Dublin, Ireland May 6, 2020 (Issuewire.com) - The bioplastics and biopolymers market is primarily driven by the packaging sector across the globe. The estimated market size was USD 3,587 million in 2016 and is projected to reach USD 7,622 million by the end of 2021, at a substantial CAGR of 16.27% between 2016 and 2021. The major drivers of market growth include supportive government policies and regulations due to lesser toxicity and lower amounts of carbon, a growing concern for human health, and the high consumer preference towards bio-based packaging.
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The bioplastics & biopolymers market is segmented into Bio-PE, Bio-PET, Regenerated Cellulose, and Poly Hydroxyalkanoates. In 2016, the Bio-PET market is estimated to surge at the highest rate during the forecast period due to its increased usage in the packaging industry. These have similar properties to conventional PET. Bio-PET helps in the reduction of a product’s carbon footprint and also helps in recycling. The properties of Bio-PET include durability, flexibility, heat resistance, printability, and lower carbon content. This makes it the best fit for numerous applications in sectors such as packaging, automotive, consumer goods, textiles, and agriculture.
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The market has been segmented into packaging and bottles, agriculture, automotive, and textiles. The packaging and bottles segment is projected to hold the largest share in the bioplastics and biopolymers market during the forecast period owing to its growing application in food, goods, cosmetics, and pharmaceuticals packaging. Bioplastics are being used to manufacture various products such as bags, agriculture foils, toys, textiles, overwraps, lamination films, and disposable housewares, to name a few. The growing global preference for bio-packaged products by consumers is a crucial factor fuelling the growth of the packaging and bottles segment of the bioplastics and biopolymers market.
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This research report on the global bioplastics market provides in-depth analysis of the global bioplastics market based on type, application and major geographies for the period from 2016 to 2021. The report highlights the major market drivers pushing the growth and challenges faced by market participants. The research report provides market size and forecast for the global bioplastics market. The report also analyses the competitive landscape and the major player and their market share in 2016. The competitive landscape section of the report also captures and highlights the recent development in the market.
Global Bioplastics Market Competitive Landscape & Company Profiles
- Major Players and their Market Share Analysis
- New product launches
- Mergers and acquisitions
- Collaborations, partnerships, agreements and joint ventures
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