope of the Report?
The report is based on an in-depth analysis of the market based on parameters such as drivers, restraints, key developments, current trends, and upcoming opportunities. It also discusses the challenges that the market may face currently or in the coming years and what strategies can be adopted to overcome them. The report lists the table of market segmentation in detail and provides a list of leading segments with their estimated figures and attributed factors. Furthermore, the report talks about current trends prevalent in the market and the overall impact it will have in the future.
Drivers & Restraints:
Implementation of Green Procurement Policies will Add Impetus to Market
The rise in pollution levels caused by plastic, growing environmental awareness, and increasing consumer preference towards eco-friendly plastic products are the major bioplastics market growth drivers. Besides this, the rise in the use of bioplastics from the packaging industry is also boosting the market. This, coupled with government-supported initiatives to maintain green procurement policies will also aid in the expansion of the market in the coming years. Additionally, the increasing waste management regulations and the rising preference for recycling and reusing in some nations will augment growth.
Browse Summary of This Research Insights with Detailed TOC: https://www.fortunebusinessinsights.com/industry-reports/bioplastics-market-101940
On the flip side, bioplastics are expensive as compared to their conventional counterparts which may pose a major challenge to the market. In addition to this, bioplastics have a high-performance issue and this may cause major hindrance to the market. Nevertheless, the development of new applications and increasing potential from emerging nations is likely to create growth opportunities in future years.
Segmentation:
Rigid Packaging Segment to Dominate Market Owing to its Sturdy and Sustainable Nature
Based on the application, the market is dominated by the rigid packaging segment as it is widely used by the shipping companies that require sturdy and sustainable packaging that can easily carry heavy load for transport.
Regional Analysis:
Europe Emerged Dominant Owing to Presence of Robust Automotive Industry
Europe holds the highest bioplastics market share on account of the presence of a strong and healthy automotive industry. As per European bioplastics, Europe covers an estimate of 19% bioplastics production, which is likely to rise to 25% by the end of 2022 on account of suitable policies acquired by France and Italy. Asia Pacific market on the other side is likely to witness the fastest growth rate in the coming years on account of the booming packaging industry. In addition to this, China introduced a new law on foreign investment with effect from January 2020 that will help the bioplastics industry to witness significant growth in the forecast duration.
Moreover, the North American market is likely to witness substantial growth in the forecast period. In 2018, this region earned USD 1.53 billion. This is on account of the rise in demand for electronics and lightweight automobile market.
Competitive Landscape:
Players Focusing on Joint Ventures for Gaining Traction in Market
A majority of players operating in this market are based in North America and Europe. Some of the significant players are Total Carbon, PTT MCC Biochem, Natureworks, and Succinity GmbH. Most of these players are engaged in joint ventures and partnership strategies to gain more traction in the market. For instance, PHH, Natureworks, and Cargill all collaborated for the manufacturing of PLA. Corbion and Total merged together to form Total Corbion and so on. Other players are engaging in the expansion of their product portfolio and increasing the number of distribution channels for maintaining their foothold in the market.
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Major Industry Developments of the Bioplastics Market include:
January 2019 – Biofilm was completely adopted by Taghleef Industries for the production of BOPP films for flexible packaging in end use industries.
November 2019 – A PHA production unit was set in Winchester, USA for degrading cellulose powder and creating the precursor to polymerization process with the help of sea water.
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Key Developments: Mergers, Acquisition, Partnership, and others
- Latest Technological Advancements
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Global Bioplastics Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Biodegradable
- Starch Blends
- Polylactic Acid (PLA)
- Polybutylene adipate terephthalate (PBAT)
- Polybutylene succinate (PBS)
- Polyhydroxyalkanoates (PHA)
- Other Biodegradables
- Non-biodegradable
- Bio-Polyethylene terephthalate (Bio-PET)
- Bio-Polyamide (Bio-PA)
- Bio-Polyethene (Bio-PE)
- Bio- Polytrimethylene terephthalate (Bio-PTT)
- Other Non-Biodegradables
- Biodegradable
- Market Analysis, Insights and Forecast – By Application
- Rigid Packaging
- Flexible Packaging
- Textiles
- Automotive & Transportation
- Agriculture & Horticulture
- Consumer Goods
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Rest of World
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