CHICAGO, July 29, 2019 /PRNewswire/ -- According to the new market research report "Bioplastics & Biopolymers Market by Type (Non-biodegradable, Biodegradable), End-use Industry (Packaging, Consumer Goods, Automotive, Textiles, Agriculture) and Region (APAC, North America, Europe, and RoW) - Trends & Forecast to 2023", published by MarketsandMarkets™, the Bioplastics & Biopolymers Industry is projected to grow from USD 6.95 billion in 2018 to USD 14.92 billion by 2023, at a CAGR of 16.5% from 2018 to 2023. Increasing demand for bioplastics from the packaging industry, favorable government policies, increase in waste management regulations in Europe, and increasing concern for human health are projected to drive the Bioplastics & Biopolymers Market. Increase in regulations is expected to propel the growth rate of the market.
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On the basis of end-use industry, packaging is estimated to lead the Bioplastics & Biopolymers Market in 2018
Packaging is the largest end-use industry for bioplastics & biopolymers. The need for sustainable solutions has encompassed several industry verticals, including food & beverage. In addition, enhanced industrial & manufacturing technologies have enabled the food & beverage companies to incorporate bioplastics in packaging. The demand for packaging made from bioplastics for wrapping organic food as well as for premium and branded products is on the rise. Preference for packaging materials made from natural or organic polymers, derived from biomass sources, such as fats, oils, starch, and microbiota, is driving the market in the packaging end-use industry.
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On the basis of sub-type, bio-PET is projected to register the highest CAGR during the forecast period
Bio-PET is the most widely used sub-type of non-biodegradable bioplastics & biopolymers. Owing to its high durability that matches its fossil fuel-based counterpart, it is expected to witness a high growth during the forecast period. Bio-PET can be used in the same applications, such as bottles and flexible films, as served by its counterparts. Rising consumption of beverages coupled with regulations imposed by various governments to reduce emissions in countries such as Japan, Canada, and the US contribute to the growth of the bio-PET market. In addition, strategies of companies such as PepsiCo and Coca-Cola toward sustainable packaging for carbonated soft drinks is also likely to drive the bio-PET segment.
On the basis of region, Europe is estimated to lead the Bioplastics & Biopolymers Market in 2018
Europe is the largest Bioplastics and Biopolymers Market and is one of the major producers of plastics. It is also one of the leading packaging markets, globally. These factors have been responsible for the development of bio-based plastics with collaborative research, which, in turn, is expected to transform Europe's plastics industry. The political and economic conditions have also driven the market penetration of bioplastics & biopolymers. The EU Commission has focused on the Lead Markets Initiative where bioplastics have been identified as one of the most important potential markets. Europe has, thus, become one of the major consumers of bioplastics & biopolymers.
Key players in the Bioplastics & Biopolymers Market:
The key players in the market include NatureWorks (US), Braskem (Brazil), Novamont (Italy), BASF (Germany), Total Corbion PLA (Netherlands), Biome Bioplastics (UK), Bio-On (Italy), Toray Industries (Japan), Plantic Technologies (Australia), and Mitsubishi Chemical Corporation (Japan). These players have established a strong foothold in the market by adopting strategies such as investment & expansion, new product launch, agreement, partnership & joint venture, and merger & acquisition.
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