Global market for bioplastics to expand

Currently majority of plastics are still derived from petrochemicals and most plastic packaging is used only once (single use items). Around 95% of the value of the material is thus lost, with a global economic cost of US$80-$120 billion annually.

In the latest report by ResearchAndMarkets.com, it forecasts that the market for bioplastics will grow significantly in coming years, with production capacities exceeding 6 million tonnes by 2027. The “Market for Biobased and Biodegradable Plastics (Bioplastics): Current and Forecast to 2033" report indicates growing acceptance of bioplastics as alternative.

Bioplastics are biobased products that allow for greater product sustainability due to their biodegradability and renewability. Their use is attractive as bioplastics that biodegrade to CO2 and H2O mitigate the negative effects of standard plastic (litter and damage to aqua environments).

Renewable feedstocks such as corn, sugarcane, and algae can be utilized instead of petroleum, thereby reducing global dependence on crude oil and lessening the impact on climate.

Despite growing global environmental awareness, bioplastics currently account for a very small percent of the >360 million tonnes of plastics produced annually, but with annual growth of 20-30%, according to the report. Due to the development of advanced biopolymers and materials, reduced costs, regulations and increased consumer awareness demand is rising.

The sky rocketing price of petroleum coupled with government regulations and consumer global environmental concerns, and continued population growth is pushing the plastic industries towards sustainability.

Growing government regulatory restrictions, consumers' desire and energy conservation are some of the key factors that drive research and product development towards renewable resource-based polymeric biomaterials. The performance of bioplastics is also improving and range of applications expanding.