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Oxo-Biodegradable Plastic Packaging Market Projected to Witness a Single-Digit CAGR During 2016 - 2024
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Global Oxo-Biodegradable Plastic Packaging Market: Drivers, Restraints, and Trends
Raising consumer awareness towards eco-friendly products, growing environmental concerns, and changing consumer preference towards cleaner and eco-friendly substitutes from synthetic products is anticipated to drive demand for oxo-biodegradable plastics. Furthermore, growing food & beverage industry, and pharmaceutical industries are boosting the demand for oxo-biodegradable plastics.
However, higher costs involved with oxo-biodegradable plastics is the limiting factor for the growth of the global oxo-biodegradable plastic packaging market.
The key trend observed in the market ring processes along with strong R&D, and implementing growth strategies such as collaborations and agreements.
Global Oxo-Biodegradable Plastic Packaging Market: Segmentation
The global oxo-biodegradable plastic packaging market is segmented on the basis of material type and end user industry.
On the basis of material type, the global oxo-biodegradable plastic packaging market is segmented into:
PLA (Polylactic Acid or Polylactide)
PHA (Polyhydroxyalkanoates)
On the basis of end user industry, the global oxo-biodegradable plastic packaging market is segmented into:
Food and Beverage Industry
Packaging Industry
Pharmaceutical Industry
Textile Industry
Agriculture and Composting Industry
Global Oxo Biodegradable Plastic Packaging Market: Regional Outlook
Based on the geographies, the global oxo-biodegradable plastic packaging market is segmented into five key regions, namely North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. global oxo-biodegradable plastic packaging market, this is owing to increasing environment consciousness and spending population. Owing to the implementation of strict guidelines and regulations regarding environment safety, and tax imposition on the use of petroleum-based plastics in Ireland and Germany, Europe is anticipated to exhibit lucrative growth during the forecast period. Owing to changing lifestyle pattern coupled with increasing demand for packaged food products in AsiaPacific is expected to drive the demand for oxo-biodegradable plastics. Latin America is expected to show favorable growth on account of an advanced manufacturing process and technological advancements in the value chain. Owing to growing oil and gas industries in MEA is anticipated to grow at modest growth rate over the forecast period.
To view TOC of this report is available upon request @ https://www.persistencemarketresearch.com/toc/11947
Global Oxo-Biodegradable Plastic Packaging Market: Key Players
Some of the major players identified in the global oxo-biodegradable plastic packaging market include
BASF SE
Smurfit Kappa Group
WestRock Company
Mondi
Biopac
Corbion
Stora Enso
Metabolix, Inc.
Georgia-Pacific
Cereplast Inc.
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