Bioplastics: Key market research findings
- Emergence of bio-based and renewable raw materials drives market growth
- Packaging and food services account for a majority of the market’s revenue
- Key vendors – BASF, NatureWorks, Arkema, Novamont, and Plantic
Technavio’s market research analysts predict the global bioplastics market to surpass $33 billion by 2020. The market’s high growth rate can be attributed to the emergence of bio-based and renewable raw materials. The global bioplastics market is driven by the advent of renewable resources, biomass, and bio-based raw materials such as starch and vegetable crop derivatives. Biomass includes grass, trees, plants, and other organic materials like animal meat and other tissues that decompose by the activities of microorganisms. During 2015, Europe dominated the global bioplastics market by accounting for more than 41% of the overall market share. The high demand for biodegradable packaging materials by consumers, favorable policies by government bodies, and the presence of a large number of manufacturers and processors in the region are factors that will boost growth in the bioplastics market in Europe during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of bioplastics segments based on application.
“The availability of cheap, bio-based raw materials is a trend that is greatly influencing the bioplastics market at present. Raw materials produced from non-food products or waste residues extracted from food products are significant feedstock alternatives for bioplastics production owing to their low cost. Besides, the use of non-food raw materials such as organic waste and biomass to manufacture bioplastics will result in improved waste management,” says Chandrakumar Badala Jaganathan, Lead Analyst, Chemicals & Materials, Technavio Research.
By 2020, the packaging and food services segment is expected to account for almost 69% of the overall market space to become the dominant shareholder in the bioplastics market globally. Bioplastics are largely used in the manufacturing of bottles, loose-fill, cups, pots, blows, flexible films, and other products. Rigid and flexible packaging are two most commonly used types of bioplastics packaging. Packaging products from bioplastics are used in the packing fresh food, dry snacks, candy, bakery goods, juice bottles, and meat trays as well as coatings for beverage cups, films, and card stock.
The key vendors in the market comprise of BASF, NatureWorks, Arkema, Novamont, and Plantic. This market is highly fragmented with the presence of a large number of global and regional players. The market is extremely competitive with the major players acquiring regional players to increase their market shares and geographic reach. Factors such as technological advancements and rapid changes in the market dynamics are driving the competition among the vendors. Competition in this market will intensify with the increase in product extensions in terms of innovation in technology and production. Additionally, the market will witness huge influx of private labels during the forecast period.
A more detailed analysis is available in the Technavio report, Global Bioplastics Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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