Biodegradability, environmental issues fuel growth of bioplastics market

US-headquartered research firm, Big Market Research, has released a report titled “World Bioplastics Market - Opportunities and Forecast, 2014 – 2020” that offers in-depth insight into the key drivers and market challenges, current market trends, growth opportunities, detailed profile of key market players along with the dominant strategies adopted by key market players to gain a foothold in the market. According to the report, in 2014, the market for bioplastics was valued at 4,869.2 kilo tones and would grow at a CAGR of 17.5% during 2015-2020.

Growing environmental concerns across the consumers and trend of different packaging industries in achieving biodegradability in its business processes are the main drivers responsible for the applications of bioplastics utilised in rigid packaging. The rigid plastic segment would contribute over 40% of the market in terms of revenue by the year 2020.

Bioplastics are made from renewable feedstocks including corn, cellulose, and sugarcane among many others. Large-scale availability of constituent feedstocks and renewable nature of bioplastics are the key factors driving its adoption globally. Furthermore, different government policies favouring the use of biodegradable products and eco-friendly would further boost the market.

Bio-PET 30 would witness increased adoption of the non-biodegradable bioplastics market, since it has the same performance levels as synthetic PET in terms of versatility,appearance, durability, recyclability, weight, among others.

Bioplastics are consumed across a vast range of range of industries including rigid packaging, textiles, flexible packaging, agriculture, electrical & electronics, consumer goods, construction, and many others.