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The global bioplastics for packaging industry is forecast to grow from 2017–2022 at an annual average rate of 17% to a market value of almost $7.2 billion. This according to exclusive new research from Smithers Pira.
Editorial office / United Kingdom

According to Smithers Pira’s new report ‘The Future of Bioplastics for Packaging to 2022’, bioplastics for packaging markets currently represent a very small share of the global plastic packaging market value.  But it will grow very strongly, more than doubling in value across the forecast period.

The most successful organisations in this fast developing segment will be those that most effectively meet the remaining key challenges facing the commercial adoption of bioplastics in packaging. Firstly this involves identifying those opportunities where a premium can be expected for a naturally sourced product, overcoming biopolymers negative cost competitiveness versus petro-polymers caused by falls in world crude oil prices since mid-2014.  Furthermore in packaging applications where it is technically possible for bioplastics to replace oil-based polymers, suppliers will also have to manage the problems of higher production costs, capital availability, and limited availability of bio-based feedstock over the coming years.

In the future, the development of new technologies will ensure the emergence of new types of polymers and improved ways of producing currently available biopolymers for various end-use applications. Future biopolymers will offer improved rates of biorenewability and biodegradability, as this rate is an important factor in achieving market acceptance.

Also read the full report: The Future of Bioplastics for Packaging to 2022.

More information see Smithers Pira’s website.