London, 09 October 2014: TechNavio, the independent tech-focused global research firm, has published a report on the Global Bioplastics Market 2014-2018, which is expected to grow at a CAGR of 22.4 percent during the forecast period of 2013-2018.
Bioplastics can be derived from various biomass energy sources such as corn starch, vegetable fat, vegetable oil, microbiota, and pea starch. Based on their origin, numerous types of bioplastics exist, such as starch-based bioplastics, cellulose-based bioplastics, aliphatic polyester-based bioplastics, polylactic acid-based bioplastics, poly-3-hydroxybutyrate, PA 11, and bio-derived polyethylene.
“Several companies have adopted the use of algae as raw materials to manufacture bioplastics because of its wide availability,” says Faisal Ghaus, Vice President of TechNavio.
“Research on developing bioplastics using algae is in progress in countries such as the US and the UK. The composition of algae contains a significant amount of oil, which helps in developing bioplastics.”
Key Market Drivers
- Availability of Wide Variety of Feedstock
- Rising Costs of Petroleum Products
- Need to Reduce Non-biodegradable Plastic Waste
- Growing Eco-friendly Packaging Market
Key Market Trends
- Alternative Production Technology
- Growing Environmental Concerns
- Increase in Private Investment
Key Market Vendors
- Arkema SA
- BASF SE
- NatureWorks
- Novamont SpA
- Plantic Technologies Ltd.
To define the market circumstances in the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
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