Global bioplastics market to grow at a CAGR of 28.8% uptil 2020

Global bioplastics market is estimated to grow at a double-digit CAGR of 28.8% uptil 2020, as per Future Market Insights (FMI). The global bio-plastics market accounted for US$1.9 bln in 2014, and is expected to reach US$43.8 bln by 2020. The global bio-plastics market accounted for 0.1% to the global plastics market in 2014. Factors driving the growth of the global bio-plastics market include growing beverage packaging industry, rigid government policies about adopting bio-based materials, and rising consumer acceptance for bio-plastics. By material type, the market is segmented as bio-PET, bio-PE, bio-PA, bio-degradable polyesters, PLA & PLA blends, starch blends, PHA and others. Bio-PET market is expected to contribute US$29.1 bln revenue to the overall bioplastics market by 2020. Moreover, the bio-PET market is expected to be the fastest growing segment with a CAGR of 31.4% between 2014 and 2020. In the basis of application, the global bio-plastics market is segmented as bottlers, other packaging, food-services, agriculture/horticulture, consumer products, automotive and others. The PET bottles application was valued at US$5.6 bln in 2014, and is estimated to be the largest contributor in 2020, followed by automotive and other packaging segments. The bottles segment is expected to register a significant CAGR of 35.3% over the forecast period. This segment is expected to reach US$29.1 bln by 2020, with a momentous CAGR of 31.4% for the forecast period. Moreover, an increasing demand for bioplastics from the beverage packaging industry and effectiveness of bio-plastics in one-time use application has driven the demand for the bio-PET in the last few years. On the basis of application type, the bioplastics market is segmented as bottlers, other packaging, food-services, agriculture/horticulture, consumer products, automotive and others. Among all the afore mentioned applications, bottles segment is expected to dominate the market with 34.4% of the total revenue share by 2020. However, automotive segment is anticipated to exhibit the second highest CAGR of 27.5% as compared to other applications during the forecast period. Additionally, influx of new entrants is predicted to fuel the growth of others application segment, thereby accounting for 5% market share by 2020. Key regions considered for this market study include North America, Europe, Asia Pacific and RoW (Rest of the World). Asia Pacific represents the most lucrative market, followed by North America. Asia Pacific is expected to contribute 33.7% market share to the overall bio-plastics market by 2020. The growth of Europe is supported by the strong influence of regulatory framework and awareness regarding greener products through various media among the consume.