Global Bioplastic Growth Opportunities

Global Bioplastic Growth Opportunities

Today, the vast majority of plastic is still made from fossil fuel and is designed to be durable. However, the twin challenges of reducing fossil fuel consumption and decreasing plastic waste brought in some significant changes to the plastic industry in 2022.

Options to counter these challenges include the use of plastic that is biobased or biodegradable or both. All 3 options are included in the broadest definition of bioplastic and are covered in this study.

Some complications were observed when trying to quantify this market, especially because some bioplastics are only partially biobased, that is, they comprise a mix of fossil- and bio-based monomers.

Where companies have replaced their fossil-based monomers with the same molecule from a bio-based source, they are referred to as drop-in bioplastics.

This Frost & Sullivan study discusses bioplastic's repercussions on sustainability and the fossil fuel price impact on bioplastic demand. The study covers the global market, which is segmented by end application. Demand and revenue are established in terms of finished polymers, with their respective units being kilotons and the US dollar.

The future of the plastic industry depends on participants' recycling and waste material management efforts. In this sense, bioplastic offers an alternative source and a different end-of-life process, with some of it being biodegradable and/or compostable in industrial or household facilities.