Oxo-Biodegradable Plastic Packaging Market: Outlook
The oxo-biodegradable plastic packaging market is anticipated to observe waves of growth across the assessment period of 2024-2030. The packaging industry is making strides across the globe. The utilization of different types of packaging has increased enormously over the years and will continue expanding in the future.
In response to the rising pollution, bioplastics and eco-friendly plastics have emerged as a feasible alternative to traditional plastics. These plastic types are recyclable and help in reducing the pollution levels caused due to plastic. Oxo-biodegradable plastic is a type of plastic that helps in conserving the environment. Thus, based on this aspect, the oxo-biodegradable plastic packaging market is expected to gain tremendous growth across the forecast period of 2024-2030.
Oxo-biodegradable plastics are conventional polymers. Chemicals are added to this type for accelerating the fragmentation and oxidation of the material with heat, oxygen, or UV light. The process of oxidation ensures faster polymer conversion into fragments. It is a type of degradable plastic that is fully recyclable. Oxo-biodegradable plastic packaging is no different in terms of features and feels of normal plastic unless exposed to heat or UV light for long periods.
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Oxo-biodegradable plastic packaging has various material types such as polyethylene (PE), polyethylene terephthalate (PET), polyvinylchloride (PVC), metal salts, and polystyrene (PS). On the basis of packaging type, the oxo-biodegradable plastic packaging market can be classified into food bags, garbage bags, bin liners, shopping bags, and sacks.
Oxo-Biodegradable Plastic Packaging Market: Competitive Analysis
The oxo-biodegradable plastic packaging market is highly fragmented with a large number of players in the fray for gaining a top position among others. The players in the oxo-biodegradable plastic packaging market are involved in strategic collaborations. These collaborations help the players to strengthen their foothold. Furthermore, the players in the oxo-biodegradable plastic packaging market invest heftily in research and development activities.
Some key players in the oxo-biodegradable plastic packaging market are EPI Environmental Technologies Inc., Symphony Environmental Technologies PLC, and Wells Plastics Ltd.
Oxo-Biodegradable Plastic Packaging Market: Key Trends
The utilization of oxo-biodegradable plastic packaging across food and beverages, pharmaceuticals, healthcare, household, personal care, and industrial may bring tremendous growth opportunities for the oxo-biodegradable plastic packaging market through the assessment period of 2024-2030.
The rising need for environment-friendly packaging solutions and the escalating support of the governments of various countries is expected to bring tremendous growth opportunities for the oxo-biodegradable plastic packaging market. The benefits attached to oxo-biodegradable plastic packaging may bring extensive growth opportunities for the oxo-biodegradable plastic packaging market during the tenure of 2024-2030.
Oxo-Biodegradable Plastic Packaging Market: COVID-19 Impact
The novel coronavirus outbreak has affected the growth projections of various sectors and businesses around the world. The oxo-biodegradable plastic packaging market is no exception. The strict lockdown restrictions and the closure of manufacturing facilities had a huge impact on the production and demand of the oxo-biodegradable plastic packaging. The border restrictions added to the woes.
However, the relaxations in lockdown restrictions and the gradual opening of manufacturing facilities and production units will prove to be a relief for the players in the oxo-biodegradable plastic packaging market. The post-lockdown era will be a good opportunity for the oxo-biodegradable plastic packaging market to incur growth.
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Oxo-Biodegradable Plastic Packaging Market: Regional Prospects
The oxo-biodegradable plastic packaging market in Asia Pacific is expected to gain prominent growth across the assessment period of 2024-2030. The growing adoption of these products across the region may prove to be a profitable growth contributor. The Middle East and Africa are also prognosticated to gain profitable growth for the oxo-biodegradable plastic packaging market during the forecast period. The growing awareness about these plastics may prove to be a golden opportunity.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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