Bioplastics & Biopolymers Market Hit US$ 20.85 Bn by 2026
12 February 2020
The Bioplastics & Biopolymers Market is poised to hit value of over US$ 20.85 Bn by 2026, growing at a CAGR of 9.6% during the forecast period 2019 to 2026.
LOS ANGELES, Feb. 12, 2020 (GLOBE NEWSWIRE) -- Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Bioplastics & Biopolymers Market (By Type: Non-Biodegradable, Biodegradable, By End-User: Consumer Goods, Packaging, Automotive, Textiles, Agriculture, Others) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026”.
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Europe dominated the global bioplastics & biopolymers market in the year 2018. The region has experienced the potential growth owing to the presence of bioplastics & biopolymers companies such as BASF, Biome Bioplastics, Bio-On, Braskem, Mitsubishi Chemical Corporation, Toray Industries, and others. The presence of a large customer base along with the growing demand for quality bioplastics & biopolymers is additionally accelerating the regional market growth. Moreover, innovation and development in bioplastics & biopolymers and growing urbanization, increase in penetration of e-commerce, and growing production of bio-plastic in Europe and North America are expected to enhance the market size. This is also expected to open investment opportunities in the global market for the manufacturers in the coming years.
The European region is expected to exhibit a second-largest share in the bioplastics & biopolymers market. The increasing number of private label store brands for bio-plastics in the region is expected to contribute to the global market growth. Additionally, the growing adoption of packaging items that will increase demand for production and consumption of packaging and an increase in disposable income of plastic in this region further expected to further propel the growth of the market. Furthermore, a growing number of bioplastics & biopolymers manufacturers, industrial producers, a growing number of nuclear families, growing awareness towards the environment safety further grow the demand for bioplastics packaging usage in the region over the forecast period.
Asia-Pacific is expected to register the highest CAGR during the forecast period. The growing usage of bio-plastics industry driven by high research and development form of packaging manufacturers, changing lifestyle of consumers, and growing in the number of consumer along with rapid urbanization. The manufacturers are investing in mounting countries to meet the demand for bio-plastic & biopolymers further expected to boosts the demand for bioplastics & biopolymers in the region during the forecast period.
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Non-biodegradable has dominated the type segment in the year 2018 and the segment is projected to maintain its dominance over the forecast period from 2019 to 2026. It increases the demand for bioplastics packaging products which grows the demand for non-biodegradable packaging in material packaging type. Non-biodegradable provides cost efficiency, easy production, durable packaging, and temperature resistance. Non-Biodegradable in the form of human and animal excreta, plant & agricultural waste are used largely in the Non-Biodegradable segment. The major factors that are driving the growth of this segment are increasing consumption of non-biodegradable, bio-plastics products with efficient marketing styles. The manufacturers Bio-PET is the primarily investing company in the development as a bio-plastic & biopolymers, which is expected to lead the market in the coming years.
The packaging segment dominated the bioplastics & biopolymers market on the basis of end-user type in the year 2018. The packaging segment accounts for the largest share in the market and held for more in the total market popular in 2018. The major factors that are driving the growth of this segment are the rising demand for high hindrance properties, cost-effectual material, increase in awareness regarding the environment & health, and rising demand for recyclable material. This is expected to enhance the dominance of the packaging segment in the global market over the forecast period.
Consumer goods segment dominated the bioplastics & biopolymers market in terms of growth rate in the market during the forecast period. The growing demand for high-quality foods, an increase in purchasing power of consumers, growing health awareness among consumers, and growing innovation and development from manufacturers in bioplastics & biopolymers further expected to raise the segment during the forecast period. The major factors that are driving the growth of this segment are the rising demand for functionality and used for marketing as rising demand for bioproducts packaging.
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Some of the leading competitors are BASF, Biome Bioplastics, Bio-On, Braskem, Mitsubishi Chemical Corporation, Nature Works, Bitrez Ltd., Novamont, Plantic Technologies, BioBTX, Total Corbion PLA, Toray Industries and others.
Some of the key observations regarding bioplastics & biopolymers industry include:
- BioBTX has successfully attracted the financing, needs to takes the first steps along the path towards the realization of a commercial-scale plant to produce platform chemicals from waste plastics based on a fully circular and sustainable process. The new plant will represent an important asset for the north of the Netherlands.
- Bitrez Ltd, Europe’s leading manufacturer of specialist polymers and chemicals, is launching a new family of regulatory compliant bio-based pitches for the composites industry at JEC World 2020.
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