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Bioplastic Packaging Market Analysis and In-Depth Analysis on Market Dynamics, Emerging Trends, Growth Factors and Sales Forecast to 2024
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On the basis of technology through which the bioplastic is obtained, the bioplastic packaging market is categorized into injection molding, bioplastic directly extracted from biomass, pelletizing, non-biodegradable bio-derived thermoplastics, biodegradable polymers synthesized from petrochemicals, bioplastic synthesized from bio-derived monomers, bioplastic produced by natural or genetically modified organisms (GMO), and others.
Major driver identified in the bioplastic packaging market is the growing focus of governments across various nations to incentivize the companies producing bioplastics, while simultaneously regulating the capacity expansion of conventional plastics. The net benefit to a country adopting bioplastics on a mass scale is prevention of ecological damage that would have been caused by conventional plastics. Furthermore, this also removes the need for further resources to fix the damage.
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With rapid urbanization and industrialization, demand for packaging is growing exponentially in emerging economies. The growing demand for eco-friendly, advanced, and effective packaging in Asia-Pacific countries such as China and India is boosting the growth of the bioplastic packaging market. In the coming years, emerging countries are expected to undertake environment-friendly approach for packaging solutions due to strict regulations and supports by the governments. This will create opportunity for the advanced bioplastic packaging solutions in the emerging economies.
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