Bioplastics Industry Size Expected to Expands with Rising Trends for Biodegradable Products - Grand View Research, Inc.

Order your copy of the Free Sample of "Bioplastics Industry Data Book - Biodegradable Plastic, Polylactic Acid (PLA), Bio-based Polyurethane (PU) and Biopharma Plastics Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030" Data Book, published by Grand View Research Order your copy of the Free Sample  of " Bioplastics Industry Data Book - Biodegradable Plastic, Polylactic Acid (PLA), Bio-based Polyurethane (PU) and Biopharma Plastics Market Size, Share, Trends Analysis, And...

Order your copy of the Free Sample of "Bioplastics Industry Data Book - Biodegradable Plastic, Polylactic Acid (PLA), Bio-based Polyurethane (PU) and Biopharma Plastics Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030" Data Book, published by Grand View Research

Biopharma plastic polymers have received an impetus amidst an uptick in the use of plastic-made syringes. For instance, mastectomy in breast cancer treatment has become pronounced, spurring the demand for valves, syringes and medical disposable connectors. The global biopharma plastics market size amassed 7,817.56 kilotons in 2021 and is poised to depict a CAGR of 12.6% from 2022 to 2030.

Chemical companies have upped investments in biodegradable plastics for easy recyclability, less energy consumption, reduced petroleum consumption and increased compostability. Bullish government policies have underpinned the underlying trend. In December 2022, the USDA announced an infusion of USD 9.5 million for sustainable bioproduct manufacturing in the U.S. Virginia Polytechnic Institute and State University, one of the awardees, has proposed to convert food waste into biodegradable, PHA-based bioplastics. The global biodegradable plastic market size was pegged at 1,118.4 kilotons in 2021 and is slated to depict a CAGR of 16.2% through 2030. The expanding footfall of consumer plastics, such as rigid and flexible packaging and containers for food & beverages, will augur well for the growth outlook.

Go through the table of content of Bioplastics Industry Data Book to get a better understanding of the Coverage & Scope of the study

Some trends and opportunities that are likely to influence the global outlook:

Incumbent manufacturers envisage the U.S. and Canada to witness investment galore, partly due to e-commerce penetration and regulation on traditional plastics. The U.S. has set an audacious goal of replacing 90% of plastics, converting bio-based feedstocks into recyclable-by-design polymers over the next 20 years. The March 2023 report compiled by the White Office of Science and Technology Policy alludes to the bold goal of producing 20 commercially viable bio products with more than 70% reduced lifecycle GHG emissions. A boost to climate-friendly manufacturing will bode well for the bioplastics industry in North America. An emphasis on circular economy and awareness of sustainable packaging will further the regional footprint, prompting leading players to bolster their portfolios.

The competitive scenario indicates that well-established and emerging players will inject funds into organic and inorganic strategies, such as technological advancements, product launches, innovations, R&D activities, collaboration and mergers & acquisitions. To illustrate, in May 2023, Dow inked a deal with New Energy Blue for corn residue-made plastic materials. The chemical giant is expected to use bioplastic to minimize fossil fuel sourcing for production.

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