Economic and Environmental Potential of the Bioplastics and Biopolymers Market
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Bioplastics are bio-based thermoplastics obtained from natural sources such as starch, sugar, and seaweed. Biopolymers are the broader class of materials that include bioplastics along with natural polymers such as wool silk, and chitosan. Bioplastics and biopolymers are witnessing strong demand due to the adverse effects of conventional, fossil fuel-derived plastics on the environment. Also, governments of various countries such as the US, the UK, Germany, France, and China are imposing stringent regulations and policies on the use of conventional plastics, offering immense growth potential to the bioplastics and biopolymers market over the forecast period.
Government regulations and policies have shaped the bioplastics and biopolymers market. Recognizing the environmental impact of conventional plastics, many governments worldwide have implemented stringent measures to promote the production and use of sustainable alternatives. Governments are increasingly incorporating sustainability criteria into public procurement policies by prioritizing the use of biobased materials, including bioplastics and biopolymers, in government-funded projects, thus creating a significant demand for these materials. Furthermore, the rising demand for eco-friendly plastics in the packaging industry is magnifying the global bioplastics and biopolymers market. Bioplastic and biopolymer packaging options include bags for agricultural foils, compost, nursery products, horticultural products, toys, and textiles.
Bioplastics and biopolymers offer an alternative approach to packaging and are a real solution to reduce traditional plastic use and waste. Factors such as growing environmental concerns and a global endeavor to lessen pollution are driving the demand for biodegradable plastics in the packaging sector across the globe. Thus, the growing demand for eco-friendly plastics in the packaging sector is a major factor boosting the growth of the bioplastics and biopolymers market growth globally.?
Some of the major key players operating in the global bioplastics and biopolymers market include Arkema SA, BASF SE, Mitsui Chemicals Inc, Cardia Bioplastics Australia Pty Ltd, Braskem SA, Saudi Basic Industries Corp, Corbion NV, Mitsubishi Chemical Holdings Corp, Novamont SpA, and Eastman Chemical Co.
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