Global Biopolymers and Bioplastics Market: Key Highlights
Global Biopolymers and Bioplastics Market: Key Market Dynamics
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Global Biopolymers and Bioplastics Market: Regional Overview
The biopolymers and bioplastics market in the Asia-Pacific region is projected to witness high demand owing to the demand from end use industries such as consumer goods, food and beverages, and agriculture & horticulture. The impending government regulations regarding single-use plastic packaging in China is causing the companies to ramp up the production of biodegradable plastics. For instance, the founder and chairman of Saton Daily Necessities would be spending USD 15 million to produce biodegradable straws made from polylactide acid (PLA - a type of bioplastic or biopolymer) by doubling the size of the factory.
Europe is anticipated to have steady demand for bioplastics and biopolymer owing to the laws and regulation imposed by the governments in order to reduce the carbon footprints. According to European Union, in April 2019 the passenger cars were responsible for around 12% of CO2 emission. Additionally, on April 2019 European Parliament and the Council adopted Regulation (EU) 2019/631 setting CO2 emission performance standards for new passenger cars.
Global Biopolymers and Bioplastics Market: Key Players Overview
BASF SE operates through various business segments namely chemicals, materials, industrial solution, surface technologies, nutrition & care, and agriculture solutions. In 2019, the BASF generated sales of USD 66.67 billion. In August 2019, BASF SE launched the marketing strategy to promote the bioplastic material.
Braskem is one of the leading biopolymer producer and operates through polyethylene (PE), polypropylene (PP) and polyvinyl chloride (PVC) resins. The company has production units in Brazil, the US, Mexico, and Germany with clients in more than 70 countries across the globe. In August 2018, Only Natural Pet, America's leading brand of natural pet supplies along with Braskem announced a new sustainable pet food packaging initiative utilizing Braskem's sugarcane based I'm green biopolymer.
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