Global Bioplastics and Biopolymers Market: Overview
Bioplastics or biopolymers are biodegradable plastics derived from biological substances. They are used for manufacturing items such as pots, crockery, and straws among others. Current environmental concerns and the rise in plastic waste are high attributable to the growth of biopolymer manufacturing companies. The global bioplastics and biopolymers market has immense growth potential and is expected to grow tremendously during the forecast period. This is owing to high demand from the packaging industry and rising health concerns from petroleum-derived plastics.
Global Bioplastics and Biopolymers Market: Notable Developments
Here are a few notable developments in the global bioplastics and biopolymers market that may pave
- Bioplastics are usually derived from animals, plants or other microbial sources, however, they have a few limitations related to the availability of biomass. In order to overcome these concerns, researchers have developed a method of deriving bioplastics from seaweeds. Seaweeds can be grown in a number of environments and are highly chemical-independent. Besides, they have high biomass and are extremely cost-efficient as compared to the other microbial sources. The bioplastics derived from seaweeds offer excellent durability and are highly resistant to microwave radiation. This has highly benefitted the global bioplastics and biopolymers market, thus facilitating growth.
- BioLogiQ, Inc., a company specializing in environmentally friendly plastics has recently launched a new biopolymer called NuPlastiQ BC. These biopolymers are manufactured using biodegradable resins such as PBAT, PLA, and PHA. These plastics are extremely light in weight and meet the ASTM D6400 standards. They are used in a wide range of applications such as foodservice products, sacks, and agricultural films. This has greatly influenced the bioplastics and biopolymers market by expanding its consumer base.
The prominent brands in the global bioplastics and biopolymers market include NatureWorks, Novamont, Total Corbion PLA, BASF, and Toray Industries.
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Global Bioplastics and Biopolymers Market: Key Growth Dynamics
In recent times, governments are taking increasing efforts pertaining to the preservation of non-renewable sources. This shift towards sustainable energy sources has paved the growth path for the global bioplastics and biopolymers market. Along with this, consumers are realizing the ill effects of petroleum-based plastics. As a result, manufacturers are adopting plant-based materials to manufacture plastics, thereby influencing the growth of the bioplastics and biopolymers market.
In addition to the above drivers, flexible production lines and enhanced manufacturing processes have strengthened the market’s growth ground. The new manufacturing methods of bioplastics comprise fewer assembly operations and components, thus easing the process. Incorporation of these methods has increased the sustainability of bioplastics and in turn, steered the bioplastics and biopolymers market.
Another factor serving as a focal point in the market’s growth is the soaring prices of petroleum, leading to the replacement of petroleum-based plastics with biopolymers or bioplastics. This has also contributed to a spike in the number of manufacturing units for bioplastics. Moreover, these plastics exhibit the same properties as PET with a reduction in the weight. These factors have played a prominent role in supporting the growth of the global bioplastics and biopolymers market.
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Global Bioplastics and Biopolymers Market: Regional Outlook
Asia Pacific has emerged as a leading region for the growth of the global bioplastics and biopolymers market. This is due to the extensive use of bioplastics in the end use industries of this region. Besides, governments of this region have laid down strict regulations with respect to the use of finite resources. Europe is also expected to be a key region for the market’s expansion owing to an expansion in the packaging industry.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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