Lucintel,
one of the top firms in global management consultations and market research,
predicts in its publication, Global
Bioplastic Industry 2013-2018: Trend, Forecast, and Opportunity Analysis,
that over the next 5 years the bioplastics industry will grow and reach an
estimated $7.02 billion by the year 2018 and starch-based bioplastics will show
the maximum growth. Europe and North America will remain the top destinations
for research and sales. The growth of bioplastics industry will be because of
acceptance by the consumers, the threat of climate change and increasing price
of fossil based resources.
Bioplastics
have a wide variety of applications which is highly advantageous when competing
with other products in the market. Their application has a huge potential in
automotive and electronic industries. Their biggest drawback is the high price
of bioplastic resins, which are almost twice the price of petro plastic resins.
Bioplastics
reduce CO2 emissions
by 30% to 70% compared to oil-derived plastics, which is significant hazardous
waste reduction. Global business is accepting bioplastics in order to follow
the pollution norms of the government.
According
to the report, bioplastics are nearing an established position in certain
application based sectors like electronics, packaging and automotive industry.
PepsiCo, Tetra Pak, Ford, Volkswagen, Mercedes, Toyota are the brands that are
using bioplastic materials and products, fueling the full market penetration of
bioplastics.
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