The compound annual growth rate is 18.8%, and the global bioplastics market is expected to reach US$68.57 billion in 2024.

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According to a report by Allied Market Research, the global bioplastics market is $24.38 billion in 2017 and is expected to reach $68.57 billion by 2024, with a compound annual growth rate of 18.8% from 2018 to 2024.

Eco-friendliness, government preferential policies, supply of renewable raw materials and high acceptance of consumers have driven market growth. However, the high end-to-end user costs and the limited availability of bioplastics have hampered the growth of the bioplastics market.

On the other hand, the promotion of corporate social responsibility (CSR) and the reduction of dependence on petroleum resources and the progress of research and development have created new opportunities for the industry.

Non-biodegradable plastics account for the largest proportion

According to the type classification, the bioplastics market is divided into biodegradable plastics and non-biodegradable plastics.

Non-biodegradable plastics contributed the largest market revenue in 2018, accounting for nearly two-thirds of the total market share, and are expected to continue to dominate by 2024. From 2018 to 2024, the sector is expected to grow at a compound annual growth rate of 20.2%.

Non-biodegradable is divided into epoxy resin, polyurethane, polyethylene terephthalate (PET) and polyamide (PA), polyethylene (PE), ethylene-propylene-diene monomer rubber (EPDM) and Polytrimethylene terephthalate (PTT) and the like.

The rapid development of the global sustainable packaging industry coupled with fluctuations in crude oil prices has driven the growth of the bio-PET market. In addition, biopolyesters are expected to meet the automotive industry's growing demand for lightweight materials. The government's preferential policies will also promote the bio-polyester market as an environmentally friendly alternative.

Hard packaging opportunities provide lucrative growth opportunities

Bioplastics have properties such as gloss, barrier, antistatic and printability for rigid packaging applications. Bioplastic rigid packaging includes bottles, cups, cans, corrugated boxes, boxes and others.

In 2018, the hard packaging industry accounted for nearly one-third of the market share, and the industry is expected to maintain its revenue-leading market position by 2025 at a compound annual growth rate of 28.3%.

Europe will continue to maintain its leading position

By region, Europe accounts for more than 2/5 of the total market share and is expected to continue to maintain its leading position throughout the forecast period.

European policymakers' preferential policies for bioplastics manufacturers and the increased use of bioplastics by German, Italian and British companies are key factors driving the growth of the bioplastics market in the region.

The Asia Pacific region is expected to grow at a compound annual growth rate of 20.4% in the bioplastics market between 2018 and 2024.