Global Bioplastics & Biopolymers Market Analysis by Size, Growth, Demand, Trends, Share & Overview

The global?Bioplastics & Biopolymers market?is anticipated to increase at an impressive rate through 2028 due to the increasing demand from end-use such as packaging.?In 2020, the consumption volume of plastic products in China grew by 12 percent.

Toxic chemical elements of plastic materials seep into beverages, food, and water when they are used over an extended period and exposed to high temperatures. As per the data released by the European Plastic Association,?an estimated 8 million tonnes of plastic are dumped into the ocean each year, causing the marine habitat to deteriorate, and ultimately affecting aquatic life.

Growing Environmental Concerns and Driving Towards Sustainability.

Due to growing environmental concerns, the biodegradable plastics market is projected to improve throughout the forecast period. Banning single-use plastic is a revolution that has been gaining momentum for the past many months. Already, railways, airlines, hotels, and residential societies are waking up to cut down single-use plastic use to save the planet and the ocean from becoming more polluted.?From 3 July 2021, single-use plastic plates, cutlery, straws, balloon sticks, and cotton buds cannot be placed on the markets of the EU Member States.?Globally, consumer preferences are moving toward goods and producers that can provide products equipped with sustainable motives.?India has banned the manufacture, sale, and use of identified single-use plastic items like plates, cups, straws, trays, and polystyrene from July 1, 2022. The industry will witness brands and manufacturers coming together to develop sustainable packaging solutions and build a circular economy.

Economic Benefits of Bioplastics & Biopolymers

To manufacture plastics, approximately 8% of crude oil is extracted. Bioplastics & Biopolymers can reduce expenditure on crude oil and electricity. According to a recent study,?around 980 kg of recycled plastic saves 680 gallons of oil, nearly 5,700 kWh of electricity, and more than 28 cubic yards of landfill space.?Furthermore, the price of recycled plastics is usually lower than that of its virgin counterpart. Swachh Pune, an informal waste management service in the City of Pune in India, achieves considerable plastic waste segregation and high recycling levels. It collects around 28,000 tons of plastic material annually, thereby diverting around 51% of the plastic waste in the city from landfills. Swachh Pune carries out plastic waste collection and recycling activities at a much lesser cost than conventional or formal mechanized and centralized waste management approaches. Waste pickers in the service save an estimated US$ 12.5 Mn each year in labor, transportation, waste collection & sorting equipment, and processing costs.

Increasing Demand for Electricity from Sustainable Sources Driving the Growth

Ongoing research and development operation worldwide is driving it to sustainable development to ensure optimum and sensible use of the resources. Europe is the biggest leader in terms of research and development on bioplastics and biopolymers. The turbine blades of wind energy are made from glass fiber yarn, making them stiff and lighter in weight. As the technology is emerging, there is a massive opportunity that Bioplastics & Biopolymers to acquire a significant market share.

?Key Developments

• KW Plastics signed a long-term scrap supply contract with the North American division of Clean Planet Energy, a cleantech, renewable, and alternative energy company. The division is constructing a pyrolysis plant in Alabama, U.S. The agreement will help turn around 20,000 tons of plastic residue generated at the current KW Plastics facility in Alabama into environmentally friendly circular products rather than being sent to landfill.
• Japanese company Mitsui & Co. is in talks to build a bioplastics factory in the south-eastern U.S., creating one of the largest production sites worldwide for plant-based packaging material.

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Market Segmentation

The global Bioplastics & Biopolymers market is segmented based on Type, End-User Industry, Company, and Region. In terms of type, the Bioplastics & Biopolymers market is categorized into Non-Biodegradable and Biodegradable. Based on, End-User Industry, the market is divided into Bottles, Films, Fibres, Foams, and Others.

Market Players

BASF SE, Biome Bioplastics Limited, Arkema S.A., BIOTEC biologische Naturverpackungen GmbH & Co, NatureWorks LLC, Novamont S.p.A.,?TotalEnergies Corbion, Toray Industries, Inc., Mitsubishi Chemical Holdings Corporation and Plantic Technologies Ltd?are some of the major market players.