Research and Markets has announced the addition of the "Global Biodegradable Plastics market - By Type, Application, Regions - Market Size, Demand Forecasts, Industry Trends and Updates (2016-2022)" report to their offering.
The global bio plastics market was 19.54 billion USD in 2016 and is estimated to reach US$ 65.58 billion in 2022 at an estimated CAGR of 22.36% for the forecasted period.
Bio plastics are those plastic materials that are manufactured by using natural resources. There are two categories of these plastics available in the market - biodegrablebio plastics and non-biodegradable bio plastics. The report covers both the categories for market study.
On the basis of material type, the report covers market analysis of bio-based polyethylene terephthalate (Bio-PET), bio-based polyethylene (Bio-PE), bio-based polyamides (Bio-PA), bio-based poly lactic acid and its blends, starch blends and polyhydroxyalkanoate. Applications of bio plastics covered in the report includes bottle manufacturing, other packaging, food service disposables, agriculture/horticulture, consumer products and automotive applications.
A decade ago, biodegradable packaging was not known to have any real significance. However, recently biodegradable packaging has become an integral part of the global packaging market. The rising consumer awareness towards biodegradable packaging has led to the tremendous growth of the overall market.
Growth by Region:
In the year 2012, the global bio plastics production capacity was approximately 1.3 million tonnes of which Asia Pacific region accounted for largest share. By 2020, Asia Pacific region is projected to be the largest consumer of bio plastics globally followed by North America and Europe. Eco-friendly initiatives by corporates and abundant availability of raw materials for manufacturing bio plastics are prominent factors driving growth in Asia Pacific bio plastics market.
Europe and North America are expected to dominate the overall market of biodegradable packaging. North America is expected to be the largest consumer of the biodegradable packaging market. The developed regions are expected to dominate the overall biodegradable packaging market owing to the presence of mature markets that consist of highly environmental conscious consumers. In addition, the presence of high-spending population is also expected to increase the overall demand for biodegradable packaging in the developed regions.
The presence of large populations in Asia Pacific is expected to boost the biodegradable packaging market. Owing to the increase in the contract manufacturing process coupled with increased governmental interest to promote biodegradable products by providing incentives in some countries such as China and India is further expected to contribute to the growth of the market.
Drivers vs. Constraints:
Demand for bio plastics is increasing since past decade due to growing awareness concerning environmental conservation, use of bio-based or natural resources for manufacturing materials and formulation of various regulations across countries for effective use of natural resources and waste management.
Industry Structure and Updates:
Increased consumer preference towards biodegradable materials coupled with the growing environmental concern is expected to boost the overall growth of the biodegradable packaging market. Most of the major packaging companies are now shifting their focus towards biodegradable packaging in order to achieve greater consumer satisfaction. In addition, to differentiate their products from that of the competitors many manufacturers are now shifting towards biodegradable packaging.
The biodegradable packaging market is expected to witness the fastest growth than that compared to the plastics packaging market. The biodegradable packaging market is a relatively new market however; it is expected to capture the existing market share of the non-biodegradable plastic packaging market. The food packaging and beverage packaging market is expected to play a crucial role in driving the overall global biodegradable packaging market. However, lack of government support especially in the developed countries is expected to curb the growth of the market. The presence of huge price difference between the biodegradable packaging and other conventional packaging is further expected to hamper the growth of the market.
Bio based biodegradable plastics find their application in a variety of sectors, including fibres, medical, packaging, and agriculture. The demand for bio based biodegradable plastics is massive in the packaging sector, and it is anticipated that status quo will be maintained in the next five years as well. Other prominent sectors which will create robust demand for bio based biodegradable market include agriculture and medical.
The global bio based biodegradable plastics market is also segmented on the basis of product type and includes PHA, cellulose, polyester, and PLA. Among these segments, the polyester and PLA control a share of more than 60% of the global bio based biodegradable plastics market. The prime reasons for the high demand for these bio based biodegradable plastics types is that these sturdy and cost-effective.
Key Topics Covered:
1. Research Methodology
2. Market Overview
Value chain analysis
Porter's 5 Forces
3. Market Dynamics
4. Global Biodegradable Plastics market Segmentation, Forecasts and Trends - by Revenue
5. By Type
6. By Application
7. By Region
8. Vendor Market Share Analysis
9. Company Profiles
Biome Technology Plc
Mitsubishi Chemical Corporation
Plantic Technologies Ltd
Natur-Tec India Private Limited
10. Industry Structure
Industry M&As, Consolidations
Global Biodegradable Plastics Market- Road Ahead
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