13-Jul-16 Dublin, July 13, 2016 (GLOBE NEWSWIRE) -- Research and Markets has projected the global bioplastics market to grow at a CAGR of 29.3% during the period 2016-2020.
Their report covers the present scenario and the growth prospects of the global bioplastics market for 2016-2020. To calculate the market size, the analyst considers the revenue generated from the total consumption of bioplastics globally. The report does not include revenue generated from the aftermarket service of the product.
The global bioplastics market is driven by the emergence of renewable resources, biomass, and bio-based raw materials such as starch and vegetable crop derivatives. In 2015, bio-based bioplastics accounted for more than 80% of the global bioplastics market. The use of bioplastics in numerous applications such as packaging and domestic goods has facilitated plastics manufacturers to reduce the overdependence on petroleum-based plastics.
According to the report, the emergence of bio-based and renewable raw materials will be a major growth promoting factor for this market. The global bioplastics market is driven by the emergence of renewable resources, biomass, and bio-based raw materials such as starch and vegetable crop derivatives. In 2015, bio-based bioplastics accounted for more than 80% of the global bioplastics market. The use of bioplastics in numerous applications such as packaging and domestic goods has facilitated plastics manufacturers to reduce the overdependence on petroleum-based plastics.
One trend leading to the growth of this market is the consumption of bioplastics in novel applications. With the increasing focus on sustainability and favorable government regulations for green procurement policies, the global bioplastic market will experience significant opportunities in the consumer goods and packaging sectors. The packaging applications are expected to experience significant growth with biodegradable mulch films, compostable waste bags, catering products, film packaging, and rigid packaging.
Further, the report states that the durability of bioplastics will pose a significant challenge for the growth of this market. The functional attributes of green plastics compared to conventional petroleum-based plastics include low barrier properties to air, water, oxygen, and low resistance to heat. Tests and trials are being carried out to increase the durability of bioplastics. Poor mechanical properties and process capabilities of bioplastics have been restricting the growth of the bioplastics market, and therefore, inhibiting its use in different applications.
Key vendors
- BASF
- NatureWorks
- Arkema
- Novamont
- Plantic
Other prominent vendors
- DSM
- DuPont
- Evonik Industries
- Ecospan
- Toray Industries
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