An Extensive Study On Global Bioplastics Market
Global bioplastics market is projected to be decent CAGR over the forecast period(2018 to 2023). Plastics which are manufactured from biomass sources such as corn starch, vegetable fats, and oils are called bioplastics.
They are extensively utilized in various disposable items like crockery, pots, and straws and in various nondisposable items like carpet fibers, plastic piping, and insulation car interiors among others. The overall impact on the environment due to the use of bioplastics is significantly lower than that of conventional plastics, so these are considered to be eco-friendly.
Growing Preference For Eco-Friendly Packaging
The overall impact on the environment due to the use of bioplastics is significantly lower than that of conventional plastics, so these are considered to be eco-friendly. The preference and adoption of eco-friendly packaging of products has been increasing which is anticipated to increase the demand for bioplastics.
Further, rising environmental consciousness along with rising social responsibility is promoting usage of bioplastics for packaging across the globe. Major players like coca cola are also supporting eco-friendly packaging. For instance, Coca Cola has been focusing on sustainable packaging for their products.
Global Bioplastics Market By Geography
By geography, the global bioplastics market has been segmented as North America, South America, Europe, The Middle East and Africa, and Asia Pacific. The Europebioplastic market is dominating the global market, constituting XX.XX% share in 2018 on account of the presence of key players in the region and the continuous innovations enabling the development of products and solution that cater to the need of the bioplastic industry.
Simultaneously, Asia Pacific is projected to grow at the highest CAGR of XX.XX% on account of the increasing packaging and construction industry in emerging countries like India and China. Moreover, the growing adoption of eco- friendly materials for packaging and other activities in North America is expected to widen up the growth opportunities during the forecast period.
The Asia Pacific bioplastics market is estimated to grow at a CAGR of XX% to reach a market size of US$XX million in 2024 from US$XX million in 2018. The growing packaging industry in countries like India and China is a key factor driving the growth of bioplastics in the region. The growing trend of eating ready to eat food due to the hectic work schedule is leading to growing packaging industry which in turn is boosting the demand for bioplastics. Moreover, the growing consumption of bottled water is expected to boost the demand for flexible packaging which in turn is anticipated to boost the market for Bioplastics. Additionally, a growing number of startups related to bioplastics in countries like India is expected to fuel the market during the forecast period. For instance, Envigreen, a startup which started in 2016 by starting its operations in Bengaluru, is a new firm which produces bioplastics for industrial packaging. Moreover, rising government initiatives focusing on reducing plastic pollution is estimated to fuel the market for bioplastics. For Instance, the India government has taken an initiative with the aim to eliminate all single-use plastics by 2022. Further, China under its clean energy committee has planned various strategies to tackle plastic waste.
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