BIOPLASTIC COMPOSITES MARKET FOR INJECTION MOLDING ANALYSIS

Market Challenges And Opportunities

• Growing demand for environmental friendly and sustainable product 
• Increasing demand from transportation sector

• High cost of bioplastic 
• Limited performance of bioplastic

Global bioplastic composites market for injection molding Drivers:

Growing demand for environmental friendly and sustainable product to propel market growth

Growing consumer awareness regarding the usage of sustainable products and rising environmental concerns are the key factors that fuel the adoption of bio-based and biodegradable plastic materials among consumers. Bio-based and biodegradable polymers are the major materials that are incorporated into injection-molded bioplastics. Bio-based polymers are made from natural sources, such as cellulose and starch, while biodegradable polymers are made from plant oils or animal fats. They can be used in a wide range of industries, including food and beverage, cosmetics, chemical industry, and household cleaners. 

Growing demand from transportation sector to propel market growth

The growing demand for eco-friendly products in the transportation sector has fueled the market growth. For instance, Toyota is using polylactic acid (PLA) for producing spare wheel cover. The company launched a car in which 80% bioplastic is used for internal surface covering. It is also used for seat covers and carpet in automotive made from partially bio-based material.

Global bioplastic composites market for injection molding Opportunities:

Increasing demand from electronic sector is anticipated to provide significant market growth opportunities. The electrical and electronic appliances industry is another major sector, where bioplastics have gained popularity as a substitute for conventional materials. According to the India Brand Equity Foundation, the global electronics industry was estimated at US$ 2.9 trillion in 2020.

Growing awareness regarding the harmful effects of plastic is expected to bring bright market opportunities. Bioplastic is a type of plastic made from renewable resources such as plants and biomass feedstocks. The production of bioplastics involves the conversion of biomass into monomers such as lactic acid and polyethylene glycol (PEG), which are then turned into plastics.

Global bioplastic composites market for injection molding Restraints:

High cost of bioplastic to hamper market growth

There is a huge difference in price of traditional plastic and bioplastic materials. For instance, the price of the traditional PET resin available in the market is $2.1 per kg, whereas the price of Bio-PET resin is $2.3 per kg. Thus, high price of bioplastic composites is a major key factor hampering market growth.             

Limited performance of bioplastic to hinder market growth

Due to low melting point & transparency, first-generation polylactic acid is not suitable for few packaging applications for this high temperature resistance is required. Additionally, starch- based bioplastic composites are highly brittle, because of the low tensile strength.        Hence, limited performance of bioplastic is expected to hinder the market growth.