“Bioplastics and Biopolymers – Global Market Trajectory & Analytics”, a report published by Global Industry Analysts Inc., presents new perspectives on the challenges and opportunities in the post COVID-19 marketplace.
Innovative materials such as bioplastics are quickly becoming an effective substitute to traditional plastics in order to reduce pollution. They are produced from organic, renewable sources in a cost-efficient way, and can biodegrade in a short lapse of time. Bio-plastics can also be digested by certain microorganisms living in the soil or sea.
During the COVID-19 crisis, the global market for bioplastics and biopolymers is anticipated to reach US $14.9 Billion by 2024, recording a compounded annual growth rate (CAGR) of 15.6% over the analysis period. Europe makes up the largest regional market for Bioplastics and Biopolymers, an estimated 35.2% share of the global total. The market is projected to reach US $5 Billion by the close of the analysis period. China is expected to upscale and emerge as the fastest growing regional market with a CAGR of 21.1% over the analysis period.
The market mainly driven by an increasing predilection for sustainable products among both consumers and brands, severe government regulations focused on reducing carbon emissions, toxicity, and improving human health; along with the constant efforts by bioplastics manufacturers to develop ground-breaking materials with new functionalities and better properties. The rising attention towards sustaining a green environment, changing consumer lifestyles and growing consumer awareness about protecting surroundings and increasing preference for natural polymers, which protect goods from damage while being distributed, stored or transported also support the growth in the bioplastics and biopolymers market.
Technological advances, along with government subsidies and taxes on traditional plastics are expected to result in introduction of innovative and sustainable bioplastics offerings, and augment market growth.
Growth in the European region is quickly diminishing landfill capacity; gas and fossil fuel dependence, growing need to inhibit GHG emissions; strong regulations in terms of certification and commercialization of new polymers, and increasing consumer awareness about sustainable practices. In North America, the rapid growth of polymer industries is contributing to the rising demand for bio polymers. Increasing awareness about environmental conservation and government regulations are driving demand for biopolymers in the Asia-Pacific region.