Bioplastics Market Is Highly Growing in Industry with Good Revenue by 2027

Bioplastic is a sustainable material made from renewable feedstocks that can be used instead of petroleum-based polymers. It has the ability to cut carbon dioxide emissions by 30–70%. It equates to a 42 percent reduction in carbon footprints. Bioplastic manufacture uses 65 percent less energy than regular petroleum plastic. The worldwide bioplastics market is changing, and firms are focused more on strengthening and consolidating R&D operations, resulting in increased manufacturing capacity. Because of its outstanding technological qualities and capabilities, bioplastic has seen rapid adoption across a wide range of applications. Because of favourable legislation adopted by multiple governments throughout the world, the market for bioplastics has gained tremendous traction in a variety of plastic applications.

The global bioplastics market is projected to surpass US$ 215 billion by the end of 2027, in terms of revenue, growing at CAGR of 25.8% during the forecast period (2020 to 2027).

Some of the primary market drivers for bioplastics are its environmentally favourable features, high consumer acceptance of bio-based products, regulatory support for producing degradable packaging materials, and the availability of renewable raw material sources for the production of bioplastics. Bioplastic manufacture is an energy-efficient process since it uses 65 percent less energy than traditional plastic. Bioplastics do not hurt the earth or the environment because they are non-toxic and readily decompose. Furthermore, the greenhouse gas emissions of bioplastic are negligible throughout the decomposition process. The use of bioplastic reduces carbon footprints by 42%. Because of these superior technological qualities and capabilities, leading corporations like Coca-Cola, Nestle, Nike, and Ford are showing interest in the manufacturing and use of bioplastic materials in a variety of applications. The preference of the users for bioplastics is on an increase across various applications, such as catering, packaging, agriculture, and automotive. Furthermore, bioplastic is a suitable material for organic farming. Farmers are using biodegradable mulching films in agriculture and horticulture. Consumers prefer to use bioplastic packaging material over synthetic plastic packaging, since it is capable of being decomposed with food. In addition, various governments across the world adopt favorable regulations and policies to promote sustainability and biodegradability of bioplastics. The European Union is one of the major political advocators of the bioplastics market. Furthermore, the common feedstocks used for the production of bioplastics are corn, wheat, maze, and sugarcane.