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New York Ag News Headlines |
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Report: Bioplastics, Biopolymers Worth $5.08 Billion by 2021
New York Ag Connection - 06/29/2016
According to the report "Bioplastics & Biopolymers Market by Type (Bio-PE, Bio-PET, PLA, Starch Blends, Biodegradable polyesters, Regenerated Cellulose and PHA), Application (Packaging, Bottles, Agriculture), and by Region - Trends & Forecast to
2021", published by MarketsandMarkets, the global market is projected to witness a CAGR of 12.0% from 2016 to reach a market size of $5.08 billion by 2021.
This growth is mainly driven by implementation of strict environment regulations to reduce carbon content and fluctuating fuel prices which is compelling manufacturers to use a stable source of raw material.
Bio-PET is projected to remain the dominant bioplastics during the forecast period. The major reason of Bio-PET domination is the comparable physical properties to petroleum based PET, that makes it suitable for all applications, without making much
technological changes.
The bioplastics & biopolymers market in the packaging industry is projected to witness the highest CAGR between 2016 and 2021. The rising awareness of consumers about sustainable environment and improved lifestyle, which is driving consumers to
purchase high quality products, is expected to influence the demand for bioplastics & biopolymers during the forecast period. R&D departments of manufacturers are doing research to widen the application area of bioplastics, which will drive the growth of the
bioplastics & biopolymers market.
The Bioplastics & Biopolymers Market in Europe possesses immense potential of growth during the forecast period. Europe has maximum focus on the issue of sustainable packaging. Increased political awareness in Europe about environmental issues has
resulted in the formulation of laws and regulations that have influenced all industries in the region to use bio-based raw material that causes less harm to the environment. This is expected to lead to high growth of the market in this region. Manufacturer's concern
for stable sources of raw materials in the region is also expected to trigger the market growth in the region between 2016 and 2021. Germany, Italy, and France are some of the key countries in the region contributing significantly towards the growth of the
market in Europe.
Some of the key participants in the market are BASF SE (Germany), Braskem S.A. (Brazil), Corbion NV (Netherlands), Meredian Holdings Group Inc. (U.S.), NatureWorks LLC (U.S.), and others. New product developments, partnership, and agreements
& collaborations were the major growth strategies adopted by the market players between 2012 and 2016 to enhance their regional footprint and meet the growing demand of bioplastics & biopolymers in developing economies.
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