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According to a report by Allied Market Research, the global bioplastics market size was valued at USD 238 billion in 2017 and is expected to reach USD 657 billion by 2024, growing at a CAGR of 18% from 2018 to 202
Eco-friendliness, favorable government policies, availability of renewable raw materials, and high consumer acceptance are driving the market grow.
On the other hand, the promotion of corporate social responsibility (CSR) and the reduction of dependence on oil resources, as well as the advancement of research and development, have created new opportunities for the indust.
The largest proportion of non-biodegradable plastics
The largest proportion of non-biodegradable plastics The largest proportion of non-biodegradable plasticsOn the basis of type classification, the bioplastics market is segmented into biodegradable plastics and non-biodegradable plasti.
Non-biodegradable plastics contributed the largest market revenue in 2018, accounting for nearly 2/3 of the total market share, and is expected to continue to dominate through 202 The segment is expected to grow at the highest CAGR of 22% from 2018 to 202
Non-biodegradable are divided into epoxy resin, polyurethane, polyethylene terephthalate (PET) and polyamide (PA), polyethylene (PE), ethylene-propylene-diene monomer rubber (EPDM) and Polytrimethylene terephthalate (PTT),e.
The rapid development of the global sustainable packaging industry coupled with the volatility of crude oil prices has driven the growth of the bio-polyester (Bio-PET) mark.
Rigid packaging offers lucrative growth opportunities
Rigid packaging offers lucrative growth opportunities Rigid packaging offers lucrative growth opportunitiesBioplastics have properties such as gloss, barrier effect, antistatic properties and printability for rigid packaging applicatio.
The rigid packaging industry accounted for nearly 1/3 of the market in 2018, and the industry is expected to maintain its revenue-leading market position by 2025 at a CAGR of 2
Europe will continue to lead the region
Europe will continue to be the leading region Europe will continue to be the leading regionBy region, Europe accounts for more than 2/5 of the total market share and is expected to maintain its leadership position throughout the forecast peri.
Favorable policies by European policymakers for bioplastics manufacturers and increasing use of bioplastics by German, Italian, and UK companies are the key factors driving the growth of the bioplastics market in the regi.
The Asia Pacific region is expected to expand at a CAGR of 24% from 2018 to 202
