Petrotahlil --The global bioplastic market is estimated to account for US $215bn in terms of value, growing at a compound annual growth rate of 25.8% during 2020-2027, according to a global market intelligence firm.
The growing environmental concerns from consumers and governments alike are a prime driver for growth, said Coherent Market Insights in a statement.
Bioplastics are made from non-biological biomass sources like cellulose found in wood. Unlike traditional plastics, the bioplastics can degrade in a shorter period.
The increasing concern with environmental pollution has encouraged key manufacturers to introduce bio-based plastic. This growing demand for bio-based packaging is projected to foster growth in the bioplastic market.
Packaging remains the biggest application for bioplastics with about 53% of the total bioplastics market in 2019, according to a report from European Bioplastics.
Single-use plastic bans across countries such as Europe, North America, and Asia have supported the growing demand for bioplastics.
In 2019, the European parliament voted to ban single-use plastic cutlery, straws and stirrers as part of a sweeping law to reduce plastic pollution of beaches and oceans.
The law will come into effect by 2021 in all EU member states.
The members will also implement other measures to reduce the use of plastic, aiming to make plastic bottles out of 25% recycled content by 2025, and by 2029 around 90% of bottles should be recycled.
The bioplastic market is working on increasing production capacity to meet growing demand.
For instance, Danimer Scientific recently agreed to go public, enabling the US-based producer of renewable polyhydroxyalkanoate (PHA) to expand production capacity to about 200m lb/year (90,718 tonnes/year) by 2025, from currently 20m lb/year.
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