Eco-friendly properties of bioplastics composites, rise in consumer acceptance, favorable government policies, and renewable raw material sources have boosted the growth of the global bioplastic composites market. However, high cost and limited performance of bioplastics composites hamper the market growth. On the contrary, decrease in dependency on petroleum resource, increase in R&D activities, and rise in corporate social responsibility (CSR) are expected to create lucrative opportunities in the near future.

Portland, OR, April 17, 2019 (GLOBE NEWSWIRE) -- Allied Market Research recently published a report, titled, “Bioplastic Composites Market for Injection Molding by Polymer (Natural Polymer and Synthetic Polymer), Fiber Type (Wood Fiber Composites and Non-wood Fiber Composites), and End-User Industry (Transportation, Electrical & Electronics, Building & Construction, Aerospace & Defense, Consumer Goods, and Others): Global Opportunity Analysis and Industry Forecast, 2017–2023”. According to the report, the global bioplastic composites market was pegged at $20.94 billion in 2017 and is expected to reach $39.72 billion by 2023, registering a CAGR of 11.3% from 2017 to 2023.

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Global bioplastic composites market is divided on the basis of polymer, fiber type, end-user industry, and geography. Based on polymer, the market is segmented into natural polymer and synthetic polymer. The synthetic polymer segment held the largest share in 2017, contributing more than four-fifths of the total market. However, the natural polymer segment is expected to manifest the fastest CAGR of 11.6% during the forecast period.

Based on fiber type, the market is divided into wood fiber composites and non-wood fiber composites. The wood fiber composites segment held the largest share in 2017, contributing about 92% of the market. Moreover, the segment is expected to manifest CAGR of 11.4% during the forecast period.

On the basis of end-user industry, the market is divided into transportation, electrical & electronics, building & construction, aerospace & defense, consumer goods, and others. The building & construction segment held the largest share in 2017, contributing nearly half of the market. However, the transportation segment is projected to manifest CAGR of 12.3% through 2023.

The market is analyzed in various regions including Asia-Pacific, Europe, North America, and LAMEA. The market in North America held the lion’s share in 2017, contributing about two-fifths of the market. However, the market in the Asia-Pacific region is expected to manifest the fastest growth with CAGR of 13.4% during the forecast period.

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Global bioplastic composites market report includes in-depth analysis of the major market players such as Mitsubishi Plastics, Inc., Arkema, BASF SE, Huntsman Corporation, Natureworks LLC, Toray Industries, Inc., Dow Chemical Company, Corbion NV, Braskem, and Solvay SA.

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