Global Bioplastics & Biopolymers Market: Overview
Packaging industries use bioplastics & biopolymers on a large scale. Eco-friendly packagings are made from bio-based polymers. These bio-based polymers include starch-based polymers, PHA, and PLA. They are used in the various applications owing to its biodegradable nature, that is, they rapidly decompose. The bioplastics & biopolymers are used in the end-use industries, mainly in bottling and packaging industries.
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Global Bioplastics & Biopolymers Market: Growth Factors
The strict regulations set by the government regarding the environment result in carbon reduction by the major manufacturers, which is expected to foster the global bioplastics & biopolymers market growth in the near future. In addition, fluctuations in the oil prices lead the companies to search for another stable source of raw material. Moreover, rising consumer awareness regarding sustainable environment may foster the global market in a positive way. Improved lifestyle and demand for high-quality products also influence the global bioplastics & biopolymers market growth. Furthermore, higher investment on R&D by the manufacturers to expand the application area of bioplastics & biopolymers is anticipated to grow significantly in the coming years.
Global Bioplastics & Biopolymers Market: Segmentation
The global bioplastics & biopolymers market is categorized based on applications as agriculture, consumer products, packaging, automotive, bottles, and others. Based on the material type, the global market is fragmented as regenerated cellulose, bio-PE, starch blends, bio-PET, biodegradable polyester, PHA, and PLA. Of these, bio-PET is the leading material type segment in the global market. It is extensively used in the packaging and bottle application. Bio-PET manifests same properties as petroleum-based PET. It is an environment-friendly and recyclable product. Furthermore, the geographically, the global market is segmented as North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
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Global Bioplastics & Biopolymers Market: Regional Analysis
Europe is anticipated to witness considerable market growth in the next few years owing to the vast distribution network for bioplastics & biopolymers. However, Italy and Germany are major consumers of bioplastics & biopolymers due to higher revenue in the last few years. In addition, stringent environmental regulations by the government may enhance the global bioplastics & biopolymers market. It shows immense potential growth in next few years as these regulations have influenced all industries to use bioplastics & biopolymers in order to cause less environmental hazards. Russia is anticipated to grow significantly due to increasing economic scenario further boost the global bioplastics & biopolymers market in the next few years. Manufacturers are focusing on stable sources of raw materials which may influence the demand in the global market.
Global Bioplastics & Biopolymers Market: Competitive Players
Key players in the global bioplastics & biopolymers market are Corbion NV, BASF SE, Eastman Chemical Company, and NatureWorks LLC. Other major players influencing the global market are Celanese Corporation, Metabolix Holdings, BASF SE, and Braskem SA.
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Global Bioplastics & Biopolymers Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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