Global bioplastics market to reach US$68.57 billion by 2024

According to the report by Allied Market Research, the global bioplastics market generated US$24.38 billion in 2017 and is estimated to reach US $68.57 billion by 2024, registering a CAGR of 18.8% from 2018 to 2024.

Eco-friendliness, favorable government policies, renewable raw material sources, and high acceptance from consumers drive the market growth. However, high end-to-end user costs and limited performance offered by them hinder the growth of the market.

On the other hand, an increase in corporate social responsibility (CSR) and reduced dependency on petroleum resource & advancement in R&D create new opportunities in the industry.

Europe accounted for the highest global bioplastics market share.

Non-biodegradable plastic segment to dominate

Based on type, the bioplastics market is bifurcated into biodegradable and non-biodegradable bioplastics. 

The non-biodegradable plastic segment contributed the largest revenue in 2018, accounting for nearly two-thirds of the total market share and is estimated to continue its dominating position by 2024. This segment is expected to grow at the highest CAGR of 20.2% from 2018 to 2024.

Non-biodegradable is divided into epoxy, polyurethane, polyethylene terephthalate (PET), and others (polyamide (PA), polyethylene (PE), ethylene propylene diene monomer rubber (EPDM), and polytrimethylene terephthalate (PTT)).

Rapid growth of world sustainable packaging industry coupled with volatility in crude oil prices, drive the growth of the Bio-PET market. Moreover, Bio-PET is expected to cater to the rise in lightweight material demand in automotive industry. The favorable government policies are also anticipated to drive the Bio-PET market demand as an eco-friendly substitute.

Rigid packaging segment to offer lucrative opportunities

Bioplastics possess properties such as gloss, barrier effect, antistatic behavior, and printability, which make it suitable for rigid packaging application. Bioplastics rigid packaging includes bottles, cups, cans, corrugated cases, boxes, and others.

In 2018, the rigid packaging segment accounted to nearly one-third of the total market and is expected to maintain its lead in terms of revenue by 2025. Moreover, this segment would grow at the largest CAGR of 28.3% during the forecast period.

Non-biodegradable plastic segment is expected to grow at the highest CAGR of 20.2% from 2018 to 2024.

Europe to continue its lead status

Based on regions, Europe accounted for more than two-fifths of the total market share and is expected to continue its lead status throughout the forecast period.

Favorable policies for bioplastics manufacturers by the European policy makers and increase in adoption of bioplastics in Germany, Italy, and the UK are the key factors that drive the growth of the bioplastics market in the region.

However, Asia-Pacific is expected to register the largest growth rate with a CAGR of 20.4% from 2018 to 2024.

Rigid packaging segment is anticipated to grow at the highest CAGR of 28.3% from 2018 to 2024.

source : https://www.adsalecprj.com/Publicity/MarketNews/lang-eng/article-67033124/NewsArticle.aspx?lang=eng&article=67033124

edit : handelr