Global Bioplastics Market by Type, by Application, by Region, Segment and Forecasts 2020-2026
The global bioplastics market size is expected to gain a significant traction during the forecast period, 2020-2026. Bioplastics are derived products from plants such as sugarcane, potatoes, wheat, etc. These are recyclable and renewable and comply with environmental standards. For instance, polylactic acid (PLA) and polyhydroxyalkanoates (PHA) are the major types of bioplastics that are prepared in large quantities. At present, major research emphasizes on enabling a high commercial value for bioplastics. Major advantages offered are low rate of accumulated landfills with a controlled rate of land and air pollution. The market for bioplastic seems to be optimum owing to changes in political scenarios in the developed and developing countries.
Market Trends, Drivers, Restraints and Opportunity:
· Environmental factors are encouraging a high adoption of bioplastics contributing to the market growth in the forecast span. In addition, the stringent policies and norms by the government in developed countries is more likely to attract a high growth in the following years
· There is a high demand for PET based recycled plastics holding a significant prominence which in turn impels in a high market growth
· Bioplastics have no adverse effects on environment and are used for various purpose such as use of canister trays, caps, tubes and containers. Moreover, increase in demand for eco-friendly packaging products are likely to result in a high market growth
· The global market is expected to witness growth opportunities through high preference in consumers, rise in consumer awareness and high consumption
· On contrary, restraints such as availability of cheap alternatives, high price and lack of awareness in underdeveloped countries followed by lack of infrastructure is restraining the market growth in the forecast span
Scope of the Report: The report on global bioplastics market includes an assessment of the market size, share, trends, segments, regional markets and competitive scenario. Overview and dynamics have been included in the report.
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Bioplastics Market Segment Share Insights:
Growing adoption of bioplastics for electronics Based on application segment, the bioplastics market comprises flexible packaging, agriculture & horticulture, automotive, electronic, rigid packaging and building & construction. Electronics accounted for a higher share in the recent years attributing to a high growth rate of electronic business. Automotive is an emerging segment owing to rise in preference for packing spare parts and electronic items for vehicles.
Biodegradable plastics to maintain a high dominance throughout the forecast period Based on type category, the bioplastics market can be segmented as biodegradable plastic and non-biodegradable plastic. Biodegradable plastics are further segmented as into cellulose acetate, polyhydroxyalkanoates (PHA), polylactic acid, starch blend and polyester. Non-biodegradable plastics comprise polyamide, polyethylene and ethylene propylene diene monomer rubber. Biodegradable plastics are likely to hold a high share in the coming period owing to rise in preference.
Europe occupies the largest share in the global bioplastics market By region, the bioplastics market comprises North America, South America, Europe, Asia Pacific, Middle-East and Africa. Europe retains a dominant position owing to stringent norms and regulations pertaining to plastic production and distribution. High revenue share and favorable policies subsequently enables high adoption of bioplastics in regional markets. On the other hand, Asia Pacific is an emerging market for biodegradable plastics attributing to numerous factors such as demand for sustainable packaging and growing environmental concerns. Moreover, bio-PET is highly preferred in the food & beverage sector which in turn impels the regional growth throughout the forecast span.
Competitive Landscape: Some of the key players in the dermatology devices market are B.Braun Melsungen AG, Heal Force Bio-Meditech Holdings Ltd, and Bovie Medical Corporations. Mergers & acquisitions, trends and analysis pertaining to strategic collaboration among partners and mutual agreements and partnerships are some of the growth strategies identified. The key players are adopting innovative methods for product launch in order to strengthen their geographical presence.
Segments Covered in the Report The global bioplastics market is segmented based on product, end-user, type, application and region.
· Flexible packaging
· Agriculture & Horticulture
· Rigid Packaging
· Building & Construction
· North America
· Middle- East