Published By : 08 Jun 2016 | Published By : QYRESEARCH
Plastics have been used by the packaging industry since time immemorial. In fact, the prolonged usage of plastic has led to serious environmental issues, creating hazards of unimaginable levels. However, plastics are still preferred by the packaging industry due their excellent durability, eponymous plasticity, impermeability to water, and poor electrical and thermal and conductivity. To cater to the demands of the environmentalists and the consumer needs, researchers have developed bioplastics that are made from biodegradable feedstock.
Harmful Effects of Plastics Drives Global Bioplastics Market
In the recent years, the demand for bioplastics has been on the rise as they have the unique ability of degrading into soil as opposed to conventional plastics. This global bioplastics market is also being driven by the increasing number of consumers becoming aware of the harmful effects of using plastics. The increasing support from regulatory bodies to use bioplastics is also propelling this market.
Increasing Government Support Drives Overall Market
Owing to these reasons, as several nations are adopting bioplastics on a large scale, thereby fueling the growth of this market and curbing the issue of overflowing plastics in landfills and city garbage bins. Furthermore, the packaging industry is also replacing the conventional plastics with bioplastics, which has provided the players in this market a significant impetus.
Europe Emerges as a Leader in the Global Market
Currently, Europe holds the largest share in the global bioplastics market. This share can be attributed to the increasing supportive from the EU and other well-drafted environmental protection initiatives. The only drawback in the bioplastics market is the expensive nature of these finished goods. However, several manufacturers are trying to bridge this gap with innovative solutions. Analysts predict that as the prices bioplastics drop, opportunities for growth of this market in Asia Pacific region will also open up.
Manufacturers are constantly trying to reduce the pricing of bioplastics. However, the biggest challenge they are facing is that of high cost of production that is caused while balancing out the biodegradability aspect of organic matter and the physical properties of plastics.