The ability to synthesize effective materials from renewable sources
such as corn, sugar beet, and sugarcane is estimated to promote the bioplastic
market. The polymers & plastics reports are made by Market Research Future,
which includes market options for development. The market is likely to exhibit
a CAGR of 12.49 % that will motivate its returns to USD 11.68 billion by 2023.
The usage of bioplastics in disposables, shopping bags, food packaging
is estimated to create a positive impetus in the bioplastic market share.
Moreover, as it is widely recognized as an excellent substitute for fossil
fuel-based materials, its demand is set to rise in the coming period.
Competitive
Analysis
The production technology and processes are estimated to
undergo a considerable overhaul to be able to meet the expectations of the new
reality in the business domains. The tumultuous nature of global markets is
currently estimated to create significant hindrances in the development of the
market in the forecast period. The benefits of mergers and collaborations are
likely to be more pronounced in this context as pooling in resources and
capabilities can lead to the creation of a stronger competitive advantage for
companies in the market. The inducement provided by governments is estimated to
create a positive outlook for the development of the market in the impending
period. The market is estimated to be further motivated by the policies that
will be framed to create a conducive working atmosphere in the coming period.
The need for innovation and incorporation of more value in products is
estimated to induce the global market constructively to expand in the forecast
period.
The important players in the Bioplastic Market are
Corbion NV, Metabolix Inc., Novamont S.P.A, Toray Industries, Bio-On S.P.A.,
Plantic Technologies Ltd, Natureworks LLC, BASF SE, Braskem S.A., Evonik
Industries, and Arkema.
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Segmental Analysis
The segmental investigation of the bioplastic
market has been conducted on the basis of application, type, and region. Based
on type, the bioplastic market has been split into biodegradable and
non-biodegradable. The application
basis of segmenting the bioplastic market has been segmented into flexible
packaging, rigid packaging, textile, consumer goods, automotive, agriculture
and horticulture, electronics, building a d construction, and others. Based on
the regions, the bioplastic market has been segmented into Asia Pacific, Latin
America, the Middle East, North America, Europe, and Africa.
Detailed Regional
Analysis
The regional overview of the bioplastic market includes regions such as
Asia Pacific,
Latin America, the Middle East, North America, Europe, and Africa. The European bioplastic market held the
principal market stake of 33.7% based on the worth in 2018, owing to the great
production expenditure in the region and strict regulatory standards on synthetic
chemicals. The Asia Pacific bioplastic market In terms of volume, it held the
major market segment of 34.4% in 2018 owing to the accessibility to raw
materials at minimal cost, low manufacture and labor rate, swift
industrialization in evolving economies, and increasing awareness concerning
the benefits of bio-based chemicals. The bioplastic market in the North
American region held the third major share of the bioplastic market in 2018.
The burden of the prohibition on the use of conventional plastics is likely to
lift the regional market. The Latin American and the Middle Eastern &
African bioplastic market are anticipated to observe slow growth in the
upcoming years due to deficiency of awareness among the consumers concerning
the use of bioplastics.
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Industry Updates:
Aug 2020 nnounced recently that it had obtained an order worth USD
550,000 from a current major buyer functioning in the United States packaging
market. The technology company said the order is the single major order to
date for its heat-stable and compostable bioplastic for coffee pod uses, which
was initially commercialized in 2019.
NOTE: Our
Team of Researchers are Studying Covid19 and its Impact on Various Industry
Verticals and wherever required we will be considering Covid19 Footprints for
Better Analysis of Market and Industries. Cordially get in Touch for More
Details.
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