Bioplastics and Biopolymers Market To Reach USD 21.61 Billion By 2026 | Reports And Data
11 September 2019
New York, Sept. 10, 2019 (GLOBE NEWSWIRE) -- The development of the packaging industry owing to the rise in trade and growth in population is propelling the market growth.
The global bioplastics & biopolymers market is forecast to reach USD 21.61 Billion by 2026, according to a new report by Reports and Data. Bioplastics and biopolymers are extensively used in the packaging industry. Non-biodegradable plastic products are being replaced with environment-friendly ones. Bio-based raw materials like starch and vegetable crop derivatives are being utilized in order to conform to the stringent government regulations regarding the environment as well as fauna. Hence product quality is maintained, and the carbon footprint of this industry is also smaller than the traditional plastic product manufacturing industries.
The market for bioplastics & biopolymers is influenced by the rising demand for home furnishing products, the evolution of environmentally friendly chemicals required by consumer goods, and development of packaging industries, which require large quantities of bioplastics & biopolymers. Agricultural as well as textile industries, use bioplastics for transportation, and biopolymers for the consumer goods, respectively.
These mentioned factors collectively create opportunities for the market growth while factors such as unfavorable effects of bioplastics & biopolymers, like the high cost of bio-based materials, pose limitations in the market. Consistent advancements in the bioplastics & biopolymers market owing to innovative efforts, over time, will reduce this cost and make it a suitable option for the industries.
The region of Asia Pacific is highly industrious, and the purchasing potential of the young population here is also increasing. The developing countries are looking at India and China as the global market leaders because of the rapid rise in research in this zone. The manufacturing industries here are shifting slowly to employ bio-based products for packaging because of the rigid government policies introduced.
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Further key findings from the report suggest
- Bio-Polyethylene terephthalate (Bio-PET) is forecasted to grow with a CAGR of 15.5% in the forecast period. Bio-Polyethylene terephthalate has a smaller carbon footprint, and can be degraded by micro-organisms, and composted. It also uses less energy for production while the goods made from this material are used for manufacturing bottles and food containers.
- In the agro-based industries, Polylactic acid is widely used for packaging. This is because of the bio-degradability of this material. Polylactic acid (PLA) is used mostly in the present times as among the bio-polymers. PLA market is forecasted to grow with a CAGR of 15.8% during the forecast period.
- Asia Pacific is estimated to grow with the highest CAGR of 16.6% during the forecast period. The abundance in the availability of raw materials for production, and the executive norms for shifting from orthodox plastic products, which are detrimental to the environment, to eco-friendly, bio-based ones is leading the market in this region to further growth.
- China became the largest consumer of bioplastics & biopolymers owing to the ever-growing apparel and textile production, and on the huge production of leather and cotton products. China became a leader in the world in apparel production because of its low-cost labor compared with other countries.
- Key participants include Corbion NV, Arkema, BASF SE, KURARAY, Eastman Chemical Company, Novamont, NatureWorks LLC, Celanese Corporation, Metabolix Holdings, and Braskem S.A., among others.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/bioplastics-and-biopolymers-market
Segments covered in the report:
For the purpose of this report, Reports and Data have segmented into the global Bioplastics & Biopolymers market on the basis of chemical type, product type, end-user type, and region:
Chemical Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
- Bio-Polyethylene terephthalate (Bio-PET)
- Starch Blends
- Polylactic Acid (PLA)
- Polytrimethylene terephthalate (PTT)
- Bio-polyethylene (Bio-PE)
Product Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
- Corrugated Cased
End-User Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
- Consumer Goods
Regional Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
- North America
- Rest of the Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
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