Shift in consumer preference toward eco-friendly plastic products is driving Bioplastics & Biopolymers Market

 

The global bioplastics & biopolymers market size is expected to grow from USD 10.7 billion in 2021 to USD 29.7 billion by 2026, at a CAGR of 22.7% between 2021 and 2026. Bioplastics are plastics derived from renewable sources such as corn, potatoes, rice, soy, sugarcane, wheat, and vegetable oil, while biopolymers are naturally occurring polymers. A bioplastic may or may not be biodegradable. Bioplastics are mainly segmented into biodegradable and non-biodegradable plastics for various applications in the packaging, consumer goods, automotive & transportation, agriculture & horticulture, medical, and other end-use industries.

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Consumer awareness regarding sustainable plastic solutions and pervasive efforts to eliminate the use of non-biodegradable conventional plastics are contributing to the market growth of bioplastics. Traditional plastics, which are generally petroleum-based, take decades to break down or degrade and lay in the landfills for a long period. Biodegradable plastics break down faster when they are discarded and are absorbed back into the natural system. In addition, the rate of decomposition of biodegradable plastics by the activities of microorganisms is much faster than that of traditional plastics.

Biodegradable plastics break down 60% and more within 180 days or less as compared with traditional plastics, which take around 1,000 years to break down. Increasing landfills and waste piles have emerged as serious environmental hazards and resulted in numerous adverse effects on flora and fauna of the ecosystem.

The growing consumer awareness regarding these adverse effects (arising from the use of traditional plastics) is encouraging the use of biodegradable plastics. Moreover, the use of conventional polymers may pose a threat to human health and safety due to their toxic content. For example, PVC may cause genetic disorders, ulcers, deafness, and vision failure. The table below lists the risks associated with the use of conventional polymers/plastics. Such high risks increase the demand for products that are safe for human health. Therefore, increasing consumer awareness, along with governmental legislation, is driving the use of bio-based products such as biodegradable plastics and bio-based plastics.

APAC is estimated to be the fastest-growing market for bioplastics & biopolymers between 2021 and 2026. Growth in APAC is primarily attributed to the fast-paced expansion of the economies such as China, India, and Indonesia. Growing population increased consumer spending, and rapid industrial expansion are the major factors responsible for the high growth rate of the region. Growing environmental concern and awareness along with increasing regulations are the key factors driving the demand for bioplastics & biopolymers. The manufacturers focus on the high-growth market to gain market share and increase their profitability.

The key players in this market are NatureWorks (US), Braskem (Brazil), BASF (Germany), Total Corbion (Netherlands), Novamont (Italy), Biome Bioplastics (UK), Mitsubishi Chemical Holding Corporation (Japan), Biotec (Germany), Toray Industries (Japan), and Plantic Technologies (Australia).

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