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(CityRegions.Com, January 12, 2022 ) Global bioplastics & biopolymers market size is projected 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.
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.
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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.
The bioplastics & biopolymers market players are continuously implementing organic and inorganic strategies for their growth. In recent years, the players have made many strategic developments in the emerging countries of APAC. For instance, in 2019, Total Corbion set up a PLA Plant in Rayong, Thailand, with a production capacity of 75,000 tons per year. In the same year, Mitsubishi Chemical Holding Corporation (Japan) and Lenovo Group Limited (China) entered into a joint venture to produce a bioplastic-based body (3D shape rear panel) for smartphones. In addition, Indonesia is exploring bioplastic alternatives, such as seaweed. Evoware, a local player, provides patented seaweed-based packaging. The company is producing containers made from seaweed. The regulations related to the environment are expected to increase, which would eventually propel the demand for bioplastics in these countries in the future. Moreover, Southeast Asia is rich in bio-based feedstock required to produce bioplastic as it has local access to sustainable raw materials. Thus, regulations, coupled with the easy availability of feedstock, will, in turn, help sustain the demand for bioplastics during the forecast period.
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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Mr. Aashish Mehra