The market value for biopolymers is expected to grow annually at an average rate of 15% and double from $4.4 billion in 2019 to $8.8 billion in 2024. This is according to a new market report released by Smithers Pira as discussed in an article published on July 15, 2019, by news provider Greener Package. The report outlines six main trends fueling this growth, including:
- Bioplastics being seen as solutions to environmental problems caused by plastics;
- Increasing demand for degradable plastics in packaging, such as those sourced from starch and cellulose;
- Increasing demand for aliphatic-aromatic polyester polymers, especially as oxo-biodegradable plastics are under scrutiny (FPF reported);
- Increasing demand for polyhydroxyalkanoates (PHAs) synthesized by microorganisms (FPF reported);
- Commercial interest in identifying and improving routes to produce biomonomers for both packaging applications and production of other industrial chemicals;
- Growth of small biotechnology start-up companies, of which only a few will successfully scale production and likely be acquired by larger chemical and plastic manufacturers.
The report notes that bioplastics are still a fairly recent addition to the plastics market and have a limited share of it. Their growth forecast rates are nonetheless described as being “still very attractive.”
Read more
Anne Marie Mohan (July 15, 2019). “Six trends driving the growth of the global bioplastics packaging market.” Greener Package
Reference
Smithers Pira (June 11, 2019). “The Future of Bioplastics for Packaging to 2024.”
