by Plastics have long played a pivotal role in horticulture, from aiding production and mechanization to facilitating global shipping. Historically, plants were confined to heavy and brittle clay pots due to the lack of alternative materials. However, the advent of lightweight molded plastics revolutionized the industry, allowing vegetable growers, greenhouses, and nurseries to scale up their operations, enhance efficiency, and expand their global reach. Over the years, plastic manufacturers have made strides in reducing waste through recycling and developing compostable plastics. Today, the plastic industry is increasingly embracing sustainability by harnessing bioplastics crafted from vegetable fats and oils, cornstarch, and soybean flour. This shift aligns with consumer preferences for environmentally friendly products, and as a result, major plastic manufacturers and packaging suppliers are directing their focus toward bioplastic technology, fueling the growth of the horticulture bioplastic market.
Government initiatives further bolster the horticulture bioplastic market, encouraging experts in the field to adopt sustainable and eco-friendly materials. Landfills present significant environmental challenges, necessitating the incorporation of bioplastics into horticultural practices. Greenhouse owners and gardeners can swiftly reduce the ecological footprint of plastic pots by embracing novel biodegradable materials. With the world generating a staggering 2.01 billion tonnes of municipal solid waste annually, of which at least 33% is improperly managed, there is a pressing need for bioplastics in horticulture to mitigate this issue, thereby propelling market growth.
Rapid urbanization is yet another driver contributing to the surge in landfills. The allure of improved job prospects, education, healthcare, and social amenities draws people to urban areas in search of a higher standard of living. In 2021, 4.46 billion people resided in urban cities worldwide, and this number is projected to reach 6.68 billion by 2050, with an additional 2.22 billion joining urban populations. This rapid urban expansion is expected to increase annual trash generation by 70%, reaching 3.40 billion tonnes by 2050. Consequently, the rise in non-disposable waste resources will further elevate the demand for bioplastics in the coming years.
Polyester Will Dominate Market due to Its Varied Application
Polyesters are poised to dominate the horticulture bioplastic market in the forecast period. The segment is experiencing heightened demand in applications such as carpets, rugs, mattresses, and various industrial products, catering to both residential and commercial flooring solutions. Additionally, the polyester segment is witnessing increased demand from end-use industries including home furnishings, healthcare, automotive, electronics, and construction. This surge in demand is fueled by the global construction boom and evolving fashion trends, offering opportunities for high-end polyester products characterized by durability, quick-drying capabilities, and easy maintenance.
North America will Acquire Major Share due to an Increase in Private & Public Investment
Currently, North America commands a significant share of the horticulture bioplastic market, and this dominance is expected to persist. Factors contributing to North Americas growth in this sector include the presence of key manufacturers, growing consumer awareness of health and sustainability, and government support. The region has witnessed a surge in retail sales, driving demand for bio-based packaging products. The expanding food service sector has also created substantial requirements for bioplastic trays and bottles. Moreover, ongoing investments and collaborations between public and private entities, such as the USD $1 billion initiative led by the US Department of Agriculture (USDA) to support climate-smart agriculture, will further propel the horticulture bioplastic markets growth in North America.
Global Horticulture Bioplastic Market: Competitive Landscape
In September 2021, Braskem, the worlds largest biopolymer producer, entered into a Memorandum of Understanding (MOU) with SCG Chemicals, one of Thailands leading integrated petrochemical companies, to invest jointly in a new bio-ethanol dehydration plant in Thailand. This plant will produce bio-ethylene and bio-based polyethylene, serving as a crucial raw material for the bioplastic market.
In April 2021, NatureWorks and IMA Coffee forged a strategic partnership aimed at expanding the market reach of high-performing biodegradable K-cups in North America. IMA Coffee, a global leader in coffee processing, handling, and packaging, will collaborate with NatureWorks to advance sustainable solutions in the coffee industry.
Key players in the global horticulture bioplastic market include Green Dot Bioplastics, Novamont SPA, Metabolix, Inc., BASF S.A., NatureWorks LLC, Corbion Purac, Braskem, Cardia Bioplastics, Biome Technologies Plc, FKuR Kunststoff GmbH, and Innovia Films.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/horticulture-bioplastic-market
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This press release first seen on Brilad
COMTEX_442048093/2840/2023-10-17T23:09:30
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.