Dublin, Aug. 28, 2024 (GLOBE NEWSWIRE) -- The "Bioplastics Manufacturing in the US - Market Size, Industry Analysis, Trends and Forecasts (2024-2029)" report has been added to ResearchAndMarkets.com's offering.
During the current period, concerns over the future of petroleum-based plastics supported the need for recyclable and sustainable bioplastics. Volatility in the world price of crude oil influenced major plastics producers to search for an alternative. Despite oil price volatility, bioplastics remain more expensive than petro-based products.
Revenue has been falling at a CAGR of 1.7% through the end of 2024 to $677.8 million, including an expected jump of 0.5% in 2024 alone. Profit is also expected to slump to 3.9% of revenue in 2024, down from 7.6% in 2019. Market size is projected to grow over the next five years.
Trends and Insights
- Despite volatility in oil prices, bioplastics remain significantly more expensive than petro-based plastics.
- Manufacturers spend on research and development in an attempt to reduce unit costs. Starch-based bioplastics have gained popularity because of their sustainability.
- Imposed regulations have encouraged the increased use of environmentally friendly plastics. Manufacturers are concentrated in regions with significant manufacturing activity, like the Great Lakes.
- Also, manufacturers are located near major markets like packaging suppliers. Manufacturers primarily compete on price and quality.
- Manufacturers must produce high-quality products with minimal costs to compete with other bioplastic manufacturers and petro-based plastic products.
Rising demand has limited revenue declines for manufacturers
The need for bioplastic products has increased in recent years. Large companies joining the campaign for green packaging and growing environmental concerns about using petroleum-based packaging materials have contributed to rising consumer needs.
Key Highlights
- Environmental concerns and economic factors.
- Plastic product manufacturers are expected to enjoy solid demand as consumer spending continues to expand in the years to come. Rising purchases of plastic products will cause manufacturers to need more plastic, some of which will be bioplastics.
Key Topics Covered:
ABOUT THIS INDUSTRY
- Industry Definition
- Main Activities
- Similar Industries
- Additional Resources
INDUSTRY AT A GLANCE
INDUSTRY PERFORMANCE
- Executive Summary
- Key External Drivers
- Current Performance
- Industry Outlook
- Industry Life Cycle
PRODUCTS & MARKETS
- Supply Chain
- Products & Services
- Demand Determinants
- Major Markets
- International Trade
- Business Locations
COMPETITIVE LANDSCAPE
- Market Share Concentration
- Key Success Factors
- Cost Structure Benchmarks
- Basis of Competition
- Barriers to Entry
- Industry Globalization
MAJOR COMPANIES
OPERATING CONDITIONS
- Capital Intensity
- Technology & Systems
- Revenue Volatility
- Regulation & Policy
- Industry Assistance
KEY STATISTICS
- Industry Data
- Annual Change
- Key Ratios
JARGON & GLOSSARY
A selection of companies mentioned in this report includes, but is not limited to:
- NatureWorks LLC
For more information about this report visit https://www.researchandmarkets.com/r/jo7hqi
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