A new report from Smithers Pira ‘The Future of Bioplastics for Packaging to 2024’ sees the market for bioplastic packaging market expanding at a dramatic pace over the coming years.
The sector is predicted to grow at an average annual rate of 16.2%, with market value more than doubling from $4.4 billion in 2019 to $8.8 billion in 2024.
With a new emphasis on sustainability from leading packaging converters and food and beverage brands, there is an increased demand and opportunities for bioplastics. Demand is on the rise throughout the global packaging markets, with all regions forecast to see double-digit growth across the five years to 2024, says the report.
Among the key trends identified:
Plastics recycling - The state of the plastics recycling business environment will have a profound impact on the incentives and urgency for developing biopolymer solutions to plastics-related environmental problems.
Polymers from natural raw materials - Naturally occurring polymers, such as starch and cellulose, will see significant extra demand for use in degradable plastics packaging applications.
Biodegradable aliphatic-aromatic polyester polymers – Aliphatic-aromatic polyester polymers use in packaging will grow. Demand will rise generally and in particular be supported by moves – for example in the EU - to outlaw oxo-biodegradable plastics.
The report also covers the ongoing research and development work to establish
commercially viable routes to obtain biomonomers and other important industrial chemicals through biochemical processes. Known as ‘green chemicals’, the industry is increasingly interested in their potential for the development of biopolymer materials for packaging applications. Polylactic acid (PLA), bio-PET, and bio-polyolefins are the primary packaging plastics synthesized from biologically produced monomers.
The Future of Bioplastics for Packaging to 2024 is available for £4,750.