Global Bioplastics Industry Seen to Total $7 billion by 2018
Driven by high consumer acceptance, climate change and the increasing price of petrochemical-based products, the global bioplastics industry is expected to witness significant growth up to 2018, global consultants Lucintel says in its report Global Plastic Industry 2013-2018: Trend, Forecast and Opportunity Analysis.
Moving out of their niche and into the mass market, bioplastic materials and products are increasingly being adopted by multinational brand owners such as PepsiCo and TetraPak in the packaging sector, Ford, Mercedes, Volkswagen and Toyota in the automotive market, the consultants note.
While Lucintel points out that biopolymers are made from agricultural products that may contain pesticides, making them less attractive to consumers, it believes high prices - bioplastics can cost as much as two to three times as fossil fuel-based products - may no longer play such a significant role. If petrochemical prices continue to rise, some of the unconventional resins could achieve price parity, it says.
The report's authors examine some of the key drivers of bioplastics markets. Life cycle analysis, they say, demonstrate that the biological variety can reduce CO2 emissions by 30% compared with conventionally produced plastics. According to Lucintel's figures, 1 tonne of bioplastics generates 0.8-3.2 fewer tonnes of carbon dioxide compared with one tonne of petroleum-based plastics.
