The global bioplastics market size is projected to reach USD 19.93 billion by the end of 2027. The increasing investments in the research and development of low cost and efficient products will have a huge impact on the growth of the market. According to a 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 was worth USD 6.04 billion in 2019 and will exhibit a CAGR of 16.2% during the forecast period, 2020-2027.
Bioplastics are materials that are derived from renewable energy sources with the aim of minimizing the impact of plastics on the environment. Bioplastics are commonly sourced from renewable energy sources and are easily degradable. The environment-friendly nature of the material makes it suitable for use in widespread applications.
The presence of several large scale companies that are focusing on the research and development of efficient bioplastics, with the aim of offering them at lower costs will have a huge impact on the growth of the overall market in the coming years. The increasing investments on product R&D will bode well for the market in the long run. The ease of availability of energy sources that are used in manufacturing will contribute to the widespread adoption of the product across the world.
List of Top Key Players in Bioplastics Market research report include;
PTT MCC biochem
Total Corbion NV
To gain more insights into the market with a detailed table of content and figures, Click Here: https://www.fortunebusinessinsights.com/industry-reports/bioplastics-market-101940
Geographically, the global Bioplastics Market is dominated by Europe holding about 19% Bioplastics Market share. This percentage is anticipated to reach 25% by the end of 2022 on account of suitable policies adopted by the European state members of France and Italy. Moreover, the presence of a robust automotive industry demanding lightweight vehicles and a rise in demand for bioplastics used for packaging products are further anticipated to help this region continue dominance in the coming years.
Bioplastics Market Drivers and Restraints
A major Bioplastics Market growth driver is the increasing environmental concerns related to the use of plastic and its harmful effects. This, followed by the rise in demand for alternatives for plastics, is expected to help increase the overall Bioplastics Market size in the forecast period. Besides this, the increasing demand for bioplastics from industries such as pharmaceutical companies and food industries is anticipated to help attract high Bioplastics Market revenues in the forecast period. This is owing to the rise in demand for ready-to-eat food products that require safe packaging materials with low environmental impact.According to the current Bioplastics Market trend, the market is dominated by the rigid packaging segment with respect to applications. This is on account of high demand from shipping companies that demand sustainable yet sturdy packaging products fit for carrying a heavy load.