Bioplastics are plastics derived from renewable feedstocks such as corn, sugarcane, and cellulose. Factors such as eco-friendly properties, availability of renewable feedstocks, and favourable government policies enable manufacturers to adopt bio-based plastics. Increase in adoption of biodegradable products and improvement in scope of bioplastics across end-user industries drive the growth of the bioplastics market. The market is classified into rigid packaging, flexible packaging, textile, agriculture & horticulture, consumer goods, automotive, electronic, building & construction, and others Based on region, the market is analysed across North America, Europe, Asia-Pacific, and LAMEA.
The European bioplastics market generated the highest revenue in 2017. Favourable policies for bioplastics manufacturers by the European policy makers and increase in adoption of bioplastics in Germany, Italy, and the UK are the key factors that drive the growth of the bioplastics market in the region. However, Asia-Pacific is projected to be the fastest growing market in terms of revenue and consumption, registering a CAGR of 20.4% from 2018 to 2024.
The global plastics market is expected to reach $654.38 Billion by 2020, according to a new study by Grand View Research Inc. Growth of major end-use use industries such as packaging, construction and automotive, particularly in emerging markets of China, India, and Brazil, is expected to remain a key driving factor for global plastic demand.
BCC Research showed that the bioplastics market will continue to have fast growth in the next five years. Asia and South America will account for around 90% of bioplastics production capacity by 2020, up from 70% in 2014. BCC Research forecasted a compound annual growth rate for bioplastics of 30% and bioplastics production could grow by 271% from 2015 through 2020. The development of bioplastics is increasing worldwide due to concerns about climate change.
The adoption of bioplastics in rigid packaging was the highest in 2017 and is expected to continue this trend through to 2024. Bioplastics possess properties such as gloss, barrier effect, antistatic behaviour, and printability, which make it suitable for rigid packaging application. Bioplastic rigid packaging includes bottles, cups, cans, corrugated cases, boxes, and others.