The market for global green & bio-based plastic additives is expected to grow at a CAGR of approximately 5% globally during the forecast period.
Growing demand for bio-based plastics for packaging applications and other reasons are driving the market growth.
The impact of COVID-19 and reasons are expected to hinder the market growth.
Key Market Trends
Growing Demand for Packaging Applications
– Green and bio-based plastic additives are bio substances that are added to plastics to increase the final and mechanical properties, performance, and other qualities in a positive and environmental friendly way.
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– The demand for bio-based plastics additives has been growing in developed as well as in developing regions because of environmental rules that are being implemented by the respective governments. Packaging is considered as one of the major applications for biobased plastic additives globally.
– Plasticizers are one of the most common functional bio-based additives that can improve the flexibility of plastics. Some of the end-use applications of plastics that require these additives are packaging, electronics, automotive, etc.
– North America and Europe are the regions that have high regulations on plastics, especially which are being used for food packaging, bottles, food storage purposes, and others. So, companies are looking forward to making bio-based plastic products and invest in bio-based plastics.
– North America is the largest market in the consumption of bio-based plastic additives followed by Europe as these regions have more demand from food processing units and other end-user industries, compared to other regions.
– Recently, the outbreak of COVID-19 in all regions is expected to decrease the growth rate of green and bio-based plastic additives market for the next two years as many production units have been closed due to lockdown and the outputs are not expected to witness any significant growth in near future.
– Increasing applications for environmentally friendly plastics, growing awareness in developing regions on plastics are expected to grow the demand for green & bio-based plastic additives through the years to come.
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