Research and Markets (2017): Global bioplastics market
With an annual growth rate of 20.85%, the global market for bioplastics will grow from today's US$17 billion to nearly US$44 billion in 2022 over the next five years.
This is the result of a study conducted by the market research institute 'Research and Markets'. The study examines the global market for bioplastics on the basis of different segments: by type, application and region. In order to draw a full picture of the market, important drivers, limitations and trends are shown. The report also analyses the key players in the global bioplastics market and provides comprehensive forecasts for different segments.
The study shows that the environmental impact caused by the use of bioplastics is significantly lower than with conventional plastics. Factors such as a corresponding government policy promote the use of bioplastics. Though, some factors such as high cost as compared to its alternative and poor waste processing infrastructure may impede the market growth.
According to the study, Europe will drive the global market forward due to the increasing spread of bioplastics in Italy, the UK and Germany. But the Asian-Pacific region is also investing more and more in the market owing to presence of huge renewable feedstock.