A new market study, titled “Discover Global Bioplastics Market Upcoming Trends, Growth Drivers and Challenges” has been featured on WiseGuyReports.
Bioplastics refer to the plastic substances that are obtained from the organic sources. Bioplastics are usually produced from the sugar beet, sugarcane, corn, and other organic sources. They are biodegradable and can be broken down into carbon dioxide, and compost with the help of the microorganisms.
The bioplastics find wide application in disposables, food packaging, shopping bags, and others. The use of bioplastics helps in minimizing the emission of greenhouse gases and prevents potential damage to the environment. The global bioplastics market is anticipated to witness prominent growth during the forecast period.
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Key Players of Global Bioplastics Market =>
The addition of new players to the market is making the global market more competitive. The major players of the global bioplastics market are Evonik Industries, BASF, DowDuPont, Natureworks LLC, Biome Technologies PLC, Corbion Purac, BioAmber, Braskem, Arkema, Novamont SPA, Toray Industries Inc., and Cardia Bioplastics. Other notable players in the market include Cereplast, BioSphere Plastic, BioApply Polymers, and Solvay SA.
Market Opportunities and Obstacles
The eco-friendly property of bioplastics is one of the key market drivers of the global bioplastics market. The growing environmental concerns increase the demand for the bioplastics market. The favorable policies of the government and the increased use of the bioplastics in the disposable items further accelerate the global market growth. The increasing awareness among the consumers also propels the growth of the bioplastics market across the globe.
The high cost associated with the production of bioplastics is a potential obstacle that hampers the market growth. The easy availability of cheaper alternatives is another factor that limits the market growth of bioplastics across the globe.
Global Market Fragmentation
The global market of bioplastics is divided based on type, application, and region.
Depending on the type, the global bioplastics market is segmented into biodegradable bioplastics and non-biodegradable bioplastics. The biodegradable bioplastic segment is further subdivided into the starch blend, polylactic acid (PLA), cellulose acetate, polyester (PBAT &PBS), polyhydroxyalkanoate (PHA), and others. The non-biodegradable market is further sub-segmented into polyurethane, epoxy, polyethylene terephthalate, and others. The non-biodegradable segment is the leading segment in the global market of bioplastics. The biodegradable bioplastics market is expected to grow in the coming years.
Based on the application, the global market includes consumer goods, textile, rigid packaging, electronic, automotive, flexible packaging, building and construction, agriculture and horticulture, and other applications. The rigid packaging segment accounts for the highest share in the global market.
Based on the regional division, the global bioplastics market includes the North America region, Middle East and Africa region, South America region, Europe region, and the Asia Pacific region. Europe is the leading market region across the globe owing to the stringent regulatory standards in the region. The North America region occupies the second leading position in the global market. Asia Pacific region is the highest producing region of bioplastics.
Recent Industry Trends
Collaboration among the important players in the global market is a key trend in the industry. Innovation in the production techniques will further lead to the growth of the global bioplastics market.
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