Zion Market Research has published a new report titled “Bio-plastics Market (Bio-PET, Starch Blends, PLA, Bio-PA, Bio-PE and Others) for Automotive, Construction, Packaging, Consumer Goods, Electrical & Electronics and Other Applications: Global Market Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022”. According to the report, global bio-plastics market was valued at USD 17.50 billion in 2016 and is expected to reach USD 35.47 billion in 2022, growing at a CAGR of 12.5% between 2017 and 2022. In terms of volume, global bio-plastics market stood at approximately 3,324.80 kilotons in 2016.
Bio-plastics are the degradable polymers that are obtained from a renewable feedstock including agricultural wastes, vegetable fats & oils, cornstarch and others ingredients. They are used as a substitute for conventional plastics materials. Comparatively, bio-plastics emit less carbon and are highly biodegradable. Thus, it has broad range applications viz., grocery bags, food containers, electronics casings, disposable cutlery, etc.
The global bio-plastics market is classified as product, applications, and regions. Depend on the products; global bio-plastics market includes bio-PET, starch blends, PLA, bio-PA, bio-PE and others. Bio-PET held the major share of the market in 2016. It accounted for more than 20% share of the total market in 2016. Moreover, bio-PET was followed starch blend and it accounted for more than 10% share of the market in the same years. The starch blend is one of the fastest growing segments of the market during the years to come owing to its unique properties it exploits in packaging industries. Comparatively, PLA and bio-PA are projected to augment at the moderate growth rate in the coming years.
Packaging was the foremost application of the global bio-plastics market in 2016. It accounted for above 28% share of the total volume consumption of the market in 2016. The growing rigid and flexible packaging in food & beverages, pharmaceutical, and healthcare industries is expected to accelerate the market’s growth during the coming years. Consumer good was the second most attractive application of the market in the same year. Automotive and construction are important outlets that are expected to leverage the market consumption over the next few years owing to the escalating immense demand for bio-plastic in the emerging markets of developing countries.
Europe was the dominating market of bio-plastics during the past decades. The stringent rules and regulations are the driving forces of the market in the region. Moreover, the changing dynamics in UK, France, and, Germany is likely to fuel the market’s profit margin during the years to come. Legislative support, such as the forbid on customary shopping carrier bags pioneered in Italy, is projected to contribute to the commercialization of bio-plastics. Furthermore, adoption of this trend in the UK and France is also expected to boom the demand for bio-plastics. For instance, bio-plastic carrier bags helps to minimization and reduced garbage and persuade augmented food waste collection and develop organic recycling ensuing in improved soil structure and quality.
North America is also an important market of bio-plastics. The new regulations that will help to promote the usage of bio-based materials are the major driving factor of the market in the region. The U.S. is a major contributor to the market in 2016. This trend is expected to continue during the next few years. Growing demand for bio-plastic material in packaging, automotive and construction industries is expected to boom the market size in the region over the forthcoming years.
The Asia Pacific is one of the fastest growing markets of bio-plastics within the forecast period. China was the major contributor in the region in 2016. Moreover, the strong production capacities of bio-plastics, especially in China and India, are anticipated to propel the market’s growth during the years to come. Moreover, emerging automotive trend of the lightweight vehicle is likely to boost the consumption of bio-plastics in the automotive industry in the region. Asia Pacific is projected to grow at a strong CAGR of 22% between 2017 and 2022 owing to the easy availability of feedstock; a large amount of agricultural waste, strong government support, and, other parameters are expected to grow the market size in the region within the forecast period.
Latin America is a projected to witness significant growth due to the emerging packaging industry in Brazil and Argentina. Moreover, high penetration of environmental concerns coupled with the great support of government bodies is predicted to fuel the demand for bio-plastics in the region in the near future. Middle East & Africa are also expected to experience the moderate growth of bio-plastics in the near future due to the huge investment by the international company such as Taghleef Industries for the bio-plastics project. Moreover, emerging industries such as food & beverage packaging, personal care product industries and textile industries in the region are projected to grow the business of bio-plastics materials in the region in the coming years.
Some of the major players of the global bio-plastics market include Cardia Bioplastics, BASF SE, Toray Industries Inc, Braskem, Natureworks LLC, E.I. du Pont de Nemours, and Company, Corbion NV, Dow Plastics, Solvay SA, Evonik Industries, Novamont SPA among others.
Source : GLOBE NEWSWIRE