As individuals are adapting to the new normal due to the transformation of the global society as a result of the COVID-19 outbreak, new product development is growing prominent. Companies in the biodegradable plastics market are increasing their R&D capabilities to draw product innovations in order to revive market growth and contribute toward a cleaner planet.
Companies in the biodegradable plastics market are taking data-driven decisions before investing in new technologies. They are entering into mergers & acquisitions (M&A) in order to stay afloat during the pandemic, and collaborate on mission-critical projects in essential industries such as packaging, agriculture, and consumer goods. Manufacturers are increasing efforts to ensure business continuity by maintaining robust supply chains and after-sales services to establish long-term business relations with clients, customers, and partners.
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Exciting Bioplastic Innovations Triggering Market Growth
New bioplastics innovations and supportive public policies are contributing to the growth of the global biodegradable plastics market biodegradable plastics market. It has been found that Japan switched to plant-derived bioplastic wrappers for all rice ball offerings since July 2019. On the other hand, Germany has supported the use of certified bio-based and compostable biowaste plastic bags since 2015.
Exciting bioplastic innovations such as bioplastic containers made from rice starch with a high degree of thermal resistance and mechanical strength are grabbing the attention of consumers and companies alike. Manufacturers in the biodegradable plastics market are increasing production for edible food wrappers made from corn and shellfish byproducts. Lego kits are coming into the fore for containing sugarcane-derived bioplastics.
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Demand for 100% Bioplastics Driving Product Innovations with PHAs
The biodegradable plastics market is expected to cross the valuation of US$ 7.1 Bn by 2031. However, there is a need for 100% bioplastics, which are compostable, recyclable, and biodegradable and at the same time help reduce the global society’s carbon footprint relative to incumbent plastics. Hence, companies are investing in R&D to reduce their dependence on crude oil and minimize the amount of waste in landfills & oceans.
The growing demand for greener and safer products is triggering innovations in bioplastics made from polyhydroxyalkanoates (PHAs) that are being publicized for their intriguing biodegradability and physical properties that are comparable to polypropylene (PP).
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