NEW YORK, July 11, 2016 /PRNewswire/ -- The bioplastics & biopolymers market is projected to witness a CAGR of 12.0% from 2016 to reach a market size of USD 5.08 billion by 2021. The growth of the market is attributed to the stringent environmental regulations across the globe, compelling the manufacturers to reduce the carbon content in their products. Another driving factor of growth is fluctuations in the prices of petroleum, forcing the companies to search for a stable source of raw material.
"Bio-PET expected to dominate the market, by value and volume, during the forecast period."
Bio-PET is a widely used material for packaging and bottle application. Bio-PET is a recyclable product and exhibits same properties as petroleum-based PET with an advantage of being environmental friendly. Bio-PET is projected to account for the largest share in the market during the forecast period.
"The bioplastics & biopolymers market in packaging & bottle industry projected to remain the largest segment during the forecast period."
Packaging industries use bioplastics & biopolymers on a large scale. The demand for eco-friendly packaging made from bio-based polymers is growing at a high rate. This is due to products such as PLA, PHA, and starch-based polymers finding increased applications due to their biodegradable nature enabling them to decompose rapidly. The major factor driving the use of bioplastics & biopolymers is the demand from end-use industries, especially the packaging and bottling industries.
The market sizes estimated in this study have been validated through primary interviews conducted with various industry experts, globally. These primary sources have been divided under three categories: by company type; by designation; and by region.
• By Company Type- Tier 1- 47%, Tier 2- 33%, and Tier 3- 20%
• By Designation- C Level- 33%, Director Level- 40%, and Others- 27%
• By Region- North America- 25%, Europe- 37%, Asia-Pacific- 19%, Central & South America-13%, and the Middle and Africa- 6%
"Europe is projected to remain the largest regional market for bioplastics & biopolymers during the forecast period."
The bioplastics & biopolymers market in Europe is well-established and the region has a vast distribution network of bioplastics & biopolymers. Germany and Italy are projected to drive the market in the region owing to the stringent environmental regulations. Russia is projected to witness the highest CAGR in the European market during the forecast period.
The report provides the company profiles and competitive strategies adopted by the major market players such as BASF SE (Germany), Braskem S.A. (Brazil), Corbion NV (Netherlands), and others.
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The report will help the market leaders/new entrants in this market in the following ways:
1. This report segments the bioplastics & biopolymers market, comprehensively and provides the closest approximations for the overall market size and subsegments across different verticals and regions.
2. This report will help stakeholders to better understand the competitors and gain more insights about the business. The competitive landscape section includes competitor ecosystem, capacity expansions, new product launches, partnerships, agreements & collaborations, R&D, and mergers, acquisitions, and joint ventures
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