The global bioplastics market size is projected to reach USD 19.93 billion by the end of 2027. The increasing investments in the research and development of low cost and efficient products will have a huge impact on the growth of the market. According to a report published by Fortune Business Insights, titled “Bioplastics Market Size, Share & Industry Analysis, By Type (Biodegradable and Non-biodegradable), By Application (Rigid Packaging, Flexible Packaging, Textiles, Automotive & Transportation, Agriculture & Horticulture, Consumer Goods, and Others), and Regional Forecast, 2019-2026,” the market was worth USD 6.04 billion in 2019 and will exhibit a CAGR of 16.2% during the forecast period, 2020-2027.

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

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.