Bioplastics Market Size to Worth USD 19.93 Billion at 16.2% CAGR Forecast till 2027 | Fortune Business Insights™

10 September 2020

Pune, Sept. 09, 2020 (GLOBE NEWSWIRE) -- The global bioplastics market size is projected to reach USD 19.93 billion by the end of 2027. The increasing investments in the research and development of low cost and efficient products will have a huge impact on the growth of the market. According to a report published 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 was worth USD 6.04 billion in 2019 and will exhibit a CAGR of 16.2% during the forecast period, 2020-2027.

Bioplastics are materials that are derived from renewable energy sources with the aim of minimizing the impact of plastics on the environment. Bioplastics are commonly sourced from renewable energy sources and are easily degradable. The environment-friendly nature of the material makes it suitable for use in widespread applications.

The presence of several large scale companies that are focusing on the research and development of efficient bioplastics, with the aim of offering them at lower costs will have a huge impact on the growth of the overall market in the coming years. The increasing investments on product R&D will bode well for the market in the long run. The ease of availability of energy sources that are used in manufacturing will contribute to the widespread adoption of the product across the world.

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Company Mergers and Acquisitions are an Increasing Trend Among Bioplastics Manufacturers across the World

The report encompasses several factors that have contributed to the growth of the overall market in recent years. Accounting to the massive demand for bioplastics across the world, there have been several company mergers and acquisitions in recent times. Due to healthy market competition, large scale companies are looking to acquire start-ups as well as SMEs with the aim of establishing a stronghold in the market.

In January 2019, Taghleef Industries announced that it has completed the acquisition of Biofilm. The company is a manufacturer of BOPP films that are used in industrial packaging solutions. This acquisition will not just help the company grow but will also influence the growth of the overall market in the coming years.

The market in Europe to Emerge Dominant; Increasing R&D Activities to Emerge in Favor of Market Growth

The report analyses the ongoing market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in Europe is projected to emerge dominant in the coming years.  The increasing investment as well as activities associated with the research and development of bioplastics will have a huge impact on the growth of the regional market.

The strict regulations towards the use of plastic and plastic derivatives in countries such as France, Germany, and the UK will contribute to the growth of the market in this region. The market in North America will rise at a considerable pace in the coming years driven by the presence of several large scale manufacturers in this region. As of 2019, the market in North America was worth USD 1.53 billion and this value is projected to rise at a considerable pace in the coming years.

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List of the Leading Companies Profiled in the Global Bioplastics Market are:

  • Novamont S.p.A.
  • Arkema
  • Matrica
  • Yield10 Biosciences
  • Solvay
  • LCY biosciences
  • NatureWorks
  • Total Corbion NV
  • Succinity GmbH
  • PTT MCC biochem
  • Roquette
  • Avantium
  • Toray
  • Lyondellbasell
  • BASF
  • Bioapply
  • Braskem
  • Biofase
  • Genecis
  • Trifilon
  • Kaneka Takasago
  • Danimer Scientific
  • Taghleef Industries
  • Other Key Players

Industry Developments:

• December 2019: Kaneka Takasago Factory announced that it will be increasing its PHBH production capacity to 5 KT per year. The company also announced that it has received approval from the FDA for usage of PHBH as a food contact material.

• November 2019: Danimer Scientific announced that it has set up a PHA manufacturing plant in Winchester, Kentucky, U.S.

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