Global Bio-plastics Market to Witness 28.8%
CAGR from 2014 to 2020, Driven by
Government Push and Rising Consumer
Acceptance: FMI Estimates
Future Market Insights (FMI), in its latest report titled, “Bio-plastics Market: Global Industry
Analysis and Opportunity Assessment 2014 to 2020”, estimates that the global bio-plastics
market is expected to account for US$ 43.8 Bn by 2020, registering a CAGR of 28.8% during the
forecast period. A growing beverage packaging industry, government support for adopting bio-based
materials, and rising consumer acceptance for bio-plastics are expected to contribute to the growth
of the global bio-plastic market over the forecast period.
In terms of materials, the global bio-plastics market is segmented as bio-PET, bio-PE, bio-PA, biodegradable polyesters, PLA & PLA blends, starch blends, PHA and others. Currently, the bio-PET
material segment dominates the bio-plastics market, and was estimated to be US$ 5.6 Bn in 2014.
This segment is expected to reach US$ 29.1 Bn by 2020, with a momentous CAGR of 31.4% for the
forecast period. Moreover, an increasing demand for bio-plastics from the beverage packaging
industry and effectiveness of bio-plastics in one-time use application has driven the demand for the
bio-PET in the last few years.
On the basis of application type, the bio-plastics market is segmented as bottlers, other packaging,
food-services, agriculture/horticulture, consumer products, automotive and others. Among all the
afore mentioned applications, bottles segment is expected to dominate the market with 34.4% of
the total revenue share by 2020. However, automotive segment is anticipated to exhibit the second
highest CAGR of 27.5% as compared to other applications during the forecast period. Additionally,
influx of new entrants is predicted to fuel the growth of others application segment, thereby
accounting for 5.0% market share by 2020.
Browse Full: "Bio-plastics Market: Global Industry Analysis and Opportunity Assessment
2014 to 2020" Report athttp://www.futuremarketinsights.com/reports/details/global-bio-plasticsmarket
Key regions considered for this market study include North America, Europe, Asia Pacific and RoW
(Rest of the World). Asia Pacific represents the most lucrative market, followed by North America.
Asia Pacific is expected to contribute 33.7% market share to the overall bio-plastics market by 2020.
The growth of Europe is supported by the strong influence of regulatory framework and awareness
regarding greener products through various media among the consumers.