Global Bioplastics Market Growth will exhibit a CAGR of 16.2% and reach USD 19.93 billion by 2026. The forecast period is set from 2019 to 2026, and the market value as per 2018 was USD 6.04 billion.
Fortune Business Insights™ published a premium research report titled, “Bioplastics Market size, Share & Industry Analysis, By Type (Biodegradable and Non-biodegradable), By Application (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 and throws light on major industry developments.
Bioplastics Market Drivers and Restraints
A major Bioplastics Market growth driver is the increasing environmental concerns related to the use of plastic and its harmful effects. This, followed by the rise in demand for alternatives for plastics, is expected to help increase the overall Bioplastics Market size in the forecast period. Besides this, the increasing demand for bioplastics from industries such as pharmaceutical companies and food industries is anticipated to help attract high Bioplastics Market revenues in the forecast period. This is owing to the rise in demand for ready-to-eat food products that require safe packaging materials with low environmental impact.
According to the current Bioplastics Market trend, the market is dominated by the rigid packaging segment with respect to applications. This is on account of high demand from shipping companies that demand sustainable yet sturdy packaging products fit for carrying a heavy load.
- A 360-degree overview of the market
- Factors boosting, retracting, challenging and providing opportunities to the market
- Key industry developments and interesting insights related to Bioplastics Market
- List of key vendors in the market and prime strategies
- Other Bioplastics Market trends
To gain more insights into the market with a detailed table of content and figures, Click Here: https://www.fortunebusinessinsights.com/industry-reports/bioplastics-market-101940
List of Top Key Players in Bioplastics Market research report include;
- Kaneka Takasago
- Taghleef Industries
- Succinity GmbH
- Danimer Scientific
- PTT MCC biochem
- Total Corbion NV
- LCY biosciences
- Novamont S.p.A.
- Other Players
Presence of Robust Automotive Industry to aid in the Expansion of Europe Market
Geographically, the global Bioplastics Market is dominated by Europe holding about 19% Bioplastics Market share. This percentage is anticipated to reach 25% by the end of 2022 on account of suitable policies adopted by the European state members of France and Italy. Moreover, the presence of a robust automotive industry demanding lightweight vehicles and a rise in demand for bioplastics used for packaging products are further anticipated to help this region continue dominance in the coming years.
On the other side, the European Bioplastics 2018 report states that 56% of the overall production of bioplastic was from Asia Pacific. The Asia Pacific Bioplastics Market growth is attributable to a new foreign investment law imposed by the Chinese government effective from January 2020. The immensely multiplying packaging industry demands are further expected to help augment the Bioplastics Market growth in the coming years.