GMI Research latest study, estimated the global bioplastics & biopolymers market at USD 3,587 billion in 2016 and projects it to reach USD 7,622 billion by the end of 2021, and is projected to witness a CAGR of 16.27% during the forecast period.
Major factors boosting the growth prospects of the bioplastics and biopolymers market include supportive government policies and regulations due to lesser toxicity and lower amounts of carbon content, growing concern for human health, and the high consumer preference towards bio-based bio-degradable packaging.
In 2016, the Bio-PET market is estimated to surge at the highest rate during the forecast period due to its increased usage in the packaging industry. These have similar properties to conventional PET. Bio-PET helps in the reduction of a product’s carbon footprint and also helps in recycling. The properties of Bio-PET include durability, flexibility, heat resistance, printability, and lower carbon content. This makes it the best fit for numerous applications in sectors such as packaging, automotive, consumer goods, textiles, and agriculture.
The packaging and bottles segment is projected to hold the largest share in the bioplastics and biopolymers market during the forecast period owing to its growing application in food, goods, cosmetics, and pharmaceuticals packaging. Bioplastics are being used to manufacture various products such as bags, agriculture foils, toys, textiles, overwraps, lamination films, and disposable housewares, to name a few. The growing global preference for bio-packaged products by consumers is a crucial factor fuelling the growth of the packaging and bottles segment of the bioplastics and biopolymers market.
The bioplastics and biopolymers market is dominated by the European region followed by Asia-Pacific, North America, and the rest of the world. Europe holds the largest market share in the global bioplastics & biopolymers market during the forecast period. The growth of bioplastics & biopolymers market in the European region is attributed to the stringent government policies and regulations, growing concern for human health and an increasing focus from consumers towards sustainable packaging.