Specialty & Fine Chemicals Industry Bioplastic Packaging Market Trends 2024

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Bioplastic Packaging Market Research Report - Industry Analysis,
Size, Share and Forecast to 2024 - Hexa Research
“Global Bioplastic Packaging Market size was
estimated at USD 3.61 billion in 2016 and is
expected to witness significant growth on account of
rising consumer awareness regarding the harmful
effects of synthetic plastics on the ecology.”
The Global Bioplastic Packaging Market to reach USD 34.24 billion by 2024, driven by the rising consumer
demand for resource efficient and eco-friendly products. Europe was the largest market accounting for 32.7%
of the volume share in 2016 due to supporting regulations coupled with consumer a wareness regarding the
conservation of the environment. North America and Asia Pacific followed suit, where the regions together
are expected to contribute USD 3.26 billion by 2024.
Keeping these driving factors in mind, companies are ramping up their production capacity as well as foraying
into R&D of application of new biopolymers into mainstream applications. For instance, in October 2016,
BASF and Avantium entered into a joint venture to form Synvina JV, which will manufacture and market FDCA
and PEF. Synvina JV has a production capacity of 50,000 metric tons per year for FDCA and PEF.
Moreover, companies are focusing on R&D to expand the utilization of different raw materials such as PBS,
PLA, and PBAT in various mainstream packaging applications. For instance, in April 2017, UK-based Biome
Bioplastics developed a fully compostable and recyclable coffee cup made entirely from bioplastic materials.
These factors together are expected to provide an impetus to the growth of the bioplastic packaging market
over the next seven years.
Browse Details of Report@https://www.hexaresearch.com/research-report/bioplastic-packaging-market
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