Transparency
Market Research Reports incorporated a definite business overview and
investigation inclines on "Bioplastics Market". This report
likewise incorporates more illumination about fundamental review of
the business including definitions, requisitions and worldwide
business sector industry structure.
Bioplastics
are a type of plastic manufactured from biomass sources such as
vegetable oils and certain starches and are also called biobased
plastic or biodegradable plastic. They are commonly used for
insulation, as a packaging material, and in crockery and food
packaging. Since bioplastics are plant based products, the
consumption of petroleum for the production of plastic is expected to
decrease by 10-15 percent by 2018. The bioplastic industry has high
potential for growth if the focus is not just the replacement of
current plastic applications but innovation of newer properties and
newer applications as well.
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Starch-based
and PLA-based bioplastic classes have shown increased growth in the
past years and form a major part of the bioplastic ingredient market
segment. Other such bioplastics which show promising growth are
cellulose-based, polyhydroxyalkanoates based, bio-polyamide based,
and biopolyethylene based bioplastics. The market is dominated by the
United States and Europe which are followed by Asia-Pacific and Rest
of the World. The market is growing rapidly because more and more
companies are entering this market with newer innovations and
applications in automotive and electronics. Europe is a larger
bioplastic market because of limited crude oil reserves. Bioplastics
are segmented into a variety of applications including packaging,
agriculture, food services, automotive consumer electronics,
household appliances, and consumer goods. The applications
responsible for higher market growth are in food and beverage
packing, catering products, and bags.
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Some
of the major factors driving the bioplastic market are high consumer
acceptance, high fossil fuel prices, increase in the dependence on
fossil fuels, and the need for more eco-friendly products. Currently
the demand for bioplastics is increasing due to its renewability and
availability of raw material, advanced functionality and technical
properties, and the recycling option that they present.
Some
of the major players competing in this market are Cargill's
NatureWorks, Dupont, Braskem (BAK), Toray Industries, Lanxess AG,
Bayer, BASF, and Eastman.
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