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[PDF] Bio Based Biodegradable Plastics Market: Business Opportunities – Coherent Market Insights

Biodegradable biobased plastic is produced from renewable resources such as corn, potatoes, rice, soy, sugarcane, wheat, and vegetable oil. For instance, polylactic acid (PLA) is a biodegradable biobased plastic that produced from starch, polyhydroxybutyrate (PHB) is derived from microbial synthesis, and biobased polyethylene (bioPE) is produced by using sugar cane. Biobased plastic helps to reduce the dependency on non-renewable materials such as petroleum-based products. It also helps to reduce the greenhouse gases by up to 35%.

Market Estimates:

The global bio-based biodegradable plastics market was pegged at 1,073 KT in 2018, and is expected to reach 2,020 KT by end of 2027 with a CAGR of 6.6% (2019-27).

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Drivers:

Increasing initiatives by the government on reducing greenhouse emissions is projected to propel the market growth. For instance, in October 2015, the Indian government has announced to decrease the greenhouse gas emissions intensity – the ratio between gross emissions and a country’s GDP – by 33-35% of its 2005 levels by 2030. Moreover, in June 2019, the UK became the first key economy in the world to pass laws to end its contribution to global warming by 2050. The target will require the UK to cut down all greenhouse gas emissions to net-zero by 2050. Hence, rising such initiatives for reducing the greenhouse emission is projected to foster the market growth.

The rising launch of novel biobased plastic by the major manufacturer is expected to augment the market growth over the forecast period. For instance, in June 2019, LyondellBasell and Neste announce commercial-scale production of a bio-based plastic derived from renewable materials. The companies say it’s the first time bio-based polypropylene and bio-based low-density polyethylene were produced simultaneously on a commercial scale. Therefore, rising initiatives by key manufacture to introduce bio-based plastic is expected to foster the market growth of biodegradable biobased plastic.

Regional Outlook:

Europe dominated the global bio-based biodegradable plastics market in 2018, accounting for 48% share in terms of volume, followed by Asia Pacific and North America, respectively

Figure 1: Global bio-based biodegradable plastics market, 2018 volume share, By Region

Bio-Based Biodegradable Plastics | Coherent Market Insights

Market Opportunities

Rising demand for bio-based plastic from food and beverage industry for packaging food products is projected to offer enormous growth opportunity in the market. For instance, starch and PLA are major biodegradable polymers that are used in packaging of food and beverages and they’re bio-based with no harmful chemical within the polymer. Therefore, the rising application of bio-based plastic from the packaging industry is projected to foster market growth over the forecast period.

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Figure 2: Market Opportunities

Bio-Based Biodegradable Plastics | Coherent Market Insights

Market Trends/Key Takeaways

Rising research and development program for developing novel bioplastic and promote sustainability is gaining traction in the market. For instance, in October 2019, researchers at the UPV/EHU-University of the Basque Country and Colorado State University (USA) have developed a new and advanced class of renewable, biodegradable plastics and the scientists claim that these plastics are an improvement on existing ones and would promote the circular economy. Therefore, growing research and development program by research is projected to fuel the growth of the market over the forecast period.

Regulations

A new agreement, formed in late 2014, mandates that all the EU member countries implement policies associated with non-biodegradable plastics. Countries either need to reduce consumption of plastic by 90 lightweight bags per citizen by 2019 and 40 by 2025, or impose a fixed charge by 2018 for the usage of conventional lightweight plastic bags.

Competitive Section:

Players active in the market are Natureworks, BASF SE, Mitsubishi Chemical Corporation, Biome Bioplastics., Toray Industries, Total Corbion PLA, Plantic Technologies, Danimer Scientific, Bio-On, and Novamont S.P.A.

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