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What's driving the Bioplastics Market Growth? Prominent Players: Braskem, BASF, Toray Plastics (America), Inc., Roquette, NatureWorks, Kaneka Texas Corporation, Taghleef Industries, Genecis Bioindustries Inc. (YC W20), etc
Bioplastics Market
Bioplastics are materials that are derived from renewable energy sources with the aim of minimizing the impact of plastics on the environment. Bioplastics are commonly sourced from renewable energy sources and are easily degradable. The environment-friendly nature of the material makes it suitable for use in widespread applications.
The presence of several large scale companies that are focusing on the research and development of efficient bioplastics, with the aim of offering them at lower costs will have a huge impact on the growth of the overall market in the coming years. The increasing investments on product R&D will bode well for the market in the long run. The ease of availability of energy sources that are used in manufacturing will contribute to the widespread adoption of the product across the world.
Bioplastics Market Drivers and Restraints
A major Bioplastics Market growth driver is the increasing environmental concerns related to the use of plastic and its harmful effects. This, followed by the rise in demand for alternatives for plastics, is expected to help increase the overall Bioplastics Market size in the forecast period. Besides this, the increasing demand for bioplastics from industries such as pharmaceutical companies and food industries is anticipated to help attract high Bioplastics Market revenues in the forecast period. This is owing to the rise in demand for ready-to-eat food products that require safe packaging materials with low environmental impact.
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According to the current Bioplastics Market trend, the market is dominated by the rigid packaging segment with respect to applications. This is on account of high demand from shipping companies that demand sustainable yet sturdy packaging products fit for carrying a heavy load.
List of Top Key Players in Bioplastics Market research report include;
• Kaneka Takasago
• Taghleef Industries
• Genecis
• Braskem
• BASF
• Toray
• Roquette
• Succinity GmbH
• NatureWorks
• Solvay
• Danimer Scientific
• Trifilon
• Biofase
• Bioapply
• Lyondellbasell
• Avantium
• PTT MCC biochem
• Total Corbion NV
• LCY biosciences
• Matrica
• Novamont S.p.A.
• Other Players
To gain more insights into the market with a detailed table of content and figures, Click Here: https://www.fortunebusinessinsights.com/industry-reports/bioplastics-market-101940
Some of the key industry developments in the Bioplastics Market are:
December 2019: Kaneka Takasago Factory announced that it will be increasing its PHBH production capacity to 5 KT per year. The company also announced that it has received approval from the FDA for usage of PHBH as a food contact material.
November 2019: Danimer Scientific announced that it has set up a PHA manufacturing plant in Winchester, Kentucky, U.S. Presence of Robust Automotive Industry to aid in the Expansion of Europe Market
Geographically, the global Bioplastics Market is dominated by Europe holding about 19% Bioplastics Market share. This percentage is anticipated to reach 25% by the end of 2022 on account of suitable policies adopted by the European state members of France and Italy. Moreover, the presence of a robust automotive industry demanding lightweight vehicles and a rise in demand for bioplastics used for packaging products are further anticipated to help this region continue dominance in the coming years.
On the other side, the European Bioplastics 2018 report states that 56% of the overall production of bioplastic was from Asia Pacific. The Asia Pacific Bioplastics Market growth is attributable to a new foreign investment law imposed by the Chinese government effective from January 2020. The immensely multiplying packaging industry demands are further expected to help augment the Bioplastics Market growth in the coming years.
Company Mergers and Acquisitions are an Increasing Trend Among Bioplastics Manufacturers across the World
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Accounting to the massive demand for bioplastics across the world, there have been several company mergers and acquisitions in recent times. Due to healthy market competition, large scale companies are looking to acquire start-ups as well as SMEs with the aim of establishing a stronghold in the market.
In January 2019, Taghleef Industries announced that it has completed the acquisition of Biofilm. The company is a manufacturer of BOPP films that are used in industrial packaging solutions. This acquisition will not just help the company grow but will also influence the growth of the overall market in the coming years.
The market in Europe to Emerge Dominant; Increasing R&D Activities to Emerge in Favor of Market Growth
The report analyses the ongoing market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in Europe is projected to emerge dominant in the coming years. The increasing investment as well as activities associated with the research and development of bioplastics will have a huge impact on the growth of the regional market.
The strict regulations towards the use of plastic and plastic derivatives in countries such as France, Germany, and the UK will contribute to the growth of the market in this region. The market in North America will rise at a considerable pace in the coming years driven by the presence of several large scale manufacturers in this region. As of 2019, the market in North America was worth USD 1.53 billion and this value is projected to rise at a considerable pace in the coming years.
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