Bioplastics are derived from renewable sources such as sugarcane, corn, cellulose, and other grains. They are environmental friendly and are gaining huge demand from various industries. Bioplastic is widely used across food packaging, disposables, containers, pouches, shopping bags, etc. application. The global bioplastics market is projected to surpass US$ 215 billion by the end of 2027, in terms of revenue, growing […]
What Segments Are Covered In Bioplastics Industry Report?
Bioplastics are derived from renewable sources such as sugarcane, corn, cellulose, and other grains. They are environmental friendly and are gaining huge demand from various industries. Bioplastic is widely used across food packaging, disposables, containers, pouches, shopping bags, etc. application.
The global bioplastics market is projected to surpass US$ 215 billion by the end of 2027, in terms of revenue, growing at CAGR of 25.8% during the forecast period (2020 to 2027).
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Drivers
Increasing initiatives for reducing global warming by the government is projected to foster the market growth of the bioplastic. Growing need for reducing reliance on fossil fuels coupled with the easy availability of bio-based raw materials is also expected to propel the market growth of the bioplastic. Moreover, shifting preferences towards non-petroleum-based plastics is again creating demand for plastic over the forecast period.
Growing demand for green products, healthier lifestyle and environmental sustainability is projected to propel the market growth of the bioplastic. Increasing demand for organic-based material for packaging of food products is also driving demand for bioplastic. Moreover, consumers are willing to pay extra for eco-friendly packaging products in order to reduce the environmental impact. Thus, growing demand for the green product is expected to foster the market growth of bioplastic.
Market Opportunities
Increasing investment in the bioplastic for boosting production is expected to provide lucrative opportunities to the market. For instance, in January 2020, Stora Enso announced that it is investing US$ 10 million to build an experimental plant for enabling the production of bio-based plastics as a barrier in transparent packaging. The new plant will transform plant-based sugars into the renewable building block that is essential to make PEF, a biobased plastic, mainly targeting the food and beverage market.
Market Trends
Growing fashion trends among consumers are creating demand for highly fashionable apparel such as clothes and shoes. Nowadays bioplastic such as polyamide and polylactic acid is majorly used in the production of textile products such as clothes and shoes. Moreover, bioplastics are also used in the production of wall mountings, containers, and sculptures which is again expected to augment the market growth of bioplastic.
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Few Recent Developments
- In February 2020, BASF and Fabbri Group have partnered to develop a new cling film for fresh food packaging. As part of the partnership, Fabbri Group has developed the stretch film Nature Fresh using certified compostable and biobased bioplastic BASF’s ecovio.
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