Bioplastics Will Continue to Find Wide Application in Automotive and Packaging Industries, Says Fairfield Market Research
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Entry of New Biopolymer Varieties to Bolster Bioplastic Sales
Although the current bioplastics production is just-above 1% of the global plastics production volume, the global bioplastics market is witnessing a progressive growth outlook. The past decade has seen the production volumes double. The demand is on the rise, further stimulated by the increasing sophistication of bioplastics and promising entry of variants in biopolymer categories. Some of the innovative biopolymer varieties such as bio-based polypropylene (PP), polylactic acid (PLA), and polyhydroxyalkanoates (PHAs) are experiencing high demand. With new products being introduced in the market and new application areas being explored, the market for bioplastics is set to thrive in the near future.
Automotive and Packaging Industries Remain Key Consumer Industries for Bioplastics
While the automotive industry has been witnessing a revolution with the rise of e-mobility, it has embraced a number of transformations in terms of material innovations. Increasing consumption of bioplastics as a preferred material for numerous automotive components stems from the unprecedentedly growing demand for lightweight and energy-efficient automobiles. Besides interior automotive applications, automakers are now widely using bioplastics for the various under-the-hood and exterior applications as this would allow them to reduce their reliance on diminishing volatile energy markets.
Packaging applications have been among the predominant demand generators for bioplastics. As the industry is rapidly adopting a shift to circular economy from the wasteful linear economy, new bioplastic variants are likely to enter the market. Polyethylene furanoate (PEF) will be the latest innovated bioplastic entering the packaging industry, which is expected to emerge popular on the back of its superior thermal and barrier attributes. Besides, an extending application base, including wound management, drug delivery, tissue engineering, and orthopaedic devices is propelling demand for bioplastics in global market. The medical industry is looking at bioplastics as a potentially ideal material for a large number of application areas.
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Asia Pacific Accounts for Half of Global Bioplastics Production
Europe is expected to be in the vanguard of bioplastics consumption as the region has been pioneering the route to a sustainable and circular bio-economy. North America will also be a significant market for bioplastics manufacturers. On the other hand, expansion of the flexible packaging sector is particularly working to the advantage of bioplastics companies in Asia Pacific. Production-wise, Asia Pacific contributes nearly 50% to the global bioplastics market.
Competition Landscape – Global Bioplastics Market
Eastman Chemical Company, Dow Inc., Novamont S.p.A., BASF SE, Plantic, Corbion N.V., Natureworks, Mitsubishi Chemical Holdings, Biome Technologies plc, and Danimer Scientific constitute some of the leading players driving competition in the global bioplastics market. Among these, Eastman Chemical Company recently launched Trēva™ - a cellulose-based bioplastic variant that can potentially replace conventional engineering polymers. An abrupt surge in sales of single-use/disposable plastics during the course of COVID-19 pandemic is likely to create a significant setback for bioplastics, biodegradable plastics manufacturers, and a number of ongoing waste management initiatives.
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