Technavio market research analysts forecast the global bioplastics and biopolymers market to grow at a CAGR of nearly 13% during the period 2018-2022, according to their latest report.
This market research report segments the global bioplastics and biopolymers market into the following end-users (packaging and consumer goods), types (bio-PE, bio-PET, PLA, and biodegradable starch blends), and key regions (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
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In this report, Technavio analysts highlight the emergence of bio-based and renewable raw materials as a key factor contributing to the growth of the global bioplastics and biopolymers market:
Emergence of bio-based and renewable raw materials
The global biopolymers market is anticipated to amass benefits from the use of bio-based raw materials such as starch and vegetable crop derivatives. The dependence on petroleum-based plastics is slowly decreasing with the increased use of bioplastics in numerous applications such as packaging and domestic goods. But, these sources are expected to get exhausted in the next 30 to 40 years. Although new bio-based products, which reduce greenhouse gas (GHG) emissions are preferred, the process and product are required to be time and cost-effective.
A key challenge faced by the petroleum-dependent industries is the volatile prices that can be overcome by the establishment of well-developed, self-sufficient, and state-of-the-art integrated bio-refineries. The effective use of biomass such as grass, trees, plants, and other organic materials such as animal meat and other tissues, which decompose by the activities of microorganisms will help in building a bio-based economy. This has led to the shift in the preference of plastic manufacturers toward the production of biopolymers based on renewable sources.
According to a senior analyst at Technavio for plastics, polymers, and elastomers, “The raw materials used in the production of biopolymers are renewable in origin and are available in abundance across the globe when compared with petroleum and fossil-based raw materials. Thus, the global outlook for bio-based raw materials for polymers is significantly more positive than that of petroleum-based raw materials.
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Global bioplastics and biopolymers market segmentation
Of the two major end-users, the packaging segment held the largest market share in 2017, accounting for nearly 49% of the market. This segment is anticipated to witness steady growth during the forecast period.
EMEA was the leading region for the global bioplastics and biopolymers market in 2017, accounting for a market share of more than 38%. This region is anticipated to dominate the market through the forecast period.
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