Market Size of Biodegradable Plastics in China (2017 – 2021)
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The Market value of Biodegradable plastics in China reached $765.2 million in 2021
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During the same period, the industry witnessed a Market volume of 242.9 thousand tonnes
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The industry recorded a historical decline (CAGR) of 0.9% between 2017 and 2021 in terms of value, while the underlying market volume declined (CAGR) by 5.0% between 2017 and 2021
Market Size of Biodegradable Plastics in China (2017 – 2021)
Eco-friendly properties of bioplastics, consumers’ acceptance of plant-based products, legislative backing for the development of degradable packaging materials, and abundant supply of renewable raw material sources to produce bioplastics are some of the major factors propelling the market for bioplastics. Bioplastic production is highly energy efficient as it requires 65% less energy in comparison to the manufacture of conventional plastic. It also significantly reduces wastage as these materials do not have any toxicity and can degrade easily and emit lower amount of greenhouse gases (GHG) during degradation. Furthermore, increased demand for bioplastics is expected to reduce the consumption of petroleum used for the production of conventional plastic by 15–20% by 2025.
Bioplastics are produced from natural resources such as vegetable oils and starches. They can be segregated into bio-based, non-biodegradable plastics, and biodegradable plastics. Biodegradable plastics are considered fully green as they are made from renewable resources. Bio-degradable plastic is called circular when it comes to managing waste because its components are mostly either reused or recycled.
The global market for biodegradable plastics is projected to grow at a compound annual growth rate (CAGR) of more than 24% during 2021–26. China is one of the largest producers of bio-degradable plastic along with Germany, the United States, Brazil, and Canada among the top five countries. China’s bio-degradable plastic market was valued at $765 million in 2021 with market volume of 243 thousand Tonnes. The country’s market declined at a CAGR of 0.9% during 2017–21 in terms of value, and the volume also declined t a CAGR of 5.0% during 2017–21.
The European Union and the United Nations are the major advocators and motivators of the bioplastics market. Major economies such as the US and China, along with the EU member countries, have unveiled significant bio-economy strategies, and the list of other countries producing their bio-economy strategies is growing. Owing to the presence of a significant number of countries in the UN and the EU, the Bioeconomy Strategy and Action Plans could stimulate policy actions directly targeting the bioplastics market. A crucial step for the governments could be to implement measures aimed at the development of essential scale-up facilities and demonstrator plants, perhaps via public-private partnerships.
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