The Bioplastics Manufacturing industry experienced steady growth over the five years to 2018. Concerns over the future of petroleum-based plastics supported demand for bioplastics that are recyclable and sustainable. Furthermore, volatility in the world price of crude oil influenced major plastics producers to search for an alternative. Rising environmental awareness during the period encouraged the government and large companies to promote the use of bioplastics, directly benefiting the industry. The industry is still in its early stages, leading to high expenditure on research and development. Over the five years to 2023, IBISWorld expects that a strong economic environment, expansion into new markets and positive legislation will benefit demand for industry products.
This industry manufactures bioplastics, which are organic plastics derived from renewable biomass sources. Designed to biodegrade, bioplastics are made from sources such as vegetable oil, cornstarch, pea starch or microbiota.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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