The demand for bioplastics is on the rise and will capture a huge share of the plastic market. According to recent research, the bioplastics market will control 5% of the plastic market share by 2020. It is predicted that bioplastics will control 40% by 2030. This could propel the bioplastics market to a value of $324 billion in just a decade. Bioplastics are plastics created from plant sources such as hemp oil, corn starch, sweet potato, sugarcane and soybean oil rather than petroleum that is used to create traditional plastics.
Bioplastics are segmented to biodegradable and non-biodegradable bioplastics. Biodegradable plastics are further divided into the following:
Non-biodegradable bioplastics are divided into the following:
The main factors that are driving the market forward are corporate vision, consumer demand, as well as the design and cost practicality. With consumers becoming more aware of the benefits that bioplastics offer, multiple corporations are making sustainability a priority and incorporating it in their procurement and manufacturing processes. For instance, Coca-Cola introduced the PlantBottle, which is a plastic bottle that is manufactured with a 30% plant-based substance. Bioplastics manufacturers are now trying to design the latest formulations that meet or exceed performance standards of plastics.
Starch blends and Bio-PLA are projected to grow at a slower pace and account for smaller market share. The applications of the bioplastics market are segmented into the following:
Bottle manufacturing and packaging are anticipated to hold a larger market share. With increasing consumer awareness to dispose of cups, bottles, bags, the market will witness a boost in the packaging sector. Other applications such as automobiles, consumer products, and agriculture will also hold a substantial share in the market. Regulatory and government authorities are also focusing on activities that are related to environmental conservation. This will further drive the bioplastics market forwards as there will be an increasing need for environment-friendly and organic alternatives.
The bioplastics market is segmented into regions such as North America, Asia Pacific, Europe, Middle East, South, and Central America and Africa. The Asia Pacific and Europe markets are driving the market forward as of now and are predicted to have the largest share in the bioplastics market in the upcoming years.