The Global Bioplastics Market is anticipated to garner $96,627 million in 2025, growing at a CAGR of 20.9% during the forecast period 2017-2025 according to Progressive Markets report, Bioplastics Market Size, Trend, Share, Opportunity Analysis & Forecast, 2014-2025.
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Bioplastics are plastics derived from renewable feedstocks such as corn, sugarcane, and cellulose. Factors such as eco-friendly properties, availability of renewable feedstocks, and favorable government policies have enabled manufacturers to adopt bio-based plastics. Increase in adoption of biodegradable products and improving scope of bioplastics across end-user industries drive the growth of the bioplastics market. However, high production cost and comparatively limited performance standards as compared to traditional plastics hamper the market growth to a certain extent.
The global bioplastic market is segmented based on type into biodegradable and non-biodegradable bioplastics. Furthermore, biodegradable plastics are segmented into polylactic Acid (PLA), polyhydroxyalkanoates (PHA), polyesters, starch blends, and others which includes cellulose acetate and others. Non-biodegradable plastics are segmented into bio-PA (polyamide), bio-PE (polyethylene), bio-PET (polythene terephthalate), and others (Bio-PTT, Bio-PUR, and epoxies). In 2016, the consumption of non-biodegradable bioplastics was the highest in the industry due to the similarity to traditional plastics in terms of properties and is anticipated to dominate the market during the forecast period.
In 2016, Bio-PET accounted for more than one sixth of the non-degradable bioplastics market. It is also projected to be the fastest growing segment in the non-biodegradable market during the forecast period. In line with this trend, The Coca Cola Company flagged off its Plant PET Technology Collaborative (PTC) project, which led to the rapid growth of the Bio-PET market.
The application segments discussed in the study are rigid packaging, flexible packaging, textile, agriculture & horticulture, consumer goods, automotive, electronics, building & construction, and others. Biodegradable as well as non-biodegradable bioplastics are used in various rigid packaging applications. The adoption of bioplastics in rigid packaging was the highest in 2016, and is expected to continue this trend through 2025. Bioplastics possess properties such as gloss, barrier effect, antistatic behavior, and printability, which make it suitable for rigid packaging application. Bioplastic rigid packaging includes bottles, cups, cans, corrugated cases, boxes, and others.
Based on geography, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA. The European bioplastics market generated the highest revenue in 2016. Favorable policies for bioplastics manufacturers by the European policy-makers and increase in adoption of bioplastics in Germany, Italy, and the UK are the key factors driving the growth of the bioplastics market in the region. However, Asia-Pacific is projected to be the fastest producing market in terms of revenue and consumption, registering a CAGR of 22.1% from 2017 to 2025.
Some of the leading manufacturers profiled in this report are Novamont S.p.A., BASF SE, Natureworks LLC, Corbion N.V., Braskem, Secos Group Ltd., Biome Technolgies Plc, FKuR Kunststoff GmbH, Innovia Films Ltd., and Toray Industries Inc.
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