Compostable Plastic Market Size to grow by USD 2885.5 million between 2024-2028

Technavio, a leading provider of market research reports, has released its latest study on Compostable Plastic Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges.

Key Highlights:

• Market Research Overview: In the realm of business, the compostable plastic market represents a significant sector within the specialty chemicals industry. This market encompasses organizations specializing in high-value-add chemicals used in the production of eco-friendly plastic alternatives. According to market analysis by Technavio, the compostable plastic market size is determined by the combined revenue generated by these businesses. Key growth drivers for this market include the increasing demand for sustainable solutions and the shift towards compostable adhesives and sealants. - The Compostable Plastic Market is experiencing significant growth, fueled by the Growing use of compostable packaging. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

• Major Findings:
  • Growing use of compostable packaging
  • Environmental hazards associated with traditional plastics increasing demand for compostable plastics
  • High costs of compostable plastics compared with conventional plastics
  • Lack of clear information and guidance about compostable plastics
• Growth Projections

The market size is estimated to grow by USD 2885.5 million, at a CAGR of 19.16% during the forecast period. The global plastic crisis is escalating, with packaging being the largest consumer sector, accounting for over one-third of all plastic consumption. This issue is particularly pressing in marine environments, where plastic waste is projected to increase by 80% by 2040, amounting to 23-27 million metric tons annually. The environmental impact of plastic use is undeniable, necessitating a shift towards more sustainable alternatives. Enter the compostable plastic market, a burgeoning business solution. As public intolerance for single-use plastics grows and regulatory frameworks tighten, the demand for eco-friendly alternatives is on the rise. Compostable plastics offer a viable alternative, reducing environmental pollution at every stage of their life cycle.

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• Regional Insights

In the business realm, the compostable plastic market represents a significant growth opportunity. This sector caters to the increasing demand for eco-friendly alternatives to traditional plastic, with compostable plastics biodegrading naturally and reducing waste. Key players in this market include BASF SE, Danone SA, and Novamont S.p.A., who are investing in research and development to improve product quality and expand their offerings. The market's potential is further bolstered by government initiatives and consumer awareness campaigns promoting sustainable practices.

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