Portland, OR, Aug. 06, 2019 (GLOBE NEWSWIRE) -- According to the report by Allied Market Research, the global bioplastics market generated $24.38 billion in 2017 and is estimated to reach $68.57 billion by 2024, registering a CAGR of 18.8% from 2018 to 2024. The research offers an extensive analysis of current market dynamics, top winning strategies, competitive landscape, detailed segmentation, and major market players.

Eco-friendliness, favorable government policies, renewable raw material sources, and high acceptance from consumers drive the market growth. However, high end-to-end user costs and limited performance offered by them hinder the growth of the market. On the other hand, an increase in corporate social responsibility (CSR) and reduced dependency on petroleum resource & advancement in R&D create new opportunities in the industry.

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Non-biodegradable plastic segment to continue its dominating position by 2024

Based on type, the non-biodegradable plastic segment contributed the largest revenue in 2018, accounting for nearly two-thirds of the total market share and is estimated to continue its dominating position by 2024. Moreover, this segment is expected to grow at the highest CAGR of 20.2% from 2018 to 2024. The research also analyzes the biodegradable plastic segment.

Rigid packaging segment to offer lucrative opportunities

Based on application, the rigid packaging segment accounted to nearly one-third of the total market in 2018 and is expected to maintain its lead in terms of revenue by 2025. Moreover, this segment would grow at the largest CAGR of 28.3% during the forecast period. The research also discusses flexible packaging, textile, agriculture and horticulture, consumer goods, automotive, electronics, building and construction, and others.

Europe to continue its lead status throughout the forecast period

Based on regions, Europe accounted for more than two-fifths of the total market share and is expected to continue its lead status throughout the forecast period. However, Asia-Pacific is expected to register the largest growth rate with a CAGR of 20.4% from 2018 to 2024.

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Key market players

Leading market players analyzed in the research include Novamont S.p.A., Natureworks LLC, BASF SE, Braskem S.A., Corbion Purac, Biome Technolgies Plc, SECOS Group Ltd., Innovia Films Ltd., FKuR Kunststoff GmbH, and Indorama Ventures Public Company Limited.

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Allied Market Research (AMR) is a full-service market research and business -consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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