Global biopolymers market to grow 16.8% yearly up to 2021

Polymers, which are petrochemical derivatives, account for about 80% of the total polymeric materials globally produced. Polymer production has been a cause of concern to nations worldwide. The dependency on the petrochemical industry had been irreplaceable until the discovery of biopolymers two decades ago. The emergence of biopolymers is seen as a step toward sustainable development. 

 

Rising demand worldwide is pushing the market for biopolymers. According to Research and Markets, the global biopolymers market is projeced  to grow at a CAGR of 16.83% during the period 2017-2021.  

 

A sharp increase in beverage consumption, alcoholic and non-alcoholic, is providing huge opportunities in the packaging sector. The Brazil, Russia, India, China, and South Africa (BRICS) is observed to have a growing beverage-consuming population, aiding the bottling sector that relies on PET. Government regulations and green initiatives by organizations are driving the market for bio-PET in the bottling sector. Shatter resistance and lightweight properties are key contributors to the development of biopolymers in many applications, especially in bottling applications.

 

According to the report, the production of polymers and plastics has a negative impact on the environment. The generation of waste polymeric products also has negative effects on the environment. Plastic waste management is a top priority as mass consumption of the products with a short lifespan is on the rise. This is adding to the amount of waste generated, which often ends up in landfills. Landfills or dumping grounds have grave environmental impacts such as soil pollution, destruction of the local flora and fauna, odor, leachate seepage into the groundwater, and depleting available land, which are often irreversible.

 

Further, the report states that the cost of production of bioplastics is 25%-75% more than conventional plastics. This is mainly due to the high polymerization cost. In addition, most of the processes are in the development stage and have not achieved economy of scale. Lack of required supply chain network at upcoming capacity locations is another challenge in the market. One of the main issues in the production of bioplastic is its technology because the current technology is still in the nascent stage of development and different raw materials are being tested for the optimal production of bioplastics.