Even though they still account for only a small share of the plastics market as a whole, bioplastics have become a real alternative to standard plastics manufactured from petrochemical feedstocks. The term 'bioplastics' is utilized for a whole range of various products with different properties and applications. In its recently published study, the market research institute Ceresana analyzes the developments on the global market for bioplastics for the third time already.
Bioplastics possess a tremendous market potential, even in times of economic difficulties: Market analysts at Ceresana expect global demand to increase by 18.9% p.a. in the future. Global demand may be developing at decelerated growth rates when compared to previous years, but uninterrupted advance in the development of the raw material base and property profiles lead to an ever broader range of possible applications. More and more often, the improved technical properties of bioplastics allow for a substitution of conventional plastics. Progress in production and the significant expansion of capacities enable manufacturers to lower prices and therefore to further increase the competitiveness of bioplastics in the face of conventional plastics. Additionally, processors of plastics and innovative companies are aiming for increased environmental protection and sustainability, not least to improve their image among consumers.
Propitious economic conditions, e.g. an increasing middle class in China, India, and parts of South America, will have additional positive effects on future sales volumes. Even though the market for bioplastics is developing at highly dynamic growth rates, considerable room for improvement remains. The major factor impeding a notably more dynamic development is the persistent skepticism of consumers regarding performance, processability, and the higher costs of bioplastics.
The worldwide most comprehensive analysis of the bioplastics market is available exclusively at Ceresana and offers - as did the successful first and second editions - a complete transparency regarding the current situation and future development. That this market is worth a detailed analysis becomes obvious simply by the fact that revenues generated with bioplastics are likely to rise to approx. US$5.8 billion in 2021 - by then, market value will have tripled compared to now. This standard work enables all market participants to get a complete overview over all relevant data and facts and to obtain background information.
Analysts expect the market for bioplastics to grow