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HomeBusinessBiodegradable Plastics Market to Grow USD8,971.32 Million By End of 2025 – Valuates Reports

Biodegradable Plastics Market to Grow USD8,971.32 Million By End of 2025 – Valuates Reports

05 November 2020: New Biodegradable Plastics Market Research Report published by Valuates Reports and it covers Global Opportunity Analysis and Industry Forecast to 2025. Global Biodegradable Plastics Market is expected to grow from USD 4,587.94 Million in 2019 to USD 8,971.32 Million by the end of 2025 at a Compound Annual Growth Rate (CAGR) of 11.82%.

Major factors driving the growth of the biodegradable plastics market are strict government regulations banning the use of traditional plastics, raising people’s incomes in emerging economies and increasing public perception of their ill-effects.

Bioplastics are a substitute for conventional petroleum-based plastics is perhaps the most comforting part of investing in bioplastics. Plastics are an integral part of manufacturing, as demand and markets are already developed.

The bioplastics serve as the main component in taking the plastics industry out of a wasteful linear economy and into a circular economy. Their increased use, not only in environmental and economic situations but also in terms of practical impacts, is expected to increase bioplastics market size.

Governments restricting the use of single-use plastic, coupled with the growing public perception of plastic waste’s negative impact, are among the main factors that drive the biodegradable plastics market size. In addition, increases in the use of biodegradable plastics in packaging and agriculture are expected to complement the growth in the industry.

In an emerging need for lightweight materials, the automotive industry has been forced to let go of petroleum plastic and adapt biodegradable plastics in its operations in order to keep a check on carbon footprints and preserve environmental conservation. This growing adoption from the automotive industry is expected to fuel the growth of the biodegradable plastics market size.

Market development is adversely affected by the high cost of biodegradable plastic relative to its traditional counterparts. However, new bioplastics produced at lower prices from tropical fruit skins are expected to provide lucrative growth opportunities during the forecast period.

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