Bioplastics Market is Growing at Rapid CAGR of of 18.8% to Garner $68,577.25 million by 2024 with Leading Manufacturers

Bioplastic is a sustainable material derived from renewable feedstocks and has the potential to reduce 30-70% of carbon dioxide emission. The production of bioplastic requires 65% less energy than conventional petroleum plastic, which further pave the way for the bioplastics market. The global bioplastics market is evolving and companies are now focusing more on strengthening and consolidating R&D activities, thereby increasing production capacity. Owing to the advanced technical properties and functionalities, the adoption of bioplastic has increased tremendously across various applications.

According to a new report published by Allied Market Research, titled, "Bioplastics Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2018-2024" the global bioplastics market was valued at $21,126.31 million in 2017, and is projected to reach $68,577.25 million by 2024, registering a CAGR of 18.8% from 2018 to 2024. In 2017, the rigid packaging segment accounted for approximately one-third share in the global market in terms of value.

The production and use of bioplastics is considered as a sustainable solution due to low emission of greenhouse gasses. Factors such as eco-friendly properties, increase in consumer awareness, growth in environmental concerns, and favorable government policies drive the growth of the bioplastic market. However, high production cost and comparatively lower performance standards than synthetic plastics restrain the market growth to a certain extent.

Key Findings of the Bioplastics Market:
• In 2017, Asia-Pacific accounted for more than one-fifth share growing at a CAGR of 20.4% from 2018 to 2024.
• In 2017, non-biodegradable plastic accounted for the highest market share and is expected to growth at the highest CAGR of 20.2%.
• The rigid packaging application segment accounted for the highest market share in 2017 and is projected to grow at the highest CAGR of 28.3%.
• In 2017, Europe accounted for the highest market share and is anticipated to grow at a significant CAGR of 18.7%.
• India is anticipated to grow at the highest CAGR of 23.8% from 2018 to 2024.

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In 2017, Europe accounted for the largest market share in the global bioplastic market and is anticipated to dominate the market during the forecast period. Regional industries have adopted bioplastics over conventional plastics with an objective of transforming Europe into a proper waste management region. Germany, Italy, and the UK are the major countries involved in the development and production of bioplastic in Europe. European Associations in collaboration with the government implement environmental policies to promote sustainability and bio-degradability. This trend is expected to significantly drive the growth of the bioplastics market in Europe. Asia-Pacific is anticipated to grow at the highest CAGR from 2018 to 2024. The large population base of the region is expected to provide growth opportunities for the bioplastics market in Asia-Pacific.

Top Key Players:

• Novamont S.p.A.
• BASF SE
• Natureworks LLC
• Corbion Purac
• Braskem S.A.
• SECOS Group Ltd.
• Biome Technolgies Plc
• FKuR Kunststoff GmbH
• Innovia Films Ltd.
• Indorama Ventures Public Company Limited.

Table of Content @

Chapter: 1: INTRODUCTION

1.1. Report description
1.2. Key benefits for stakeholders
1.3. Key market segments
1.4. Research methodology

1.4.1. Primary research
1.4.2. Secondary research
1.4.3. Analyst tools and models

Chapter: 2: EXECUTIVE SUMMARY

2.1. Key finding of the study
2.2. CXO perspective

Chapter: 3: MARKET OVERVIEW

3.1. Market definition and scope
3.2. Key findings

3.2.1. Top investment pocket
3.2.2. Top Winning Strategies
3.2.3. Top Winning Strategies, By Year, 2015-2018*
3.2.4. Top Winning Strategies, By Development, 2015-2018* (%)
3.2.5. Top Winning Strategies, By Company, 2015-2018*

3.3. Porter's five forces analysis

3.3.1. Bargaining power of suppliers
3.3.2. Bargaining power of buyer
3.3.3. Thereat of new entrants
3.3.4. Threat of substitute
3.3.5. Intensity of competitive rivalry

3.4. Market dynamics

3.4.1. Drivers

3.4.1.1. Environmentally Friendly Properties
3.4.1.2. High Consumer Acceptance
3.4.1.3. Favorable Government Policy

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