The global resins and plastic material is predicted to grow at a rate of 7.2%. The market is witnessing a huge surge from $466.2 billion in 2020 and is likely to reach $659.2 billion in 2025.
After 2025, the plastic material market is expected to reach $784.2 billion in 2030, at a CAGR of 3.5%. Clearly, the plastic industry is showing no signs of slowing down.
However, there is still one such segment in the plastic industry that is gaining tons of momentum, and that is the bioplastic industry.
According to a recent report, the world population is increasingly becoming Eco-conscious. This has led to a rise in the demand for eco-friendly plastics or bioplastics. Bioplastics are manufactured from polymer resins that are derived from plastics and plants that are decomposed with the help of bacteria.
There has been a huge surge in sustainable products that can be easily recycled, and the demand continues to rise each day. For example, in 2017, global bioplastic production was estimated to be roughly 6.2 million tons. In 2021, the global market for biopolymers and bioplastics is anticipated to be $5 billion. There is also a huge demand for eco-friendly plastic products in 2021. In fact, many huge companies are producing bioplastics from natural materials such as corn starch. Some organizations are also developing plastic products using flax and soybean.
Bioplastics are now extensively used in various industries such as medical applications, goods packaging, food packaging, among many others. For instance, bioplastics are widely used in the packaging industry to manufacture trays, waste collection bags, compostable medical applications, pills, implants, and capsules.
Resin and plastic material manufacturers are also using recycled plastic products as raw materials to reduce carbon footprint, minimize the cost of raw materials and limit the dependence on other raw materials such as gas and oil. Recycled plastics possess properties that are identical to virgin plastics (plastics manufactured without using recycled plastics). They also contain only a tiny percentage of impurities.
What’s more, recycled plastics have a carbon footprint that is almost 85% smaller than virgin plastic. They also cost 25% less than virgin plastics made from raw materials like gas and oil. For example, Adidas collaborated with an organization known as Parley from the Oceans, to manufacture products that are made from plastics recovered from the ocean. USA-based cleaning products brand, Method Products, are also using recovered plastic from the ocean for their products, thereby, limiting the manufacture of new plastics by using recycled plastic.
We hope you have gained some noteworthy insights from this article. In conclusion, the bioplastics or recycled plastics market shows immense potential and is without a doubt, the future of plastic products. It will not only benefit the environment and preserve natural resources, but will also be less expensive to manufacture. This will surely propel the industry to reach new heights in the upcoming years.