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Triple increase is expected in Chinese bioplastic market by 2026
Release time:
2024-07-12
Triple increase is expected in Chinese bioplastic market by 2026.
A report from the Nova Institute in Germany predicts a compound annual growth rate (CAGR) of 49%.The bioplastics industry in China is expected to grow significantly, increasing from approximately 766,000 tonnes in 2023 to over 2.5 million tonnes by 2026.
The report stated that the rapid growth of China's bio-based plastics industry is mainly driven by policy incentives.
In 2021, a significant policy initiative was introduced, which was the 14th Five-Year Plan for the Development of the Bioeconomy.
In 2023, the Chinese government implemented the Three-Year Action Plan to Accelerate the Innovative Development of Non-Food Bio-based Materials, along with other policies and regulations, to encourage the use of bio-based and biodegradable materials.The goal is to make non-food, bio-based products competitive with fossil-based products by 2050.
Nova points out that policies and investments from private equity firms have not only contributed to industry expansion, but have also resulted in excessive structural capacity.The annual production capacity of PLA and PBAT was 1.5 million tonnes, with actual production reaching only 260,000 tonnes. It is projected to increase to 3.6 million tonnes by 2025.It is expected to reach 3.6 million tonnes by 2025.Nevertheless,the market is only expected to reach 2.5 million tonnes, indicating an excess of capacity in the biodegradable plastics market.
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