The global bioplastics market size will reach USD 19.93 billion by the end of 2026. As per the report published by Fortune Business Insights™ titled, “Bioplastics Market Size, Share & Industry Analysis, By Type (Biodegradable and Non-biodegradable), By Application (Rigid Packaging, Flexible Packaging, Textiles, Automotive & Transportation, Agriculture & Horticulture, Consumer Goods, and Others), and Regional Forecast, 2019-2026.” the market value stood at USD 6.04 billion in 2018 and is anticipated to rise at an exponential CAGR of 16.2% during the forecast period, 2019-2026.
Rising Demand for Lightweight Vehicles to Promote Bioplastics Market Growth
Automobile industries are primarily focusing on developing products that will reduce the fuel consumption of the vehicles and their overall weight. Thus, there is more demand for lightweight vehicles. Bioplastics can serve this purpose perfectly and thus, and there is a rise in demand for bioplastics from the automobile industry. The above factor can serve as a driver for the overall market growth in the forecast period. Apart from this, the rising demand for ready-to-eat food and other food products increases the demand for packaging and is ultimately anticipated to drive the market in the forecast period.
Detailed Segmentation of the Bioplastics Market
- Type – The report focusses on ongoing bioplastics market trends including types such as non-biodegradable and biodegradable. Of these, the non-biodegradable segment holds the largest share owing to the rise in the use of bioplastics from various industries such as automotive parts, consumer goods, food packaging, and others. Non-biodegradable bioplastics can be used as an alternative for plastic bottles, electronic equipment, carry bags, automotive housings, and others. Non-biodegradable plastics are also used in electronics and automotive manufacturing, on account of their durability and strength as compared to their biodegradable products.
- Application –With respect to application, the market is categorized into automotive & transportation, flexible packaging, agriculture & horticulture, consumer goods, textile, coating & adhesives, and others. Among these, the textile segment earned about 10.5% bioplastics market share. However, the rigid packaging segment is holding a dominant share, attributable to high demand from shipping companies that seek sturdy and sustainable packaging products to carry the heavy load. Apart from that, the surging demand from pharmaceutical industries and food packaging industries is likely to help the market grow in the forthcoming years.
- Region-Geographically, the global bioplastics market is divided into Asia Pacific, Europe, North America, and the rest of the world. Among these, Europe emerged dominant on account of the presence of a robust automotive industry. In 2018, Europe held 19% of the share in 2018 and is further expected to increase in the coming years on account of sustainable policies obtained by the European state members such as France and Italy.
To get a detailed report summary and research scope of this market, click here: https://www.fortunebusinessinsights.com/industry-reports/bioplastics-market-101940
Extension of Geographical Reach is Major Strategy Adopted by Players
Currently, major bioplastics market manufacturers have a strong industrial base in North America and Europe. Significant players such as PTT MCC Biochem, Succinity GmbH, NatureWorks, and Total Corbion NV, are entering into strategic collaborations and joint ventures for multiplying the manufacturing of various materials required to produce bioplastics such as PLA. Other players are emphasizing on multiplying their distribution channels, expanding their geographical reach and developing their product offerings.
Recent key industry developments in this market are mentioned below:
- December 2018 – A new production facility was opened in Rayong Thailand by Total Carboin NV with an annual production capacity of 75KT. It also uses non-GMO sugarcane grown locally for manufacturing high heat PDLA and PLA.
- November 2019 – A PHA manufacturing plant was set up by Danime Scientific in Winchester, Kentucky, U.S, for producing PHA trademarked as Nodax. Here, cellulose powder is degraded with the help of seawater for producing precursors utilized in the polymerization process.
List of the key bioplastics market manufacturers are as follows;
- Danimer Scientific
- LCY biosciences
- Taghleef Industries
- Succinity GmbH
- PTT MCC biochem
- Total Corbion NV
- Novamont S.p.A.
- Kaneka Takasago
- Yield10 Biosciences
- Other Key Players
The global bioplastics market is categorized in the following manner:
Value (USD Billion/ USD Million) and Volume (Million Ton/ Kiloton)
- Starch blends
- Other Biodegradables
- Non – biodegradable
- Other Non-Biodegradables
- Rigid Packaging
- Flexible Packaging
- Automotive & Transportation
- Agriculture & Horticulture
- Consumer Goods
- North America (U.S., Canada and Mexico)
- Europe (Germany, France, UK, Italy, Spain, and the Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, and the Rest of Asia Pacific)
- Rest of World (Brazil, Argentina, and Others)