BOSTON, March 31, 2020 /PRNewswire/ -- The world has a
plastics problem. Every day, approximately 8 million pieces of
plastic make their way into the world's oceans and plastic
pollution can now be found on every beach in the world, from busy
tourist beaches to uninhabited tropical islands.
Bioplastics, plastics produced from biomass feedstocks, could
help solve the problem. Bioplastics such as polylactic acid,
polyhydroxyalkanoates and polybutyl succinate are biodegradable and
can have similar, if not identical, functionalities to their
fossil-based counterparts. Yet, despite their environmental
benefits, bioplastics are still struggling to wrestle market share
away from conventional plastics. The new IDTechEx report,
"Bioplastics 2020-2025", explores the factors helping and hindering
the adoption of bioplastics.
There are several barriers to more widespread adoption of
bioplastics. The major issue is that they are still more expensive
to produce than petrochemically-derived plastics. Despite a
majority of consumers saying they want brands that are sustainable,
few are actually willing to pay extra for it, with willingness to
pay falling sharply for products with a Green Premium over 5%. Oil
prices fell in 2014 and have stayed low since then, making it even
harder for bioplastics to compete on price. As a finite resource,
oil prices cannot remain this low forever, but until prices rise,
bioplastics producers will have to work hard to cut production
costs.
Another issue is that despite demonstrating proof of concepts in
an academic setting, the transition to industrial-scale production
is far from straightforward and many companies have gone bankrupt
trying to make the jump. A conservative approach to production
methods and the complexity of high volume fermentation do not marry
well. Furthermore, there is a dearth of capital investment to help
academic innovators and early-stage startups expand production,
both from VCs and from governments.
However, all is not lost. Governments are increasingly
introducing policy changes to help overcome these challenges. For
example, in 2018, the EU updated its Bioeconomy Strategy, making
funding available for circular economy projects, and in 2019 the
San Francisco Bay Area introduced
a range of restriction on single-use plastics. Bioplastics
companies are also increasingly employing innovative technical
approaches to reduce costs, including using synthetic biology.
However, it will still be a difficult road forward for bioplastics.
"Bioplastics 2020-2025", a new report by IDTechEx provides a
detailed technical evaluation of bioplastics and outlines the way
forward.
To connect with others on this topic, register for The IDTechEx
Show! USA 2020, November 18-19 2020, Santa Clara, USA. Presenting the latest emerging
technologies at one event, with six concurrent conferences and a
single exhibition covering 3D Printing and 3D Electronics, Electric
Vehicles, Energy Storage, Graphene & 2D Materials, Healthcare,
Internet of Things, Printed Electronics, Sensors and Wearable
Technology. Please visit www.IDTechEx.com/USA to find out
more.
IDTechEx guides your strategic business decisions through its
Research, Consultancy and Event products, helping you profit from
emerging technologies. For more information on IDTechEx Research
and Consultancy contact research@IDTechEx.com or visit
www.IDTechEx.com.
Media Contact:
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Marketing Coordinator
press@IDTechEx.com
+44-(0)-1223-812300
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SOURCE IDTechEx