High-Flying Figures Track Growth of Bioplastics and Other Key Materials
Bioplastics and biopolymers will post the largest compound annual growth rate by 2025 of nine materials surveyed by Plastics Engineering for this inaugural installment of Data Points. According to research consultant Markets and Markets Inc., of Northbrook, Ill., global demand for bioplastics and biopolymers will yield a 21.7 percent CAGR from 2020 to 2025, giving both a combined value of $27.9 billion in 2025.
That’s not surprising considering the emphasis that regulators, brand owners and the public put on sustainable and circular plastics. In fact, other materials with double-digit CAGR projections in this data snapshot include automotive composites and antimicrobial plastics.
Composites are growing in automotive for their structural benefits and high strength-to-weight ratio—a plus for lightweighting and meeting demanding mileage standards in both gasoline- and diesel-powered vehicles as well as electric platforms. Antimicrobial plastics received a major boost from the COVID pandemic and will continue growing as product makers and consumers look to minimize surface contaminants as much as possible.