Bioplastics Market Poised to Grow at 18.8 Percent CAGR by 2024
July 9, 2018
The global bioplastics market, which was valued at $21.12 billion in 2017, is projected to grow to a $68.57 billion market value by 2024, an 18.8 percent compound annual growth rate, according to market research firm ResearchandMarkets.
Bioplastics are obtained by converting sugar from plants into plastic. The sugar is obtained from corn, cane sugar, sugar beets, wheat, or potatoes. These organic substances make bioplastics sustainable and better for the environment compared to conventional plastics.
Bioplastics are typically used in the production of rigid packaging.
“Factors such as eco-friendly properties, increase in consumer awareness, growth in environmental concerns, and favorable government policies drive the growth of the bioplastic market,” says ResearchandMarkets. “However, high production cost and comparatively lower performance standards than synthetic plastics restrain the market growth to a certain extent.”
In 2017, Europe represented the largest market share in the global bioplastic market, and this is expected to continue through the forecast period. Regional industries have adopted bioplastics over conventional plastics with an objective of transforming Europe into a proper waste management region. Germany, Italy, and the U.K. are the major countries involved in the development and production of bioplastic in Europe.