Sarasota, FL -- (SBWIRE) -- 08/03/2018 -- According to the report, global bio-plastics market was valued at USD 17.50 billion in 2016 and is expected to reach USD 35.47 billion in 2022, growing at a CAGR of 12.5% between 2017 and 2022. In terms of volume, global bio-plastics market stood at approximately 3,324.80 kilo tons in 2016.

Bio-plastics are the degradable polymers that are obtained from a renewable feedstock including agricultural wastes, vegetable fats & oils, cornstarch and others ingredients. They are used as a substitute for conventional plastics materials. Comparatively, bio-plastics emit less carbon and are highly bio-degradable. Thus, it has broad range applications viz., grocery bags, food containers, electronics casings, disposable cutlery, etc.

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The global bio-plastics market is classified as product, applications, and regions. Depend on the products; global bio-plastics market includes bio-PET, starch blends, PLA, bio-PA, bio-PE and others. Bio-PET held the major share of the market in 2016. It accounted for more than 20% share of the total market in 2016. Moreover, bio-PET was followed starch blend and it accounted for more than 10% share of the market in the same years. The starch blend is one of the fastest growing segments of the market during the years to come owing to its unique properties it exploits in packaging industries. Comparatively, PLA and bio-PA are projected to augment at the moderate growth rate in the coming years.

Packaging was the foremost application of the global bio-plastics market in 2016. It accounted for above 28% share of the total volume consumption of the market in 2016. The growing rigid and flexible packaging in food & beverages, pharmaceutical, and healthcare industries is expected to accelerate the market's growth during the coming years. Consumer good was the second most attractive application of the market in the same year. Automotive and construction are important outlets that are expected to leverage the market consumption over the next few years owing to the escalating immense demand for bio-plastic in the emerging markets of developing countries.

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Europe was the leading market of bio-plastics in 2016. It accounted for more than 30% share of the total market in 2016. Furthermore, it is predicted to exhibit the great potential to surge the demand for bio-plastics due to the growing favorable regulations in the region. North America was a second largest market in the same year. Moreover, Asia Pacific is the fastest growing market of bio-plastics within the forecast period owing to easy availability of raw materials as it is an agricultural based region. Furthermore, the growing disposable income and changing dynamics in the lifestyle of people in the region is likely to have a positive influence on the demand for bio-plastics materials in the region.

Some of the major players of the global bio-plastics market include Cardia Bioplastics, BASF SE, Toray Industries Inc, Braskem, Natureworks LLC, E.I. du Pont de Nemours, and Company, Corbion NV, Dow Plastics, Solvay SA, Evonik Industries, Novamont SPA among others.

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