[Plastic] The global bioplastics market is expected to increase to US$215 billion in the next seven years

According to estimates by a global market intelligence company, the global bioplastics market will be valued at approximately US$215 billion, growing at a compound annual growth rate of 25.

Coherent Market Insight said in a statement that increasing consumer and government concerns about the environment are the main drivers of growth.

Bioplastics are made from non-biological sources, such as cellulose in wood.

With the increasing attention to environmental pollution, the emphasis is on encouraging plastic manufacturers to introduce bioplastics.

According to reports, the application of bioplastics in the European market accounted for 53% in 2019.

Countries such as Europe, North America and Asia ban single-use plastics, which also supports the growth of demand for bioplastics.

In 2019, the European Parliament voted to ban single-use plastic tableware, straws and blenders as part of a comprehensive law to reduce plastic pollution on beaches and oceans.

This law will enter into force in all EU member states in 2021.

Member states will also take other measures to reduce the use of plastics, and the goal is to achieve a 25% recycling rate of plastic bottles by 2025.

The bioplastics market is striving to increase production capacity to meet the growing demand.

For example, Danimer Scientific recently agreed to go public, enabling the US-based renewable polyhydroxy fatty acid (PHA) producer to expand its production capacity from the current 20 million pounds per year to approximately 200 million pounds per year (90718 tons/year) by 2025.

(Keyword: Bioplastics)