Product ID: SQMIG15A2253
Global Bioplastics Market Size, Share, Growth Analysis, By Product(Biodegradable and Non-Biodegradable), By Application(Packaging, Agriculture) - Industry Forecast 2024-2031
Report ID:
SQMIG15A2253 |
Region:
Global |
Published Date: March, 2024
Pages:
184
|
Tables:
65 |
Figures:
77
Global Bioplastics Market Dynamics
Drivers
Increasing Packaging Industry Demand for Eco-Friendly Plastics
- Biodegradable polymers have found applications in a variety of industries, but the most visible application is in the packaging industry, where they exhibit qualities similar to their conventional counterparts. They are used in stiff as well as flexible packaging. With an increase in worldwide e-commerce activity, a significant amount of packaging material is likely to be required in the future. Because bio-based polymers may easily replace conventional plastics, their use can be a great way to reduce plastic pollution. Food and pharmaceutical industries are also expanding their demand for renewable feedstock-based polymers. Aside from that, the demand for ready-to-eat foods has grown in both developed and emerging economies. As a result, manufacturers of such products have aggressively sought packaging materials that are safe and inert to the packaged products and have little to no environmental impact. These product tactics will increase the global bioplastics market share.
Increased demand for compostable plastics to improve soil quality
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Plastics have a wide range of applications in agriculture and horticulture. They are used to make greenhouses, storage bags, bins, and silos, among other things. Furthermore, existing semi-intensive and intensive farming practices include the use of massive amounts of mulching films and harvest-protection bags to limit weed development, shield crops from pests, and manage soil moisture and nutrient content to create a good micro-climate. Conventional plastic, on the other hand, is not biodegradable and remains in the environment for numerous harvest seasons. It harms the environment and impairs agricultural growth by preventing roots from accessing water and nutrients in the soil. As a result of these issues, several agricultural-based plastic product manufacturers have pursued biodegradable plastics made from renewable and sustainable raw ingredients. These plastics are technically as well as economically viable. Aside from stimulating plant development, compostable plastics degrade in the natural environment and contribute to soil enrichment. As a result, demand for such bio-based plastics is increasing in agriculture and horticulture, which bodes well for worldwide market growth throughout the projection period.
Restraints
High cost in comparison to conventional plastics
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Despite the fact that biodegradability is a clear advantage, most bioplastic grades require very complex industrial composting methods to disintegrate, and only a few nations have the equipment to process these goods. As a result, they may end up in landfills or pollute recycling material, causing environmental damage. As a result, a separate process is required to dispose of such polymers, resulting in a higher product cost. Because the feedstock crops utilised in the former's manufacturing processes are generally used to feed people all over the world, the land necessary for biodegradable plastic production competes with food production. According to the Plastic Pollution Coalition, growing feedstock crops will require 13,800 square kilometres to supply current global demand for bioplastics. This area is greater than Belgium, the Netherlands, and Denmark combined. These characteristics have raised the price of this product in comparison to traditional plastics. According to Columbia University's Earth Institute, PLA can be 20-50% more expensive than its competitors due to the complex process necessary to convert corn and sugarcane into lactide monomers for PLA.
Global Bioplastics Market Report Snapshots
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