Bioplastics Industry Size Expected to Expands with Rising Trends for Biodegradable Products - Grand View Research, Inc.
SAN FRANCISCO, June 14, 2023 /PRNewswire/ -- The global bioplastics industry size garnered 2,470.6 kilotons in 2021 and is poised to witness an upward trajectory on the back of surging demand for environmentally friendly products, according to the "Bioplastics Industry Data Book, 2022 – 2030," published by Grand View Research. Investors, entrepreneurs, suppliers and other stakeholders envisage potential opportunities for bioplastics in the packaging sector. The food & beverage and consumer goods manufacturers expect eco-friendly products to be sought to minimize energy costs, waste and carbon footprint. For instance, corn starch has gained ground in surgical devices and food- packaging and –bags, prompting forward-looking companies to foster their footprint.
The flourishing healthcare sector in the U.S., U.K., China and India has expedited the penetration of biopharma plastics. The prevalence of cancer has compelled industry leaders to invest in the portfolio. The WHO cited the International Agency for Research on Cancer (IARC), stating that the breast cancer burden could surge to over 3 million new cases yearly, while over 1 million would succumb to the disease. Besides, the U.S. CDC notes that around 1.6 million new cancer cases were reported in 2020.
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Biopharma plastic polymers have received an impetus amidst an uptick in the use of plastic-made syringes. For instance, mastectomy in breast cancer treatment has become pronounced, spurring the demand for valves, syringes and medical disposable connectors. The global biopharma plastics market size amassed 7,817.56 kilotons in 2021 and is poised to depict a CAGR of 12.6% from 2022 to 2030.
Chemical companies have upped investments in biodegradable plastics for easy recyclability, less energy consumption, reduced petroleum consumption and increased compostability. Bullish government policies have underpinned the underlying trend. In December 2022, the USDA announced an infusion of USD 9.5 million for sustainable bioproduct manufacturing in the U.S. Virginia Polytechnic Institute and State University, one of the awardees, has proposed to convert food waste into biodegradable, PHA-based bioplastics. The global biodegradable plastic market size was pegged at 1,118.4 kilotons in 2021 and is slated to depict a CAGR of 16.2% through 2030. The expanding footfall of consumer plastics, such as rigid and flexible packaging and containers for food & beverages, will augur well for the growth outlook.
Some trends and opportunities that are likely to influence the global outlook:
- Polylactic Acid (PLA) material has received an impetus following a surging demand for ready-to-eat meals and packaged foods.
- Stakeholders have furthered their investments in bio-based polyurethane on the back of growing penetration in construction, packaging and electrical & electronics industries.
- The Europe market share will be pronounced against the backdrop of soaring applications across the automotive, textiles, consumer goods and medical industries.
Incumbent manufacturers envisage the U.S. and Canada to witness investment galore, partly due to e-commerce penetration and regulation on traditional plastics. The U.S. has set an audacious goal of replacing 90% of plastics, converting bio-based feedstocks into recyclable-by-design polymers over the next 20 years. The March 2023 report compiled by the White Office of Science and Technology Policy alludes to the bold goal of producing 20 commercially viable bio products with more than 70% reduced lifecycle GHG emissions. A boost to climate-friendly manufacturing will bode well for the bioplastics industry in North America. An emphasis on circular economy and awareness of sustainable packaging will further the regional footprint, prompting leading players to bolster their portfolios.
The competitive scenario indicates that well-established and emerging players will inject funds into organic and inorganic strategies, such as technological advancements, product launches, innovations, R&D activities, collaboration and mergers & acquisitions. To illustrate, in May 2023, Dow inked a deal with New Energy Blue for corn residue-made plastic materials. The chemical giant is expected to use bioplastic to minimize fossil fuel sourcing for production.
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