Potential in Bioplastic business
Today everyone talks about sustainable solutions for all kinds of non-renewable resources. At some point each and every person on the Earth can feel the dire need of adopting renewable resources, the reason could be a significant rise or fall in temperature, heavy or insufficient rainfall, natural disasters, global warming, devastating air, water and land pollution, etc.
One of the considerable issues is single-use plastic pollution. Now, media, universities, governments, unions, social workers and businessmen are showcasing the significance of pollution and rigorously looking for all kinds of sustainable solutions. The use of bioplastics is one of the noteworthy solutions to the single-use plastic problem. Investors are being attracted to the bioplastic business, most of the polymer-producing petrochemical giant companies have been involved in the bioplastics business and expanding their manufacturing capability in this sector, for example, BASF, Mitsubishi, Total, Dow, PTT, Cargill, Braskem, Sumitomo, Mitsui, etc. It shows the potential in the industry.
At the same time, the plastic industry is opposing the wave for the security of their existing well-set business. They are not ready to accept the new materials at some levels. But they also know that the time will come and single-use plastic products will become obsolete. So till that time, they want to squeeze some more money from their investments. Even the government is debating on how to implement new rules and overcome single-use plastic problems efficiently.
Parallelly, the bioplastic industry is growing at a much higher rate than the expected rate every year. The innovations, rapid commercialization, green project investments, young entrepreneurs, government policy and public awareness are important drivers for the growth of the industry. Giant commercial production plants of biopolymer materials are under construction and would cover a large area of the market soon.
For the small & medium scale business, the plastics processing industry is also attracted towards the business to manufacture products from biopolymer materials, as they don’t need to invest more or buy new machinery, they can use the existing machines with minor modifications to start the bioplastic business. Currently, the government has announced single-use plastic ban guidelines in a staggered manner and started implementing them into the market strictly, as the government had given enough time to the industry for finding an appropriate solution and diverting it to sustainable areas.
In addition, new generation entrepreneurs are looking for futuristic and green businesses. They see potential in the bioplastic business to replace single-use plastic products. Moreover, the gigantic size of the single-use plastic market attracts everyone to capture it and makes it lucrative for investors too. However being a new market and relatively costly products; innovative and unique marketing strategies are being used to convince customers. The entrepreneurs are making an effort to develop the market and secure their place by building their brand at an early stage.
What do you think about the future of the bioplastic market?
Do you want to set up your business in the bioplastic field?