Eco-friendliness, favorable government policies, renewable raw material sources, and high acceptance from consumers are driving growth in the global bioplastics market. While Europe accounts for more than two-fifths of the total market share and is expected to maintain its lead status, AsiaPacific is expected to register the largest growth rate with a CAGR of 20.4% through 2024.
According to a new report published by Allied Market Research, titled, Bioplastics Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2018-2024 the global bioplastics market was valued at $21,126.31 million in 2017, and is projected to reach $68,577.25 million by 2024, registering a CAGR of 18.8% from 2018 to 2024.
Bioplastics are extensively used in the production of rigid packaging. In 2017, the rigid packaging segment accounted for approximately one-third share in the global market in terms of value.
The level of technical complexity of bioplastics packaging is increasing and their use in rigid is expected to grow at the same pace throughout 2024. For instance, the commercialization of co-extruded double or multiple layer film products has gained momentum in the recent years. It is also finds applications in various end-use industries such as flexible packaging, textile, agriculture, and horticulture, consumer goods, automotive, electronics, building and construction, and others.
The production and use of bioplastics is viewed as a sustainable solution due to low emission of greenhouse gasses. Factors such as eco-friendly properties, increase in consumer awareness, growth in environmental concerns, and favorable government policies drive the growth of the bioplastic market. However, high production cost and comparatively lower performance standards than synthetic plastics restrain the market growth to a certain extent.
In 2017, Europe accounted for the largest market share in the global bioplastic market and is anticipated to dominate the market during the forecast period. Regional industries have adopted bioplastics over conventional plastics with an objective of transforming Europe into a proper waste management region. Germany, Italy, and the UK are the major countries involved in the development and production of bioplastic in Europe. European Associations in collaboration with the government implement environmental policies to promote sustainability and bio-degradability. This trend is expected to significantly drive the growth of the bioplastics market in Europe. Asia-Pacific is anticipated to grow at the highest CAGR from 2018 to 2024. The large population base of the region is expected to provide growth opportunities for the bioplastics market in Asia-Pacific.
Competitive intelligence of a few prominent bioplastic manufacturers provide key insights on the strategies implemented to gain significant share in the bioplastics market. In 2017, the industry has a massive trend of market players strengthening their base as well expanding their outreach. The key strategies adopted by market players include partnership, expansion, collaboration, joint venture, merger, and product launch.
Key Findings of the Bioplastics Market:
- In 2017, Asia-Pacific accounted for more than one-fifth share growing at a CAGR of 20.4% from 2018 to 2024.
- In 2017, non-biodegradable plastic accounted for the highest market share and is expected to growth at the highest CAGR of 20.2%.
- The rigid packaging application segment accounted for the highest market share in 2017 and is projected to grow at the highest CAGR of 28.3%.
- In 2017, Europe accounted for the highest market share and is anticipated to grow at a significant CAGR of 18.7%.
- India is anticipated to grow at the highest CAGR of 23.8% from 2018 to 2024.
- In terms of value, Asia-Pacific and LAMEA collectively accounted for more than one-fourth share in the global bioplastics market in 2017.
Some of the leading manufacturers profiled in this report are Novamont S.p.A., BASF SE, Natureworks LLC, Corbion Purac, Braskem S.A., SECOS Group Ltd., Biome Technolgies Plc, FKuR Kunststoff GmbH, Innovia Films Ltd., and Indorama Ventures Public Company Limited.