With the increasing focus on sustainability and favorable government regulations for green procurement policies, the global bioplastic market [http://www.sandlerresearch.org/global-bioplastics-market-2016-2020.html ] will experience significant opportunities in the consumer goods and packaging sectors. The packaging applications are expected to experience significant growth with biodegradable mulch films, compostable waste bags, catering products, film packaging, and rigid packaging.
The analysts forecast global bioplastics market to grow at a CAGR of 29.3% during the period 2016-2020.According to the report, the emergence of bio-based and renewable raw materials will be a major growth promoting factor for this market. The global bioplastics market is driven by the emergence of renewable resources, biomass, and bio-based raw materials such as starch and vegetable crop derivatives. In 2015, bio-based bioplastics accounted for more than 80% of the global bioplastics market. The use of bioplastics in numerous applications such as packaging and domestic goods has facilitated plastics manufacturers to reduce the overdependence on petroleum-based plastics.
The availability of cheap, bio-based raw materials is a trend that is greatly influencing the bioplastics market at present. Raw materials produced from non-food products or waste residues extracted from food products are significant feedstock alternatives for bioplastics production owing to their low cost. Besides, the use of non-food raw materials such as organic waste and biomass to manufacture bioplastics will result in improved waste management.
By 2020, the packaging and food services segment is expected to account for almost 69% of the overall market space to become the dominant shareholder in the bioplastics market globally. Bioplastics are largely used in the manufacturing of bottles, loose-fill, cups, pots, blows, flexible films, and other products. Rigid and flexible packaging is two most commonly used types of bioplastics packaging. Packaging products from bioplastics are used in the packing fresh food, dry snacks, candy, bakery goods, juice bottles, and meat trays as well as coatings for beverage cups, films, and card stock.
The following companies are the key players in the global bioplastics market: BASF, NatureWorks, Arkema, Novamont, and Plantic. Other prominent vendors in the market are: DSM, DuPont, Evonik Industries, Ecospan, and Toray Industries.