Global production of bio-plastics increased from 877.7 kilotons in 2013 to 1166.5 kilotons in 2017, with a compound annual growth rate of 7.37%. The global bioplastics market in 2017 was led by Europe. China is the second largest market. The global bio-plastics market was valued at $2929 million in 2017 and is expected to reach $4447 million by the end of 2024, with growth of 5.99% between 2017 and 2024.

Currently, Braskem, NatureWorks, Novamont and BASF are major manufacturers in the industry. Braskem is a global leader. Braskem's output in 2017 was 172.2 kilotons and the company's stake was 14.76 percent. In Europe and the us, NatureWorks, Novamont and BASF are market leaders. PSM, Kingfa, zhejiang haizheng biological materials and Mitsubishiare leaders in the asia-pacific market.

Bioplastics are mainly used in the packaging industry and bottle manufacturing. The packaging industry is the most important application. Packaging applications accounted for 65.96 percent of the consumer market share in 2017.

QYR cited consumer preference for more sustainable materials and improvements in the performance of commercial plastics produced by biologically-based resins and biologically-based plastics as key factors driving this growth. Bio-pe and PLA will account for most of the demand for bioplastics by 2017, followed by other bio-based plastics such as PHA/PHB, cellulose, polybutanediol (" PBS ") and fossil fuel biodegradable plastics.

Despite the competition problems, investors remain optimistic about the sector because of the clear trend of global recovery. In the future, the market of developed countries will have a certain growth, and the market of developing countries will have a faster growth rate.

Article source: macromolecule material modification and anti - aging technology consultation