23. Nov 2015
According to a new report by Allied Market Research, titled, “World Bioplastics Market Opportunities and Forecast, 2014-2020“, the global market for bioplastics is on track to reach $30.8 billion by 2020, registering a CAGR of 14.8% during 2015-2020.
The report, published in November 2015, states that the rising environmental awareness among the consumers and substantial curiosity of packaging industry about the possibilities offered by biodegradability are the key factors responsible for the increasing adoption of bioplastics in rigid packaging applications. Rigid plastic packaging applications are expected to account for more than 40% of the market revenue by 2020.
Bioplastics are plastics derived from the renewable feedstocks such as corn, sugarcane and cellulose among others. Their popularity is on the rise around the world due to factors such as the ample availability of renewable feedstocks and eco-friendly nature of bioplastics, according to this newest report. Furthermore, increasing adoption in new end user industries and favorable government policies for the use of eco-friendly and biodegradable products are some of the key factors that are predicted to drive the market growth. On the other hand, high production cost is likely to dampen the market growth during the forecast period.
The consumption of “drop-ins” bioplastics (Bio-PE, Bio-PET 30, Bio-PA and others) will continue to dominate the overall bioplastics market through to 2020, owing to the fact that the overall properties of these materials are similar to traditional plastics (PE, PET and PA among others) and they can therefore be used without problems for the same applications. Bio-PET 30 is likely to be the fastest growing segment in the non-biodegradable bioplastics market, as it delivers same performance as synthetic PET with regard to re-sealability, versatility, durability, appearance, weight and recyclability.
Key findings of the study
The leading players in the market are adopting collaboration, partnership and expansion as the key developmental strategies. The prominent players profiled in this report include Novamont SPA, Metabolix Inc., BASF SE, Natureworks LLC, Corbion Purac, Braskem, Cardia Bioplastics, Biome Technologies Plc, FKuR Kunststoff GmbH and Innovia Films.(KL)
https://www.alliedmarketresearch.com