Bioplastics Market to Hit $3.94bn This Year
The bioplastics market will reach a market value of $3.94 billion in 2014, according to a report from Reportbuyer.
The plastics industry has faced continuous pressures from the government, consumers and the media and is being forced to consider how it can make its products more sustainable, the report says. Faced with pressing issues of high raw material costs and increased dependence on crude oil, “sustainable plastics” has become a top priority for the plastic material sector. Manufacturers in response are analyzing the changing market trends to innovate their products to stay competitive.
New and stringent environmental protection regulations worldwide have forced countries to rethink their environmental protection strategies. Major changes in the climate have increased consumers’ demand for environmentally friendly products. The plastic industry and in particular the plastic packaging industry reacted and began a series of innovations in sustainable packaging products.
Moreover, with the decrease in available fossil fuel reserves and increase in cost of petrochemicals, industries require renewable resources to become sustainable, thus creating a market for bioplastics.
In May, PE International developed what it says is the first bioplastics database in the world, enabling companies to consider bioplastics as part of their material choices and compare fossil-fuel based to bioplastic materials.
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