Bioplastics refer to a family of plastics which are derived from bio-based material such as plant and animals rather than petroleum. These materials could be biodegradable or non biodegradable in nature. The development of these materials is expected to significantly save the consumption of petroleum for manufacturing of plastics. Furthermore, the improvement in technology and increased application scope of bioplastics make them an ideal choice over conventional plastics. The increased environmental awareness among consumers coupled with the increased importance of sustainability is expected to drive the demand for bioplastics over the next few years.
There are a variety of factors which have contributed in the shift towards bioplastics. Consumers have increased interest towards the consumption of green products and restoration of the environment. In addition, the stringent regulatory policy with regards to conventional petroleum products has led to an increased demand for bioplastics. However, the lack of infrastructure at raw material level coupled with the lack of support could hamper the development of the market. Bioplastics have been replacing convention plastics in applications such as packaging, automotive and electronics. Food packaging is expected to be a key opportunity for the bioplastics market due to the non toxic nature of its raw material which are ideally suited for food items.
The commonly produced polymer types of bioplastics includes bio – polyethylene (bio-PE), polylactic acid (PLA), polyhydroxy alkanoate (PHA), bio-polyethylene terephthalate (bio-PET) and bio degradable polyester among others. In the non degradable bioplastics segment, growth is expected to be led by bio-PE and bio-PET on account of the wide application scope of these plastics. In the biodegradable segment, polyhydroxyalkanoate (PHA) and polylactic acid (PLA) are expected to witness fastest growth over the next seven years. In addition, the market would also witness the development of bio based building blocks which are a substitute to conventional platform chemicals. There are numerous companies such as BioAmber, Novomer, DuPont Tate and Lyle and Genomatica among others who are working on commercial development of these building blocks.
Asia Pacific and Europe were the largest markets for bioplastics and together accounted for over close to two third of the global market. Asia Pacific is expected to be a key market owing to the presence of large feedstock in the form of genetically modified crops. Europe is a equally important market for the development of bioplastics due to the limited crude oil reserves in the region that increases its dependence on alternate sources.
Our market research study takes a closer look at the bioplastics industry, providing a holistic perspective on market dynamics, trends, supply and demand. Our report deep-dives into the market and segments it on multiple levels and providing key insights on a macro as well as micro level. The study aims at providing granular information, regarding estimates and forecasts for key products including bio-PE, bio-PET, PLA, PHA and biodegradable starch blends among others and their applications including packaging, automotive, electronics and consumer goods along with yearly forecast up to 2020. The report also provides the same level of information for key regional markets.