The global bioplastics market size is anticipatedto witness promising growth on account of the rising awareness aboutenvironment protection worldwide. Fortune Business Insights™ in their reporttitled, “Bioplastics Market Size, Share& Industry Analysis, By Type (Biodegradable and Non-biodegradable), ByApplication (Rigid Packaging, Flexible Packaging, Textiles, Automotive &Transportation, Agriculture & Horticulture, Consumer Goods, and Others),and Regional Forecast, 2019-2026,” offers a detailed analysis of the market andthrows light on major industry developments.
As per the report, the globalbioplastics market size will exhibit a CAGR of 16.2% and reach USD 19.93billion by 2026. The forecast period is set from 2019 to 2026, and the marketvalue as per 2018 was USD 6.04 billion.
According to the current bioplastics markettrend, the market is dominated by the rigid packaging segment with respect toapplications. This is on account of high demand from shipping companies thatdemand sustainable yet sturdy packaging products fit for carrying a heavy load.
ReportHighlights
· A 360-degree overview of the market
· Factors boosting, retracting, challenging and providingopportunities to the market
· Key industry developments and interesting insights related tobioplastics market
· List of key vendors in the market and prime strategies
· Other bioplastics market trends
Highlightsof the Report:
https://www.fortunebusinessinsights.com/industry-reports/bioplastics-market-101940
SurgingDemand for Ready-to-eat Food Products will help Promote market for Bioplastics
A major bioplastics market growthdriver is the increasing environmental concerns related to the use of plasticand its harmful effects. This, followed by the rise in demand for alternativesfor plastics, is expected to help increase the overall bioplastics market sizein the forecast period. Besides this, the increasing demand for bioplasticsfrom industries such as pharmaceutical companies and food industries is anticipatedto help attract high bioplastics market revenues in the forecast period. Thisis owing to the rise in demand for ready-to-eat food products that require safepackaging materials with low environmental impact.
Presenceof Robust Automotive Industry to aid in Expansion of Europe Market
Geographically, the global bioplasticsmarket is dominated by Europe holding about 19% bioplastics market share. Thispercentage is anticipated to reach 25% by the end of 2022 on account ofsuitable policies adopted by the European state members of France and Italy.Moreover, the presence of a robust automotive industry demanding lightweightvehicles and a rise in demand for bioplastics used for packaging products arefurther anticipated to help this region continue dominance in the coming years.
On the other side, the EuropeanBioplastics 2018 report states that 56% of the overall production of bioplasticwas from Asia Pacific. The Asia Pacific bioplastics market growth isattributable to a new foreign investment law imposed by the Chinese governmenteffective from January 2020. The immensely multiplying packaging industry demandsare further expected to help augment the bioplastics market growth in thecoming years.
JointVenture and Merger and Acquisition Strategies to Help Players Attract HighRevenues
The key bioplastics market manufacturers are entering intopartnerships and joint ventures for attracting high bioplastics market revenuein the forecast period. Some of the significant market players are PTT MCCBiochem, NatureWorks, Succinity GmbH, and Total Corbion NV. For themanufacturing of PLA, a partnership was signed between PHH, an oil companylocated in Thailand, and Cargill. Similarly, Corbion NV, a joint venture ofCorbion and Total also deals with the production of PLA. Additionally, BASF andCorbion entered into a joint venture forming Succcinity GmbH for the productionof Succinic Acid and its derivatives.
Other strategies adopted by players include expansion ofgeographical presence, new product offerings, and multiplication ofdistribution channels worldwide.
Some of the key industrydevelopments in the bioplastics market are:
December 2018 – A new production facility was openedin Rayong Thailand by Total Carboin NV with an annual production capacity of75KT. It also uses non-GMO sugarcane grown locally for manufacturing high heatPDLA and PLA.
January 2019 – The acquisition of Buifilm, was completed by TaghleefIndustries. Biofilm is a Latin American manufacturing company that producesBOPP film for flexible packaging in industrial applications.
Some of the significant bioplasticsmarket manufacturers include:
· Kaneka Takasago
· Taghleef Industries
· Genecis
· Braskem
· BASF
· Toray
· Roquette
· Succinity GmbH
· NatureWorks
· Solvay
· Danimer Scientific
· Trifilon
· Biofase
· Bioapply
· Lyondellbasell
· Avantium
· PTT MCC biochem
· Total Corbion NV
· LCY biosciences
· Matrica
· Novamont S.p.A.
· OtherPlayers
