Global Bioplastics Market to Reach 2.7 Million Metric Tons by 2023

January 16, 2019

WELLESLEY, Mass., Jan. 16, 2019 – Due to the growing interest in reducing the use of petroleum as a feedstock because of its contribution to climate change, pricing volatility and its occasional role as a political weapon, the global market for bioplastics is at a point of noteworthy growth, according to BCC Research.

The global bioplastics market was valued at 1.6 million metric tons in 2018 and is expected to reach 2.7 million metric tons by 2023 at a compound annual growth rate (CAGR) of 11.7%  during the forecast period, according to the report “Global Markets and Technologies for Bioplastics.”

Major players in the industry include: Algix, LLC, BASF SE (BFFAF), BioLogiQ, DuPont (DD-B), Eastman Chemical Company (EMN), Innovia Films, Kaneka Corporation, Novamont S.p.A., Synbra Technology bv, Toray Industries, Inc. (TRYIF), ZeaChem Inc., Zejiang Hisun Biomaterials Co., Ltd. and many others.

Research Highlights:

• Supported by local governments, Chinese polylactic acid polymer producers are rapidly expanding their capacity to meet increasing demand, and Asia is set to experience rapid growth over the next five years followed by Europe.
• The demand for starch-based plastics is increasing in Asia. One indication of this growth is Wuhan Huali Environmental Technology Co., Ltd. (Huali) of Wuhan, Hubei, China.
• In 2015, German plastic consumption was approximately 13.5 million metric tons, up from 12.6 million metric tons in 2012. Germany alone consumed more plastic than the sum of Italy and France combined.

“Increasing concerns about climate change are helping fuel the trend toward the development of bioplastics,” said Jason Chen, the report’s author. “The future of bioplastics, however, is complicated by many factors including unpredictable crop and oil prices, fickle public opinion, the role of government across the globe, corporate commitment and new technologies.”

Drop-in Bioplastics as a Major Trend in the Market

One key trend in bioplastic consumption is the adoption of drop-in bioplastics – which are chemically equivalent to the oil-based plastics they replace. Major packagers, in particular, favor drop-ins as they require no equipment changes, remain consistent for customers and can be recycled into existing streams.

Editors/reporters requesting analyst interviews should contact Eric Surber at press@bccresearch.com.

Global Markets and Technologies for Bioplastics( PLS050E )
Publish Date: Jan 2019    

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