Bio-Plastics Market To Register Immense Growth, Revenue To Surge To US$35.47 Billion By 2022

10-Oct-2018 | Zion Market Research

With the presence of a large pool of participants, the global bio-plastics market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Cardia Bioplastics, BASF SE, Toray Industries Inc, Braskem, Natureworks LLC, Solvay SA, Evonik Industries, and Novamont SPA are some of the key vendors of bio-plastics across the world. These players are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development states the bio-plastics market study.

Citing an instance, in September 2018, Co-op decided to replace single-use plastic bags with biodegradable plastic bags across its 1400 stores. In a major breakthrough that can favorably leverage bio-plastics market price, recently, Danimer Scientific – manufacturer of biodegradable plastic items- declared to have developed the first completely biodegradable plastic straw through the use of Nodax™ polyhydroxyalkanoate (PHA) material. Reportedly, straws made from Nodax™ polyhydroxyalkanoate material proficiently biodegrades in landfills, oceans, and waste treatment units.

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This review is based on a report by Zion Market Research, titled Bio-plastics Market (Bio-PET, Starch Blends, PLA, Bio-PA, Bio-PE, and Others) for Automotive, Construction, Packaging, Consumer Goods, Electrical & Electronics and Other Applications: Global Market Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022.

Bio plastics Market

As estimated in this report, the global bio-plastics market stood at US$ 17.50 billion in 2016. Witnessing a tremendous rise during the period from 2017 to 2022, the revenue in this bio-plastics market is expected to reach US$ 35.47 billion by the end of the forecast period. The main products available in this bio-plastics market are Bio-PET, starch blends, PLA, Bio-PA, Bio-PE, and Others. Among them, the demand for Bio-PET is relatively higher and the trend is anticipated to remain so over the next few years, notes the research report.

Escalating Ecological Concerns To Leverage Bio-Plastics Market Growth

“Growing awareness about environmental hazards along with massive acceptance of bio-plastics is expected to significantly contribute towards bio-plastics market size over the years to come,” says the author of this study. Apart from this, favorable legislations pertaining to green procurement policies are anticipated to create new growth dimensions for bio-plastics market in the near future. In addition, easy availability of raw materials is anticipated to generate lucrative avenues for bio-plastics market in the years ahead.

Exorbitant costs of bio-plastics, however, are likely to restrain the expansion of bio-plastics market in the ensuing years. Nevertheless, ongoing production innovation and rapidly emerging economies in the regions such as Asia Pacific are projected to favorably influence the growth of bio-plastics market in the forthcoming years.

Favorable Regulations Promoting Bio-Plastics Use To Aid European Dominance

Regionally, Europe has been leading the worldwide bio-plastics market and is anticipated to continue on the dominant position in the years to come, states the bio-plastics market study. Favorable government legislations leading to massive demand for bio-plastics are the key factors determining the growth and the regional dominance of the Europe bio-plastics market. The presence of the leading bio-plastic manufacturers in Europe has further added towards the growth of this regional bio-plastics market.

The global bio-plastics market is segmented as follows:

By Product

  • Bio-PET
  • Starch Blends
  • PLA
  • Bio-PA
  • Bio-PE
  • Others

By Application

  • Automotive
  • Construction
  • Packaging
  • Consumer Goods
  • Electrical & Electronics
  • Others

By Region

  • North America
    • The U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa

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