Bioplastics are derived from crops like corn, cellulose and sugarcane. High availability of favorable government initiatives and renewable feedstock has enabled manufacturers to adopt bio-based plastics. Surge in adoption of recyclable products and improvement in scope of bioplastics all over the world has driven the growth of the global bioplastics market.
Market Dynamics
The global bioplastics market has witnessed significant growth in recent past years, owing to the rising wide spread awareness among consumers regarding environmental safety and benefits of bioplastics are the key factors propelling growth of bioplastics market. Moreover, initiatives of regulatory bodies recommending adoptions of eco-friendly alternatives by the manufacturers, will further boost growth of the bioplastics market during the forecast period. This is expected to propel the growth of the bioplastics market all over the globe.
Major players in the global bioplastics market are increasing their investment on innovative product launchings, research & development and marketing & promotional activities from bioplastics to capitalize on emerging trends in various end-use industries such as food & beverages, packaging, automotive, consumer goods, agriculture and others. This is expected to fuel the market during the forecast period.
Increasing investment in the bioplastic for boosting production is expected to provide lucrative opportunities to the market. For instance, in January 2020, Stora Enso announced that it is investing US$ 10 million to build an experimental plant for enabling the production of bio-based plastics as a barrier in transparent packaging. The new plant will transform plant-based sugars into the renewable building block that is essential to make PEF, a biobased plastic, mainly targeting the food and beverage market. Increasing ban on single-use plastic especially across Europe and North America is projected to drive the bioplastics market in the near future.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective.
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