Increase in Adoption of Bioplastics in Agriculture and Automotive Industry Leads Innovation in Global Bioplastics Market

In 2017, the global bioplastics market generated revenue of $21,126.31 million, and is expected to grow at a CAGR of 18.8% in terms of value from 2018 to 2024 reaching $68,577.25 million by 2024. Bioplastics are obtained by converting the sugar present in plants into plastic. The sugar in turn is obtained from corn, cane, sugar beets, wheat, or potatoes. This makes bioplastics sustainable and better for the environment as compared to conventional plastics. Bioplastics are extensively used in the production of rigid packaging. However, the level of technical complexity involved in bioplastics packaging is high. The adoption of bioplastics in rigid packaging was the highest in 2017 and is expected to grow at the same pace throughout 2024.

According to a new report published by Allied Market Research, titled, "Bioplastics Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2018-2024" the global bioplastics market was valued at $21,126.31 million in 2017, and is projected to reach $68,577.25 million by 2024, registering a CAGR of 18.8% from 2018 to 2024. In 2017, the rigid packaging segment accounted for approximately one-third share in the global market in terms of value.

The production and use of bioplastics is considered as a sustainable solution due to low emission of greenhouse gasses. Factors such as eco-friendly properties, increase in consumer awareness, growth in environmental concerns, and favorable government policies drive the growth of the bioplastic market. However, high production cost and comparatively lower performance standards than synthetic plastics restrain the market growth to a certain extent.

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Analyst Review :

Bioplastic is a sustainable material derived from renewable feedstocks and has the potential to reduce 30-70% of carbon dioxide emission. The production of bioplastic requires 65% less energy than conventional petroleum plastic, which further pave the way for the bioplastics market. The global bioplastics market is evolving and companies are now focusing more on strengthening and consolidating R&D activities, thereby increasing production capacity. Owing to the advanced technical properties and functionalities, the adoption of bioplastic has increased tremendously across various applications.

Favorable government policies for the adoption of sustainable and biodegradable products, increase in availability of renewable feedstock, and growth in consumer acceptance of eco-friendly products drive the market growth. However, higher price of bioplastics as compared to traditional plastic along with low performance standards, hamper the market growth. At present, usage of bioplastics in rigid packaging is the highest and is projected to dominate through 2024 on account of the properties of bioplastics such as gloss, barrier effect, and antistatic behavior in conjunction with the increase in environmental awareness among the customers.

In 2017, Europe accounted for the largest market share in the global bioplastic market and is anticipated to dominate the market during the forecast period. Regional industries have adopted bioplastics over conventional plastics with an objective of transforming Europe into a proper waste management region. Germany, Italy, and the UK are the major countries involved in the development and production of bioplastic in Europe. European Associations in collaboration with the government implement environmental policies to promote sustainability and bio-degradability. This trend is expected to significantly drive the growth of the bioplastics market in Europe. Asia-Pacific is anticipated to grow at the highest CAGR from 2018 to 2024. The large population base of the region is expected to provide growth opportunities for the bioplastics market in Asia-Pacific.

Top Key Players:

• Novamont S.p.A.
• BASF SE
• Natureworks LLC
• Corbion Purac
• Braskem S.A.
• SECOS Group Ltd.
• Biome Technolgies Plc
• FKuR Kunststoff GmbH
• Innovia Films Ltd.
• Indorama Ventures Public Company Limited.

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