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MARKET TRENDS
The majority of plastics produced worldwide are oil-based plastics. There is only a tiny fraction of plastics that are bioplastics. Most of these bioplastics are bio-based but non-biodegradable. Drop-in bioplastics, which are chemically identical to oil-based plastics, are growing much faster than other types of bioplastics. Among bio-based non-biodegradable bioplastics, BIO-PET has the largest production capacity; BIO-PE is second. Other types have relatively small production capacities.
Regionally, Europe is the world's largest market for bioplastics; the overall market has been growing roughly 20% every year, but production capacity is growing most rapidly in Asia and South America. [citation T2.24]
THE FUTURE
As bioplastics applications are rapidly growing in recent years, the following trends are expected:
1. Growth: 400% growth has been projected in the next few years; new technology, new materials, and new applications will be the main driving force
2. Jobs: It is expected that similar precentage-wise job growth will be observed in the bioplastics industry
3. Biorefinery: Integrated local infrastructure will produce both renewable chemicals and polymers and create significant revenue
4. Asia: Asia will become a major bioplastics player in the next few years; it will promote the expansion of bioplastics
5. Disposal: Biodegradable and biocompostable benefits will be the key in driving the bioplastics industry forward. [citation T2.29]
