Bioplastics Market Growth will exhibit a CAGR of 16.2% and reach USD 19.93 billion by 2026. The forecast period is set from 2019 to 2026, and the market value as per 2018 was USD 6.04 billion
Fortune Business Insights™ published a premium researchreport titled, “Bioplastics Market size, Share and Industry Analysis, By Type (Biodegradable and Non-biodegradable), By Application (Rigid Packaging, Flexible Packaging, Textiles, Automotive and Transportation, Agriculture and Horticulture, Consumer Goods, and Others), and Regional Forecast, 2019-2026,” offers a detailed analysis of the market and throws light on major industry developments.
Global Bioplastics Market Growth will exhibit aCAGR of 16.2%and reachUSD 19.93 billionby 2026. The forecast period is set from 2019 to 2026, and the market value as per 2018 wasUSD 6.04 billion.
Bioplastics Market Drivers and Restraints
A major Bioplastics Market growth driver is the increasing environmental concerns related to the use of plastic and its harmful effects. This, followed by the rise in demand for alternatives for plastics, is expected to help increase the overall Bioplastics Market size in the forecast period. Besides this, the increasing demand for bioplastics from industries such as pharmaceutical companies and food industries is anticipated to help attract high Bioplastics Market revenues in the forecast period. This is owing to the rise in demand for ready-to-eat food products that require safe packaging materials with low environmental impact.
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According to the current Bioplastics Market trend, the market is dominated by the rigid packaging segment with respect to applications. This is on account of high demand from shipping companies that demand sustainable yet sturdy packaging products fit for carrying a heavy load.
Report Highlights
List of Top Key Players in Bioplastics Marketresearch report include;
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Some of the key industry developments in the Bioplastics Market are:
December 2018A new production facility was opened in Rayong Thailand by Total Carboin NV with an annual production capacity of 75KT. It also uses non-GMO sugarcane grown locally for manufacturing high heat PDLA and PLA.
January 2019 The acquisition of Buifilm, was completed by Taghleef Industries. Biofilm is a Latin American manufacturing company that produces BOPP film for flexible packaging in industrial applications.
Presence of Robust Automotive Industry to aid in the Expansion of Europe Market
Geographically, the global Bioplastics Market is dominated byEuropeholding about 19% Bioplastics Market share. This percentage is anticipated to reach 25% by the end of 2022 on account of suitable policies adopted by the European state members ofFranceandItaly. Moreover, the presence of a robust automotive industry demanding lightweight vehicles and a rise in demand for bioplastics used for packaging products are further anticipated to help this region continue dominance in the coming years.
On the other side, the European Bioplastics 2018 report states that 56% of the overall production of bioplastic was fromAsia Pacific. The Asia Pacific Bioplastics Market growth is attributable to a new foreign investment law imposed by the Chinese government effective fromJanuary 2020. The immensely multiplying packaging industry demands are further expected to help augment the Bioplastics Market growth in the coming years.
Joint Venture and Merger and Acquisition Strategies to Help Players Attract High Revenues
The key Bioplastics Market manufacturers are entering into partnerships and joint ventures for attracting high Bioplastics Market revenue in the forecast period. Some of the significant market players are PTT MCC Biochem, NatureWorks, Succinity GmbH, and Total Corbion NV. For the manufacturing of PLA, a partnership was signed between PHH, an oil company located inThailand, and Cargill. Similarly, Corbion NV, a joint venture of Corbion and Total also deals with the production of PLA. Additionally, BASF and Corbion entered into a joint venture forming Succcinity GmbH for the production of Succinic Acid and its derivatives.
Other strategies adopted by players include expansion of geographical presence, new product offerings, and multiplication of distribution channels worldwide.
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