The Growing Need for Bioplastics
Our modern lifestyle would be incomplete without plastics.
They play a key role in delivering high-quality products in almost every market sector.
What are Bioplastics?
Bioplastics are plastics that are bio-based, biodegradable, or both. They have the same or similar properties as conventional plastics but offer additional benefits such as reduced carbon footprint, reduced dependence on fossil fuels, better functionalities, and improved waste reduction.
The Growing Demand for Bioplastics
The global demand for bioplastics is significantly rising. According to a BCC report, the global market volume for bioplastics is expected to increase from 1.6 million tons (2018) to 2.7 million tons by 2023. Several factors are contributing to this growing demand, some of which include:
Concerns regarding climate change
As concerns regarding environmental preservation continue to mount, the importance of non-bio plastic reduction has never been more important. Traditional plastics have a large carbon footprint through their dependence on fossil fuels and they result in the formation of microplastics that take hundreds of years to degrade - the consequences of which are harmful to humans, wildlife, and ultimately the longevity of our environment.
Need for waste reduction and management
Plastic pollution inevitably ends up in landfills, incinerators, public places, and bodies of water all over the world. The rate of recycling of plastics barely exceeds 25%. There is a strong need for countries to better manage their plastic waste, and bio-based plastics are a strong alternative to this problem.
Increasing governmental regulations regarding single-use plastics
Countries around the world are continuing to place bans on single use plastics, including the Canadian Federal ban on track to be implemented for 2021. There is a further global push for increased regulations to support bio-based plastic mandates.