The bioplastic & biopolymers market is continuously growing across the world over the coming years. The major driving factor of the global bioplastic & biopolymers market is enhanced focus on bio-based content over biodegradability and increase in investment in the agricultural industry. Moreover, the concept of smart cities and smart buildings are also a factor that fueling the demand of global bioplastics & biopolymers market. However, the high cost associated with bioplastics is one of the major restraints that causing a barrier in the market of bioplastics & biopolymers. Bioplastic refers to plastics that are derived from renewable biomass sources such as vegetable fats oil, corn starch, straw, food waste and so on. It can be made from agricultural products and from used plastic bottles and other containers using microorganisms. Biopolymers refer to polymers produced by a living organism. It contains monomeric units used and that are covalently bonded to form large structures. Bioplastic & biopolymers offer various advantages such as potentially a much lower carbon footprint, lower energy cost in manufacturing, not using scarce crude oil, reduction in litter and improved composability from using biodegradable bioplastics & biopolymers.
Global Bioplastic & Biopolymers Market is valued at approximately USD 7.0 billion in 2018 and is anticipated to grow with a healthy growth rate of more than 16.5% over the forecast period 2019-2026 and is estimated to reach USD 23.9 billion by 2026.
The regional analysis of the Global Bioplastic & Biopolymers Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and the Rest of the World. Europe is the dominant region across the world in terms of market share and revenue owing to the increasing penetration of bioplastics & biopolymers and increasing consumption of bioplastics. North America and Asia-pacific are also anticipated a higher growth rate / CAGR over the forecast period 2019-2026.
Major market players included in this report are Natureworks, BASF SE, Novamont, Total Corbion PLA, Biome plastics, Bio-on, Toray Industries, and Plantic Technologies
The detailed segments and sub-segment of the market are explained below:
By Type: Regenerated Cellulose, Bio-Polyethylene, Starch Blends, Bio-Polyethylene Terephthalate, Biodegradable Polyester, Polyhydroxyalkanoates, Polylactic Acid
By Application: Agriculture, Consumer Products, Packaging, Automotive, Bottles, Others
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