Rising awareness levels among consumers about the effects of fossil fuel-based plastics have boosted the demand for plastics that use renewable sources as raw materials. In the backdrop of this, bio-plastics have emerged as a credible alternative, and it is anticipated that its demand will increase in the near future.
Positive Outlook on Global Bio-plastics Market
The bio-plastics market has witnessed healthy growth in the last few years. Although bio-plastics is a niche segment of the global plastics market, it has shown positive growth in the last few years, and it is anticipated that it will continue to grow exponentially in the future as well. Governments around the world have understood the importance of taking corrective action to tackle the threats of global warming and climate control, and as a result, there has been an increase in focus on emission control. Strategic tie-ups between all the stakeholders, including research institutions, bio-plastic organisations, and market participants has augured well for the prospects of the global bio-plastics market.
Global Bio-plastics Market will Witness a CAGR of 28.8% through 2020
The global bio-plastics market is anticipated to witness a phenomenal CAGR of 28.8% through 2020. It is forecasted that the market will reach a valuation of US$ 43.8 Bn by 2020. Government support for bio-plastics, increasing awareness among consumers, and stellar growth in the beverage packing sectors are anticipated to be the key drivers for the bio-plastics market.
The global bio-plastics market is segmented on the basis of materials into:
Bio-pet was the most dominant segment in 2014 with a market value of US$ 5.6 Bn. It is forecasted that this segment will witness a CAGR of 31.4% and reach a valuation of US$ 29.1 Bn. The bio-degradable polyesters segment is projected to witness the lowest growth as compared to other segments. Overall, all the segments of the global bio-plastics market are forecasted to grow steadily through 2020.
Mentioned below is the CAGR and projected valuation of the key segments of the global bio-plastics market.
| SEGMENT | CAGR (2014-2020) |
| Bio-degradable polyesters | 10.40% |
| Bio-PE | 15.80% |
| Bio-PA | 16.70% |
| PHA | 27.30% |
| PLA & PLA blends | 12.40% |
| Starch blends | 11.30% |
Positive Outlook on Bio-plastics Market The global bio-plastics market is also segmented on application type and includes consumer products, bottlers, food-services, automotive, agriculture/horticulture, and others. Among these segments, the bottlers segment is projected to witness high CAGR during the next five years and have a market share of 34.4%. Furthermore, the automotive segment will also witness a stellar CAGR of 27.5% through 2020.
Although the global bio-plastics market is still in infancy, the use of bio-plastics in the manufacture of disposable goods, bottled packaging, film packaging, and food-service goods is anticipated to provide the much-needed impetus for growth. In fact, it is anticipated that PLA blends, starch blends, and Bio-PE will replace conventional fossil fuel based plastics in the near future. Manufacturers have sensed the enormous opportunity that the bio-plastics market offers, and they are developing bio-plastics based products.
Browse full Report of Global Bio-plastics Market: http://www.futuremarketinsights.com/reports/details/global-bio-plastics-market
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