Global Bio-Plastics Market Set For Rapid Growth, To Reach USD 35.47 Billion by 2022

Sarasota, FL -- (SBWire) -- 01/25/2018 --Zion Market Research has published a new report titled "Bio-plastics Market (Bio-PET, Starch Blends, PLA, Bio-PA, Bio-PE and Others) for Automotive, Construction, Packaging, Consumer Goods, Electrical & Electronics and Other Applications: Global Market Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022". 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.

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Bio-plastic is a green plastic that is derived from the renewable sources such as vegetable oils and fats, corn starch, etc. The conventional plastic is derived from petroleum. However, it contains renewable and fossil-fuel-based carbon and it is wholly mineralized by micro-organisms. Thus, bio-plastics are easily degradable in nature and hence, it is highly in demand across the globe. It finds numerous applications such as packaging, automotive, construction, consumer good, electrical & electronics, etc.

Numerous factors drive the global bio-plastics market. However, the most important driving factor that drives the market is growing acceptance of bio-plastics and increasing concerns about environmental hazards across the globe. In addition, favorable government regulations for green procurement policies are likely to fuel the market growth in the near future. Additionally, easy availability of raw materials is expected to boost the demand for bio-plastics during the coming years. However, exclusive cost of bio-plastics is a major restraint that may hamper the market growth. Nonetheless, product innovation and emerging market in the Asia Pacific is likely to open new avenues for the major players in the market during the years to come.

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Based on product segmentation, the global bio-plastics market is bifurcated into bio-PET, starch blends, PLA, bio-PA, bio-PE, and others. Among these products, Bio-PET was the largest product segment of global bio-plastics market in 2016. The starch blend was a second largest segment of the global bio-plastics market in the same year. The starch blend is expected to be the fastest growing product segment of global bio-plastics market within the forecast period. Starch blend offers completely bio-degradation property to the end applications. Therefore, this parameter makes the demand for starch blend based plastics high. Furthermore, PLA and bio-PA are expected to grow at a moderate rate in the near future.

Based on diverse application, the global bio-plastics market is segmented into packaging, consumer goods, automotive, construction, electronics and other applications. Packaging was the leading application segment of global bio-plastics market in 2016. Growing demand for flexible and rigid packaging in the various industries is likely to trigger the market size of bio-plastics during the next few years. Moreover, the packaging is also projected to be the fastest growing application within the forecast period owing to the emerging food & beverages and pharmaceutical industries in developing countries such as China, India, and Brazil. Consumer goods segment was the second largest application of the market in 2016 and it is also expected to witness exponential growth over the forthcoming years. Automotive and construction are the promising outlets that are projected to grow at a significant CAGR within the forecast period.

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In terms of geography, Europe was the dominating market of bio-plastics in 2016. Surging demand for bio-plastics in rigid packaging is likely to bolster the market growth in the region over the years to come. Europe was followed by North America in the same year. The stringent rules and regulations are expected to boost the demand for bio-plastics globally in the near future. Moreover, Asia Pacific is predicted to be the fastest growing market of bio-plastics within the forecast period owing to the increasing demand for starch-based and PLA based plastics in food and beverages industry 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.