Scienza e Tecnologia
Bioplastic Market to Garner $13.1 Billion, Globally, By 2027 at 13.8% CAGR, Says Allied Market Research
High consumer acceptance, renewable raw material sources, and eco-friendly properties that comply with government policies drive the growth of the global bioplastic market. However, high cost of end-users and limited performance hamper the market growth. On the contrary, decrease in dependency on petroleum resources, advancements in R&D, and growth in Corporate Social Responsibility (CSR) activities are expected to create lucrative opportunities for the market players in the future.
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By type, the non-biodegradable plastic segment held the largest share in 2019, accounting for more than half of the global bioplastic market. In addition, the segment is expected to register the highest CAGR of 14.7% during the forecast period. This is due to increasing use of non-biodegradable plastic in various applications such as packaging, automotive, agriculture as it offers low carbon life cycle and waste reduction properties. The report also analyzes the biodegradable segment.
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By application, the consumer durable segment is anticipated to portray the highest CAGR of 15.3% during the forecast period, due to application of bioplastics in consumer goods including disposable food service ware, lawn and garden equipment, personal care products, toys, and sporting goods. However, the packaging segment held the largest share in 2019, contributing to nearly two-thirds of the global bioplastic market, owing to the shifting trend of consumers from synthetic to biobased products in response to the growing environmental awareness.
By region, the market across Europe , followed by
North America , is projected to manifest the highest CAGR of 16.2% during the forecast period. This is attributed to the European legal framework and strategies that are expected to boost the extensive use of biobased plastic products. However, the global bioplastic market across
Asia-Pacific held the lion's share in 2019, accounting for more than two-fifths of the total revenue. This is due to increase in oil prices and fluctuation in climatic conditions that encourage government, private companies, and the public to use bioplastic in this region.
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Biodegradable Plastic Market: Global Opportunity Analysis and Industry Forecast, 2020–2027
Compostable Plastic Market:Global Opportunity Analysis and Industry Forecast, 2020–2027
Bioplastic Composites Market: Global Opportunity Analysis and Industry Forecast, 2017-2023
Starch based Bioplastics Market: Global Opportunity Analysis and Industry Forecast, 2017-2023
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