The bioplastics market in North America is experiencing a significant growth, with the United States leading the way. According to the „2024 Bioplastics Market Watch Report“ presented by the Plastics Industry Association, the US bioplastics industry is expected to see an annual revenue growth of 1.9 percent, reaching $1.2 billion by 2028.
Currently, North America holds a market share of nearly 19 percent in global bioplastics production capacity, placing it in second position behind Asia, which dominates with a market share of 55 percent. The European Bioplastics Association predicts that by 2028, Asia will further increase its production capacity, accounting for 71.5 percent of the global capacity.
This shift towards Asia signifies a trend where production capacities in other regions of the world are expected to decline. Despite this, the US market for bioplastics is on the rise, driven by consumer demand and environmental concerns surrounding traditional plastics. As more companies and industries embrace sustainable practices, the demand for bioplastics is set to continue growing.
In addition to reducing greenhouse gas emissions and dependence on fossil fuels, bioplastics offer opportunities for innovation and economic growth. The development of new bioplastic materials and technologies can create jobs, drive investment, and contribute to a more sustainable future.
As the bioplastics market in North America expands, there is potential for collaboration between government, industry, and consumers to promote the use of biodegradable and compostable materials. By supporting research and development in this field, stakeholders can work towards reducing plastic waste and mitigating environmental impact.
Overall, the growth of the bioplastics market in North America reflects a broader shift towards sustainability and eco-conscious practices. With continued investment and advocacy, bioplastics have the potential to revolutionize the plastics industry and pave the way for a greener, more sustainable future.