They are used in industries where the material is durable and strong, or if it needs to be highly resistant to wear and tear, such as in the automotive industry. In the textile industry, they are often used as carpet padding. They are also sometimes used as padding in a variety of other applications including mattresses and upholstery, and they are also used in the food and drink industry, especially for plastic packaging and to prevent leaks. Bioplatex is often used as filler in toys.
Growing environmental concerns coupled with the increasing implementation of strict carbon emissions regulation is predominantly fueling the market growth of bioplastic. Increasing investments in research and development in the bioplastics by public and private organizations are again expected to drive the market growth. For instance, in April 2020, TerraVerdae Bioworks has secured investment from Alberta, federal, and other funding partners for its new product development capacity to manufacture fully biodegradable and high-performance bioplastics. TerraVerdae has secured $4.5m from Alberta Innovates. Furthermore, increasing use of bioplastic across textile, agriculture, automotive & transportation, consumer goods, and building & construction is further anticipated to accelerate market growth.
Europe is expected to gain significant growth over the forecast period and this is attributed to increasing implementation of strict emission regulations and growing production of bioplastic in the region. According to the European Commission, by 2021, it is expected that Europe will possess around a quarter of the world’s bioplastics production capacity. Moreover, increasing application of bioplastic in the food industry is again expected to propel the market growth. Researchers with the EU-funded EUROPHA project have developed 100% natural and biodegradable bioplastic formulations for food packaging applications.
Key Developments:
1. In May 2017, Eastman Chemical Company introduced its Treva bioplastics product. The flow rates, durability, and dimensional stability of the product allow for less material usage, thinner parts, and longer product life, and enhancing lifecycle assessments
2. In January 2019, Bio-on teamed up with design specialist Kartell to unveil a new company called Eloxel in order to develop the use of bio-plastics in the electronics sector.
3. In April 2020, Novamont has launched a new grade of bioplastic for composting: Mater-Bi material which can be composted in standard industrial plants.
4. In September 2020, ThyssenKrupp announced its plan to build a second bioplastics plant in China. A new plant has an annual production capacity of 30,000 tons of PLA set to go into operation in China in 2021.