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Oct 8, 2020 9:00 AM ET

Global Bioplastics & Biopolymers Market Set For Rapid Growth, To Reach Value around USD 17.62 Billion By 2024

iCrowd Newswire - Oct 8, 2020

Zion Market Research has published a new report titled “Bioplastics & Biopolymers Market by Material Type(Regenerated Cellulose, Bio-polyethylene (Bio-PE), Starch Blends, Bio-Polyethylene Terephthalate (Bio-PET), Biodegradable Polyester, Polyhydroxyalkanoates (PHA), and Polylactic Acid (PLA)) and by Application (Agriculture, Consumer Products, Packaging, Automotive, Bottles, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017–2024”. According to the report, the global bioplastics & biopolymers market was valued at approximately USD 6.05 billion in 2017 and is expected to generate revenue of around USD 17.62billion by the end of 2024, growing at a CAGR of around 16.5% between 2018 and 2024.

The extensive use of bioplastics and biopolymers as consumer products is likely to drive the global bioplastics &biopolymers market growth in the forecast timeframe. Plastic has become an essential part of our day-to-day lives. Large amounts of plastic wastes are generated across the world, which mostly comes from household and industries, such as packaging, electronics, automobile, construction, and agriculture. Various organizations, such as the packaging and Packaging Waste Directive, Waste Framework Directive, and the European Environment Agency, have taken the initiatives to recycle plastic and recover energy. These factors are expected to increase the demand for bioplastics and biopolymers that are biodegradable and environment-friendly in nature.

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Keywords:    Bioplastics & Biopolymers Market

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