The remarkable growth of global bioplastics production
It is noteworthy to mention that the bioplastic industry is growing at a much higher rate than the previous year’s prediction. There has always been a short supply of biopolymers worldwide.
New investments are coming in the industry and witnessing new production plants every year in an increasing manner. Moreover, day by day governments of various countries are announcing the ban on single-use plastic products.
European bioplastics and nova-institute have released new market research data and forecast on global bioplastic production at the 16th EUBP conference, the global bioplastics production is set to almost double in 2022 and more than triple within five years. It shows the significant growth of the industry and market.
“The importance of a more than 200 percent growth rate within the next five years cannot be overstated. Before 2026, the share of bioplastics in the total global production of plastics will pass the two percent mark for the first time. Our formula of success is a strong belief in the abilities of our industry, the aspiration for continuous innovation, and the courage to make the necessary financial investments”, explained François de Bie, Chairman of European Bioplastics.
Global bioplastic production in 2021 is marked at 2.4 million tonnes, which will become 7.5 million tonnes by increasing three times in 2026. Among all bioplastic materials, global production of PLA(polylactic acid), PBAT(polybutylene adipate terephthalate) and PBS(polybutylene succinate) has a share of 64%.
New horizons are opening up in the industry and new players are entering into the field, as the bioplastic industry has gained popularity of becoming the most viable alternative of single-use plastics.
[Data source: european-bioplastics.org]