Bioplastic Market: Applications
There is high rate adoption of bio-plastics in rigid packaging is expected to continue in bottles, cups, cans, corrugated cases, and boxes.
Food and beverage disposable market segment is anticipated to grow at a higher CAGR during the forecast period due to large demand of eco-friendly packaging solutions.
The bio-plastics finds major applications in packaging, agriculture and horticulture, automotive, electronics, building and construction, energy storage, food service disposables and 3D printing.
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Bioplastic Market: Description
Bio-plastics are also known as biodegradable plastic, these are material returns to its natural state when buried in the ground.
Bio-plastics are replacing plastics originated from polymers. Bio-plastics are now being manufactured from biomass sources such as vegetable oils (hemp oil, soybean oil) and certain starches (corn starch, sweet potato).
Bioplastic Market: Geography
Geographically, the bio-plastics market is studied across the countries of key regions such as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe is estimated to be the largest consumer of biodegradable plastics holding largest share in the global market owing to strict implementation of environmental regulations which prohibits the use of petroleum-based plastics. This trend is anticipated to significantly drive the growth of the bio-plastics market in Europe.
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Bioplastic Market: Top Key Players
The key competitors of the bio-plastics market include BASF SE, Biome Technologies Plc., Braskem S.A., Corbion Purac, FKuR Kunststoff GmbH, Indorama Ventures Public Company Limited., Innovia Films, Natureworks LLC., Novamont S.p.A, SECOS Group Ltd. (Cardia Bioplastics), Toray Industries Inc., Evonik Industries, Arkema, Cardia Bioplastics, RTP Company, Techno polymer Co. Ltd., E. I. du Pont de Nemours and Company and among others.
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