Global biobased polymer market to reach a value of $12.2bn by 2029
In India, Data Bridge Market Research reported that global biobased polymer market will reach a value of $12.2 billion by 2029, compared to a value of $7.92 billion last year.
According to the study, the market is expected to grow at a CAGR of 5.50% during the 2022-2029 period.
“One of the most important markets for bio-based polymers is packaging. These polymers provide outstanding clarity and gloss and resistance to food fats and oils and an aroma barrier. They also add stiffness, twist retention, and printability to the package. Biobased polymers are widely utilized in supermarket fruit and vegetable packaging, bread bags and bakery boxes, bottles, envelopes and display carton windows, and shopping or carrier bags, among other applications. Therefore, high utilization of biobased polymer in the packaging industry is estimated to carve a way for the market’s growth,” the report stated.
“Furthermore, the stringent regulatory policies on the consumption of synthetic polymers will further propel the growth rate of bio-based polymer market. Additionally, the favorable government initiatives toward biobased polymers will also drive market value growth. The decrease in dependency on petroleum resource is projected to bolster the market’s growth,” it added.
Category: Fuels
