The bioplastics market will reach a value of $3.94 billion in 2014, according to a new report, "Bioplastics Market Forecast 2014-2024," from Visiongain. Notes the report, the global bioplastics market is a small but significant sub-sector of the plastics industry. Bioplastics are an environment-friendly material that does not occupy landfills. Moreover, plants provide a cheap and sustainable alternative to their petroleum counterparts.
In the coming years, the report indicates that economics, legislation, and environmental issues will drive policies to support sustainable growth across the nations and various industries. Bioplastics will have an increasing importance and marketshare in the plastics industry as well as material in general over the coming years.
According to the report, the plastics industry has been faced with continuous pressure from the government, consumers, and the media and is being compelled to consider how it can make its products more sustainable. Faced with issues of high raw material costs and increased dependence on crude oil, “sustainable plastics” have become a top priority for the plastic material sector. Manufacturers, in response, are constantly analyzing changing market trends to innovate their products in order to stay competitive.
In recent times, new and stringent global environmental protection regulations have forced countries to rethink their environmental protection strategies, says the report. Major changes in the climate have made people more determined to become environmentally friendly. The plastics industry, and in particular the plastic packaging industry, like all other consumer goods industries, has reacted and has begun a series of innovations in sustainable packaging products. Moreover, with the decrease in available fossil fuel reserves and increase in cost of petrochemicals, industries require renewable resources to become sustainable.
Notes the report, emerging new trends also often require changes in the laws and regulations that govern the market. This in turn causes substantial change in the investment plans directed at the development of new technologies to accommodate the new trends. As ecological considerations continue to rise, the bioplastics industry will also see a rise in investments to establish pollution prevention methods and equipment. Strong environmental movements in the EU, Japan, and the U.S. raise a concern about sustainability, global climate change, and waste disposal options, creating a market opportunity for natural compostable bioplastics.
