Plastic pollution has become one of the most crucial environmental issues and has a negative impact on oceans and wildlife. When thrown in landfills, conventional plastics find their way into water bodies and oceans. They may be mistaken as food by aquatic animals, which leads to detrimental effects of aquatic ecosystems. Conventional plastics are also harmful to humans, animals, plants, and environment since they are not readily degradable and take ~700 years for degradation. Further, these plastics are produced from toxic materials such as benzene and vinyl hydrochloride, which may cause cancer among humans, while the manufacturing byproducts contaminate air and soil. Phthalates are among other toxic chemicals added to plastics to make them softer and more pliable. Phthalates are harmful to endocrine glands and cause congenital disabilities and other health problems. On contrary, bioplastics break down naturally through composting or biodegradation, and many bioplastic polymers help reduce carbon footprint. Common bioplastics, such as starch-based polybioplastics (PLA) and polyhydroxybutyrate (PHB) are nontoxic. This makes them ideal for food packaging as they don’t contaminate food with any unnecessary taste, nor cause leeching of chemicals such as BPAs, unlike the case with some oil-based plastics.
Plastic pollution is most visible in Asian countries, where garbage collection systems are inefficient or nonexistent. However, developed countries, especially with low recycling rates, also face problems in properly collecting discarded plastics. Consequently, to lessen traditional plastic waste, governing bodies from many countries are imposing bans and enforcing innovative recycling practices. Thus, with the growing plastic pollution, governments across the world are implementing stringent laws and regulations on traditional plastic use, which is considered to create lucrative growth opportunities for the bioplastics market players.
With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the APAC bioplastics market. at a notable CAGR during the forecast period.
The APAC bioplastics market is segmented into type, application, and country. Based on type, the market is segmented into biodegradable and non-biodegradable. The biodegradable segment held the larger market share in 2020. Based on application, the APAC bioplastics market has been divided into packaging, agriculture, consumer goods, automotive & transportation, textiles, building & construction, and others. The packaging segment held the largest market share in 2020. Based on country, the APAC bioplastics market is segmented into Australia, China, India, Japan, South Korea, and rest of APAC. Furthermore, Basf SE; Biome Bioplastics; Braskem S.A.; Mitsubishi Chemical Corporation; Sabic; Teijin Limited; Toray Industries, Inc.; and Total Corbion PLA are among the leading companies in the APAC bioplastics market.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 2,114.22 Million |
| Market Size by 2028 | US$ 5,321.06 Million |
| Global CAGR (2021 - 2028) | 12.9% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | Asia-Pacific
|
| Market leaders and key company profiles |