Global bioplastics market will be of worth US$ 43.867 billion in 2022, growing from US$ 17.015 billion in 2017, at a CAGR of 20.85% over the forecast period.
This is the result of a research study conducted by Research and Markets which examines the Global bioplastics market on the basis of various segments: by type, by application, and by geography.
Major drivers, restraints, and opportunities have been mentioned to provide an exhaustive picture of the market. Furthermore, the current market trends related to the demand, supply, and sales, in addition to the recent developments, have been provided in this report.
The report also analyzes key players in the Global bioplastics market and provides comprehensive forecast up to the period 2022 for various key segments, with 2016 as base year.
Plastics which are manufactured from biomass sources such as corn starch, vegetable fats and oils are called bioplastics. They are extensively utilised in various disposable items like crockery, pots, and straws and in various non disposable items like carpet fibres, plastic piping, and insulation car interiors among others.
The overall impact on environment due to the use of bioplastics is significantly lower than that of conventional plastics, so these are considered to be eco friendly. Moreover, various factors such as favourable government policy supports for their use and their wide utilisation by the customers across many industry verticals such as construction, textile and automotive among others.
Though, some factors like high cost as compared to its alternative, poor waste processing infrastructure may impede the market growth.
Geographically, Europe will drive the global market of bioplastics due to their increased adoption in Italy, United Kingdom, and Germany. Asia Pacific region will also drive the market of bioplastics because of increasing number of huge investments being made by the global major players in the region owing to presence of huge renewable feedstock.