Bioplastics Market Size Worth USD 25.27 Billion by 2027 | CAGR of 14.9%: Emergen Research

Bioplastics Market Size Worth USD 25.27 Billion by 2027 | CAGR of 14.9%: Emergen Research

PR Newswire

VANCOUVER, BC, Oct. 12, 2020

-  Increasing demand for the product in the packaging sector is one of the significant factors influencing the bioplastics market growth.

- Market Size – USD 8,231.8 Million in 2019, Market Growth - CAGR of 14.9%, Market Trends –Surging demand for bioplastics in additive manufacturing 

VANCOUVER, BC, Oct. 12, 2020 /PRNewswire/ -- The global bioplastics market is projected to be worth USD 25.27 Billion by 2027, according to a current analysis by Emergen Research. The bioplastics market is experiencing rapid growth attributed to its increasing demand in end-use applications, such as packaging, textile, automotive & transportation, consumer goods, agriculture, and building & construction. Besides, supportive government initiatives and subsidies to promote the growth of bioplastics are driving the market's growth. In 2018, the Japanese Ministry of Environment made an announcement for the inclusion of USD 45.0 million/JPY 5.0 Billion in the FY2019 budget for developing products manufactured from bio-plastics and provide subsidies to firms that make paper substitutes to plastic.

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The growing emphasis on waste management and sustainability is a significant factor driving the growth of the market. Waste management is a primary challenge prevalent across the globe. Efforts are being made to promote bioplastics' use, providing opportunities in urban waste (UW) as a new raw material source aimed towards environmental-sustainability and generation of biofuels. A few benefits of bioplastics comprise reduced carbon footprint, reduced consumption of non-renewable sources, savings in energy during production, decrease in non-biodegradable waste responsible for environmental pollution, and absence of any chemical that may pose a health hazard and hence are suitable for food packaging by keeping the flavor and smell intact.

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Key Highlights from The Report

To get leading market solutions, visit the link below: https://www.emergenresearch.com/industry-report/bioplastics-market

Emergen Research has segmented the global bioplastics market on the basis of type, distribution channel, application, and region:

Type Outlook (Revenue, USD Billion; 2017-2027)

Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)

Application Outlook (Revenue, USD Billion; 2017-2027)

Regional Outlook (Revenue, USD Billion; 2017-2027)

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At Emergen Research, we believe in advancing with technology. We are a growing market research and strategy consulting company with an exhaustive knowledge base of cutting-edge and potentially market-disrupting technologies that are predicted to become more prevalent in the coming decade.

With market-leading insights and an in-depth understanding of leading and niche technologies, our solutions address the most pertinent questions for your business needs. A major technological shift has been witnessed towards creating a 'Circular Economy,' fuelled by factors, such as the increased adoption of bio-based materials, along with other methods for achieving carbon neutrality. We are conversant in technologies, viz., Artificial Intelligence (AI), Augmented Reality (AR), Virtual Reality (VR), Robotic Process Automation (RPA), Smart Manufacturing, Internet of Things (IoT), Big Data Analytics, Machine learning, Nanotechnology, Edge Computing, Blockchain Technology, Cloud Computing, Vehicle Electrification, Advanced Maintenance Analytics, and Predictive Maintenance, among other prevalent and emergent technologies.

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