The global bioplastics market is expected to grow at a CAGR of 29% during the forecast period. The global production capacity will rise from 2.83 million metric tons in 2015 to XX.XX million metric tons by 2022.
Bioplastics are majorly consumed in the packaging industry in the form of plastic bags and bottles. The market is segmented by type as bio & synthetic based biodegradables and bio based non-biodegradables. Bio and synthetic based biodegradables plastics are further segmented into aliphatic polyesters (Polylactic acid, polyhydroxyalkanoates (PHA), polybutylene Succinate and Other Aliphatic Polyesters), starch based plastics, cellulose derivatives, poly anhydrides, poly vinyl alcohols and other biodegradable plastics. Also bio based non biodegradables are segmented into biopolyethylene terephthalate (PET), biopolyethylene, biopolyamides, biopolyols and polyurethane, biopolytrimethylene terephthalate (PTT), bio-polypropylene (PP), other non-biodegradable bioPlastics. Other industries include consumer products, agriculture, catering, pharmaceuticals, textiles, etc. Some of the most widely used bio-plastics are polylactic acid (PLA) and PLA blends, starch extracts, bio-polyethylene (bio-PE) and polybutylene succinate.
The market is also segmented by origin as bio based Plastics and synthetic based biodegradable Plastics. Moreover, the market is segmented based on applications as packaging and plastic bags, bottles and containers, loose film packaging, automotive and technical applications, agriculture, consumer products, catering, pharmaceutical, construction, textiles, and others.
In 2015, Europe accounts for 36% of the global bio plastics consumption. Production and consumption share are also expected to witness a rise in Asia Pacific and South American region in the coming years. The market is also segmented based on geography as Asia Pacific (China, India, Japan, South Korea, ASEAN Countries and Rest of APAC), North America (United States, Canada, Mexico and Rest of North America), Europe (Germany, France, UK, Italy, Spain and others), South America (Brazil, Argentina, & others) and Middle East & Africa (Saudi Arabia, South Africa and others).
The market for bioplastics is majorly driven by the reduced dependence on petroleum-based raw materials for eco-friendly and sustainable products. However, the major restraints include the higher cost of manufacturing and shortage of waste processing infrastructure, as there exists a lack of a standard procedure for the collection and recycling of the plastics.
Opportunities & Major Players – The bioplastics market future has sufficient opportunity to increase the market at higher rate. The promotion of public awareness and government concern for bio based plastics has increased the usage of bioplastics globally.
The major distributors for bioplastics products include the global and local manufacturers:
Key Deliverables in the Study: