By 2020, the bioplastics market is predicted to reach 30.8 billion dollars

According to a report by Allied Market Research, the global market for bio-plastics is estimated to reach 30.8 billion dollars by 2020, registering a CAGR of 14.8% during a period from 2015 to 2020. The key factors responsible for increasing the adoption of bio-plastics in rigid packaging applications, are the rising environmental awareness among the consumers and substantial curiosity of packaging industries towards biodegradability. The rigid plastic application would itself account for more t

23 Nov 2015 | 4732 Views | By PrintWeek India

Bioplastics are the plastics derived from the renewable feedstocks such as corn, sugarcane and cellulose. The increasing adoption in new end user industries and favourable government policies for the use of eco-friendly and biodegradable products, are some of the key factors that would drive the market growth. On the other hand, high production cost is likely to dampen the market growth during the forecast period.
 
The consumption of “drop-ins” bioplastics (Bio-PE, Bio-PET 30, and Bio-PA) would continue to be present in the overall bioplastics market till 2020, owing to its overall properties and wide applications, and similar to the traditional plastics. Bio-PET 30 would be the fastest growing segment in the non-biodegradable bioplastics market, as it delivers same performance as synthetic PET with regards to re-saleability, versatility, durability, appearance, weight and recyclability.
 
Key factors
  • During the forecast period, the rigid plastics would be the fastest growing application segment, at a CAGR of 31.8%.
  • In the year 2014, the polyesters and starch blends segment collectively accounted for about one-third of the overall biodegradable bioplastic market.
  • In terms of revenue and volume, the PLA is projected to be the fastest-growing segment in the overall biodegradable plastics market.
 
In 2014, the North America and Europe collectively accounted for more than 60% of the market and are expected to maintain their lead in the course of time. The European policy support for bioplastic manufacturers and increasing health awareness among consumers are the key factors responsible for the market growth within this region. However, Asia-Pacific is projected to be the most lucrative market owing to the availability of huge renewable feedstocks coupled with increasing investment made by the global bioplastics players.
 
The leading players in the market are adopting collaboration, partnership and expansion as the key developmental strategies.
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