PORTLAND, Oregon and PUNE, India, July 9, 2018 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "Global Bioplastic Composites Market for Injection Molding by Polymer, Fiber Type, and End-User Industry: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global bioplastic composites market for injection molding was valued at $18,562 million in 2016, and is projected to reach $39,722 million by 2023, growing at a CAGR of 11.3% from 2017 to 2023. The wood fiber composites segment accounted for more than 91% share of the global bioplastic composites market for injection molding in 2016.
Bioplastics refer to materials that are either biodegradable or non-biodegradable, derived from both renewable and non-renewable resources. The fusion of bio-resources such as plant-derived natural fibers into bioplastic composite structures has gained importance in designing and engineering of bioplastic composites. The natural fibers used in the bioplastics help to enhance particular properties such as stiffness and thermal behavior. Furthermore, natural fibers reduce the price of the bioplastics, improve the bio-based share of the bioplastics, and refine the recyclability properties of the bioplastics composites.
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Based on polymer, the market is segmented into natural polymer and synthetic polymer. The natural polymer segment is projected to be the most lucrative segment from 2017 to 2023, owing to its biodegradability and rise in price of substitutes that are made from petroleum products. Furthermore, government and environmental governing bodies across the world have imposed various policies that encourage the use of natural polymers, which fuel the market growth for natural polymers.
On the basis of fiber type, the market is divided into wood fiber composites and non-wood fiber composites. The wood fiber composites segment is estimated to grow at the highest CAGR during the forecast period, due to the high strength & stiffness of the wood fiber composites. Moreover, the cost of production of wood fiber composites is low as compared to non-wood fiber composites, thus lowering the price of the wood fiber composites, which fuels the growth of market.
Basis on end-user industry, the market is categorized into transportation, electrical & electronics, building & construction, aerospace & defense, consumer goods and others. The transportation segment is projected to be the most lucrative segment from 2017 to 2023, owing to extensive application of bioplastics composites in transportation segment.
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Key Findings of the Bioplastic Composites Market:
- The natural polymer segment is expected to grow at a significant CAGR of 11.6%, in terms of value, from 2017 to 2023.
- The epoxy synthetic polymer segment is projected to grow at a CAGR of 12%, in terms of value.
- The softwood wood fiber composites segment accounted for more than 72% share of the global bioplastic composites market for injection molding and is projected to grow at a CAGR of 11.8%, in terms of value.
- The bioplastic composites market for injection molding in Asia-Pacific is expected to grow at the highest CAGR of 13.4%, in terms of value.
- The North American bioplastic composites market for injection molding accounted for more than 40% of the global market in 2016.
In 2016, North America and Europe collectively accounted for more than 72% of the global bioplastic composites market for injection molding, in terms of value, due to favorable government regulations/policies for the production and consumption of sustainable products coupled and rise in environmental awareness among consumers that influenced syntheticplastic manufacturers to favor the production of bio-based plastic materials. Furthermore, the European association is promoting government and environmental policies, regarding sustainability and bio-degradability, which is a significant factor that drives the growth of the bioplastic composites market. The bioplastic composites market for injection molding in Asia-Pacific is projected to grow at the highest rate, owing to rise in consumer awareness about the use of bioplastic, thus highlighting the customer inclination towards the use of eco-friendly products.
The major companies profiled in this report are Arkema, Mitsubishi Plastics, Inc., Huntsman Corporation, BASF SE, Toray Industries, Inc., Natureworks LLC, Corbion NV, Dow Chemical Company, Solvay SA, and Braskem.
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SOURCE Allied Market Research