DUBLIN--(BUSINESS WIRE)--The "Bioplastics Market by Type and Application - Global Opportunity Analysis and Industry Forecast, 2018-2024" report has been added to ResearchAndMarkets.com's offering.
The global bioplastics market was valued at $21,126.31 million in 2017, and is projected to reach $68,577.25 million by 2024, registering a CAGR of 18.8% from 2018 to 2024.
In 2017, the global bioplastics market generated revenue of $21,126.31 million, and is expected to grow at a CAGR of 18.8% in terms of value from 2018 to 2024 reaching $68,577.25 million by 2024. Bioplastics are obtained by converting the sugar present in plants into plastic. The sugar in turn is obtained from corn, cane, sugar beets, wheat, or potatoes. This makes bioplastics sustainable and better for the environment as compared to conventional plastics. Bioplastics are extensively used in the production of rigid packaging. However, the level of technical complexity involved in bioplastics packaging is high. The adoption of bioplastics in rigid packaging was the highest in 2017 and is expected to grow at the same pace throughout 2024.
The production and use of bioplastics is considered as a sustainable solution due to low emission of greenhouse gasses. Factors such as eco-friendly properties, increase in consumer awareness, growth in environmental concerns, and favorable government policies drive the growth of the bioplastic market. However, high production cost and comparatively lower performance standards than synthetic plastics restrain the market growth to a certain extent.
In 2017, Europe accounted for the largest market share in the global bioplastic market and is anticipated to dominate the market during the forecast period. Regional industries have adopted bioplastics over conventional plastics with an objective of transforming Europe into a proper waste management region. Germany, Italy, and the UK are the major countries involved in the development and production of bioplastic in Europe. European Associations in collaboration with the government implement environmental policies to promote sustainability and bio-degradability.
- Novamont S.p.A.
- BASF SE
- Natureworks LLC
- Corbion PuracN.V.
- Braskem S.A.
- SECOSecos Group Ltd.
- Biome Technolgies Plc
- FKuR Kunststoff GmbH
- Innovia Films Ltd.
- Toray Industries Inc
- Indorama Ventures Public Company Limited
Key Topics Covered:
Chapter 1: Introduction
Chapter 2: Executive Summary
Chapter 3: Market Overview
Chapter 4: Bioplastics Market, By Type
Chapter 5: Bioplastics Market, By Application
Chapter 6: Bioplastics Market, By Geography
Chapter 7: Company Profiles
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