The total production capacity of bioplastics in the Asia-Pacific region was at 0.97 million metric tons in 2015. The market is estimated to grow at a CAGR of 29.5% during the forecast period. Asia-Pacific has the largest regional market in terms of production capacity. The region also accounts for 30% share of the global demand for bioplastics.
Government policies and increased awareness among consumers are contributing towards a large growth in production and consumption of bioplastics. Countries in this region have already started implementing new regulations that promote a wide use of bio-based materials. However, this progress is hindered from time to time due to weak and unclear enforcement guidelines. In the order of market dominance, China, Japan, Thailand and India are some of the major countries actively involves in this industry.
Market Dynamics of the Asia-Pacific Bioplastics Market:
The Asia-Pacific bioplastics market is segmented by bio and synthetic based biodegradables (aliphatic polyesters, starch based plastics, cellulose derivatives, polyanhydrides, poly vinyl alcohols and other biodegradable plastics), by non-bio based biodegradables, by origin (biobased plastics, synthetic biodegradables), by application (bottles and packaging, agriculture, automotive, construction, consumer products and others) and by geography (India, China, Japan, South Korea and other countries).
Some of the major players in the Asia-Pacific bioplastics market are:
Key Deliverables in the Study