Eco-friendly Plastic Bags are created using materials that will allow the bags to completely decompose after a period of time. They are also called biodegradable plastic bags, most of which are said to decompose in three years, although many completely disintegrate in less time. The bags leave no discernible trace and are completely harmless to the environment. Biodegradable plastic bags require two key elements in order to decompose. The bags need to be exposed to oxygen and light. Therefore, biodegradable plastic bags do not start to decompose from the date of manufacture, only after they have been exposed to light and air.
The plastic restriction orders of various governments have brought huge market opportunities to Eco-friendly Plastic Bags. With the implementation of these plastic restrictions, the Eco-friendly Plastic Bags market will usher in tremendous development. From 2019 to 2020, many countries have newly launched plastic restriction orders, and the Eco-friendly Plastic Bags market has grown rapidly. The global Eco-friendly Plastic Bags market was valued at US$ 1275.57 million in 2020 and will reach US$ 2393.49 million by the end of 2027, growing at a CAGR of 6.03% during 2022-2027.
Moreover, because of the awareness of environmental protection, demand of bioplastics increases fast globally.
The factors driving market development are both internal and external. External factors make bioplastics the attractive choice. This is reflected in the high rate of consumer acceptance. Moreover, the extensively publicised effects of climate change, price increases of fossil materials, and the increasing dependence on fossil resources also contribute to bioplastics being viewed favourably.
From an internal perspective, bioplastics are efficient and technologically mature materials. They are able to improve the balance between the environmental benefits and the environmental impact of plastics. Life cycle analyses demonstrate that bioplastics can significantly reduce CO2 emissions compared to conventional plastics (depending on the material and application). Furthermore, the increasing utilisation of biomass in bioplastic applications has two clear advantages: renewability and availability.
Due to low technical barriers, there are many production companies in the Eco-friendly Plastic Bags industry worldwide, especially in China. The Eco-friendly Plastic Bags market is very fragmented. At present, the major players of Eco-friendly Plastic Bags in the world include: BioBag, Walki Plastiroll Oy, RKW Group, Jiangsu Torise biomaterials, JUNER Plastic packaging, Chnpack, Symphony Polymers, EnviGreen, XCBIOA and Polybags, among which BioBag is the world’s largest Eco-friendly Plastic Bags manufacturer, its market share is about 4.88% in 2020. There are companies adding new capacities and aims at the cost and quality leadership which shall improve profitability. As the same time, companies are focusing on technological innovation, equipment upgrades, and process improvements, to reduce costs and improve quality.
Based on the product type, the Eco-friendly Plastic Bags is primarily split into Polylactic acid (PLA), Polyhydroxyalkanoate (PHA), Starch Blends, etc.. In 2020, Starch Blends accounted for the largest share with 45.29% in the global Eco-friendly Plastic Bags market. And this product segment is poised to reach 217.26 K MTs by 2027 from 91.74 K MTs in 2020. starch-based plastics are more cost competitive than alternative bioplastics. They can accommodate a wide range of physical properties that alternative bioplastics lack, such as tensile strength and heat tolerance. Starch composites can also incorporate recycled plastics.
Read More Information: https://www.qyresearch.com/index/detail/3160332/global-biodegradable-eco-friendly-plastic-bags-market
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