The global bio-plastics market is expected to witness a significant contribution to the overall plastic market, by registering a robust growth rate of nearly 29% by 2020.
Albany, NY -- (SBWIRE) -- 01/29/2016 -- Market Research Reports Search Engine (MRRSE) has announced the addition of a new report, titled " Bio-plastics Market: Global Industry Analysis and Opportunity Assessment 2014 to 2020". According to this report, the global bio-plastics market will significantly contribute to the overall plastic market and is projected to grow at a rate of nearly 29% from 2014 to 2020.
Bio-plastics are plastic materials manufactured using natural resources. The global bio-plastics market is broadly segmented into two types of bio-plastics – biodegradable bio-plastics and non-biodegradable plastics.
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The global bio-plastics market is driven by the rising awareness of consumers about environmental conservation. Furthermore, the use of biobased/natural resources in manufacturing and formulation of many regulations for effective use of natural resources and waste management will also drive the global bio-plastics market. In addition to this, the rise in research and development projects will also support the growth of the global bio-plastics market. Several key players in the global bio-plastics market are involved in research initiatives. In these research initiatives, new raw materials such as straw residues and other waste bio-materials are being explored for their efficiency.
By material type, the global bio-plastics market is divided into PHA, bio-PA, bio-PE, starch blends, biodegradable polyesters, PLA and PLA blends, bio-PET, and other bio-plastics. The segment of bio-PET dominated the global bio-plastics market in 2013, trailed by biodegradable polyester and starch blends. The segment of bio-PET is projected to grow at a double-digit CAGR during the forecast period from 2014 to 2020 in the global bio-plastics market.
On the basis of application, the global bio-plastics market is segmented into bottle manufacturing, food service disposables, agriculture/horticulture, automotive, consumer products, and other packaging. The bottles manufacturing segment held the lion's share in the global bio-plastics market in 2013, trailed by the packaging and automotive sectors. The other packaging segment of the global bio-plastics market will also experience healthy growth in the coming few years.
Region-wise, the global bio-plastics market is divided into Asia Pacific, Europe, North America, and Rest of the World (RoW). Asia Pacific accounted for the largest share in the global bio-plastics market in 2012. Asia Pacific is projected to continue its dominance till 2020 in the global bio-plastics market, followed by North America and Europe. Factors such as abundant availability of raw materials for producing bio-plastics and eco-friendly initiatives by corporates are fueling the Asia Pacific bio-plastics market. Mature markets in the global bio-plastics market such as Europe and North America will closely follow the emerging markets in Asia Pacific.
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The key companies operating in the global bio-plastics market are Toray Industries, Techno Polymer, RTP Company, NatureWorks, NaturePlast, Evonik Industries, DSM NV, Arkema, and BASF SE.
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