Pune, India, March 30, 2021 (GLOBE NEWSWIRE) -- As per the research report by Fortune Business Insights™, the global bioplastics market size 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.
The global bioplastics market size is anticipated to witness promising growth on account of the rising awareness about environmental protection worldwide. Fortune Business Insights™ in their report 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,” offers a detailed analysis of the market and throws light on major industry developments.
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.
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What Does the Report Offer?
The report provides a detailed analysis of the key market aspects, namely, the dominant companies, end-users, and leading product types. Apart from this, the report contains tangible insights into the current & upcoming market trends and highlights prominent industry developments. In addition to these factors, the report supplies a holistic understanding of the main drivers, restraints, and segments that are contributing to the growth of the market.
- A 360-degree overview of the market
- Factors boosting, retracting, challenging and providing opportunities to the market
- Key industry developments and interesting insights related to bioplastics market
- List of key vendors in the market and prime strategies
- Other bioplastics market trends
Surging Demand for Ready-to-eat Food Products will help Promote market for Bioplastics
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.
List of the Leading Companies Profiled in the Global Bioplastics Market are:
- Kaneka Takasago
- Taghleef Industries
- Succinity GmbH
- Danimer Scientific
- PTT MCC biochem
- Total Corbion NV
- LCY biosciences
- Novamont S.p.A.
- Other Players
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Presence of Robust Automotive Industry to aid in Expansion of Europe Market
Geographically, the global bioplastics market is dominated by Europe holding 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 of France and Italy. 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 from Asia Pacific. The Asia Pacific bioplastics market growth is attributable to a new foreign investment law imposed by the Chinese government effective from January 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 in Thailand, 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.
Some of the key industry developments in the bioplastics market are:
December 2018 – A 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.
Browse Detailed Summary of Research Report with TOC:
Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Latest Technological AdvanBioplastics
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Market Insights
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Starch Blends
- Polylactic Acid (PLA)
- Polybutylene adipate terephthalate (PBAT)
- Polybutylene succinate (PBS)
- Polyhydroxyalkanoates (PHA)
- Other Biodegradables
- Bio-Polyethylene terephthalate (Bio-PET)
- Bio-Polyamide (Bio-PA)
- Bio-Polyethene (Bio-PE)
- Bio- Polytrimethylene terephthalate (Bio-PTT)
- Other Non-Biodegradables
- Market Analysis, Insights and Forecast – By Application
- Rigid Packaging
- Flexible Packaging
- Automotive & Transportation
- Agriculture & Horticulture
- Consumer Goods
- Market Analysis, Insights and Forecast – By Region
- North America
- Asia pacific
- Rest of World
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