A growing beverage packaging industry, government support for adopting bio-based materials, and rising consumer acceptance for bio-plastics are expected to contribute to the growth of the global bio-plastic market over the forecast period.
Valley Cottage, NY -- (SBWIRE) -- 01/09/2017 -- Future Market Insights (FMI), in its latest report titled, "Bio-plastics Market: Global Industry Analysis and Opportunity Assessment 2014 to 2020", estimates that the global bio-plastics market is expected to account for US$ 43.8 Bn by 2020, registering a CAGR of 28.8% during the forecast period. A growing beverage packaging industry, government support for adopting bio-based materials, and rising consumer acceptance for bio-plastics are expected to contribute to the growth of the global bio-plastic market over the forecast period.
In terms of materials, the global bio-plastics market is segmented as bio-PET, bio-PE, bio-PA, bio-degradable polyesters, PLA & PLA blends, starch blends, PHA and others. Currently, the bio-PET material segment dominates the bio-plastics market, and was estimated to be US$ 5.6 Bn in 2014. This segment is expected to reach US$ 29.1 Bn by 2020, with a momentous CAGR of 31.4% for the forecast period. Moreover, an increasing demand for bio-plastics from the beverage packaging industry and effectiveness of bio-plastics in one-time use application has driven the demand for the bio-PET in the last few years.
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On the basis of application type, the bio-plastics market is segmented as bottlers, other packaging, food-services, agriculture/horticulture, consumer products, automotive and others. Among all the afore mentioned applications, bottles segment is expected to dominate the market with 34.4% of the total revenue share by 2020. However, automotive segment is anticipated to exhibit the second highest CAGR of 27.5% as compared to other applications during the forecast period. Additionally, influx of new entrants is predicted to fuel the growth of others application segment, thereby accounting for 5.0% market share by 2020.
Key regions considered for this market study include North America, Europe, Asia Pacific and RoW (Rest of the World). Asia Pacific represents the most lucrative market, followed by North America. Asia Pacific is expected to contribute 33.7% market share to the overall bio-plastics market by 2020. The growth of Europe is supported by the strong influence of regulatory framework and awareness regarding greener products through various media among the consumers.
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Assessing the various factors driving this market, a FMI lead analyst, said, "Increasing consumer awareness regarding benefits of greener products, strict regulations to incorporate bio-based products in automotive & packaging, and increasing investments by local companies are expected to fuel the demand for global bio-plastics market."
Key players in the global bio-plastics market are BASF SE, Arkema, DSM NV, E. I. du Pont de Nemours and Company, Evonik Industries, NaturePlast, NatureWorks LLC, RTP Company, Techno polymer Co. Ltd. and Toray Industries Inc.