Bioplastics Market to Reach USD 30.8 Billion, Globally, by 2020
According to a new report by Allied Market Research, titled "World Bioplastics - Market Opportunities and Forecast, 2014-2020", the global market for bioplastics would reach USD 30.8 billion by 2020. In 2014, the market for bioplastics stood at 4,869.2 kilo tons and is expected to grow at a CAGR of 17.5% during 2015-2020. Increasing adoption of biodegradable products and increasing popularity in the end user industries are the key factors driving the growth of bioplastics market. However, its high production cost may hamper the market growth to a certain extent.
Bioplastics are consumed across wide range of industries such as rigid packaging, flexible packaging, textiles, consumer goods, agriculture, construction, electrical & electronics and similar others.
The consumption of “drop-ins” bioplastics (Bio-PE, Bio-PET 30, Bio-PA and others) would continue to dominate the overall bioplastics market through to 2020, owing to its overall properties and wide applications similar to traditional plastics (PE, PET and PA among others). Bio-PET 30 would be the fastest growing segment in the non-biodegradable bioplastics market, as it delivers same performance as synthetic PET with regards to re-sealability, versatility, durability, appearance, weight and recyclability.
Polyesters and starch blends segment collectively accounted for about one-third of the overall biodegradable bioplastic market in 2014. PLA is projected to be the fastest growing segment in the overall biodegradable plastics market, in terms of revenue and volume.
Europe was the highest consumer, whereas, Asia Pacific was the largest producer of bioplastics in 2014. Asia Pacific would be the fastest growing consumer during the forecast period. North America and Europe collectively accounted for more than 60% of the market, in 2014 and are expected to maintain their lead throughout the forecast period. European policy support for bioplastic manufacturers and increasing health awareness among consumers are the key factors responsible for the market growth within this region.
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