Knowledge Sourcing Intelligence announces the publication of a new report on “Global Bioplastics Market - Forecasts from 2019 to 2026” to their giving.
The prime factors driving the growth of the Bioplastics Market are its environmental properties and favorable government policies.
As per the report, the market about Bioplastics Market is expected to grow at a steady pace.
Bioplastics is a biodegradable plastic that is derived from organic biomass sources like vegetable oil, agricultural waste, woodchips, sawdust, etc. unlike conventional sources like petroleum. Bioplastics are environment-friendly, cost-effective, energy-efficient, easily degradable, non-toxic, and reduce carbon dioxide emission. These factors have led to an increase in adoption and a surge in demand for bioplastics.
Furthermore, the increasing awareness of the ills of conventional plastic and the favorable government policies are further contributing to the development of the market. The increasing accessibility of renewable feedstock and reduction in dependency on fossil fuels creates an opportunity for the manufacturers.
The availability of cheaper alternatives and insufficient research and development are the challenges faced by the market.
By type, the bioplastics market is broadly divided into Biodegradable Bioplastics and Non-biodegradable Bioplastics. Biodegradable bioplastics can be further segmented into Polyester, Polylactic Acid (PLA), Polyhydroxyalkanoates (PHA), Starch Blends, and Others. The Non-degradable Bioplastics can be further divided into Bio-PE (Polyethylene), Bio-PET (Polythene Terephalate), Bio-PA (polyamide), and Others. Bio-PE (Polythene) and Bio-PET (Polythene Terephalate) due to being strong, stiff, and lightweight. Polyester and Polylactic Acid (PLA) are also expected to grow because of their high production performance and biodegradable properties.
By application, the bioplastics market is categorized into Construction, Packaging, Agriculture, Textile, Automotive, FMCG, and Others. The FMCG segment is expected to grow at a high rate due to the increasing consumer purchasing power leading to a surge in demand for consumer products.
By geography, the market for bioplastics is segmented into North America, South America, Europe, the Middle East and Africa, and Asia Pacific regions. The Asia Pacific region is predicted to grow at an immense rate due to skyrocketing demand for consumer products and government regulations in support of the use of eco-friendly products.
The pandemic has positively impacted the bioplastics market. It has raised health concerns among both people and the government resulting in the increased usage of bioplastics. Additionally, the hike in demand for consumer goods and the company's decision to increasingly moving towards sustainable packaging has incremented the growth of the market.
As a part of the report, the major players operating in the bioplastics market, that have been covered are BASF SE, Corbion, NatureWoks LLC, Novamont S.P.A., Cardia Bioplastics, Biome Bioplastics, Braskem, Nature Plast, and PlastoBag.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/global-bioplastics-market
This analytics report segments the bioplastics market on the following basis: