BPA Free Plastic Market Report
Government investments in next-gen electric vehicles and automotive & defense sectors have spurred global on-demand logistics growth.
WILMINGTON, DELAWARE, UNITED STATES, February 15, 2024 /EINPresswire.com/ -- Allied Market Research released a report titled "BPA Free Plastic Market" forecasting a global industry value of $187.3 billion in 2021, rising to $299.6 billion by 2031 at a 5% CAGR. This comprehensive analysis covers market trends, investment opportunities, value chain, competitive landscape, and key segments.
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Drivers, Restraints, and Opportunities
Government investments in next-gen electric vehicles and automotive & defense sectors have spurred global on-demand logistics growth, along with increased investment by key players in emerging markets. Despite this, the availability of substitute products may impede growth. Nevertheless, the expanding use of BPA-free plastic in sectors such as personal care, consumer goods, food & beverage, and pharmaceuticals is expected to create new growth opportunities.
Covid-19 Impact
The COVID-19 pandemic negatively impacted the market due to global lockdowns, disruptions in transportation, and material supply chains. The pandemic also decreased consumer spending, slowing market growth.
Key Material Segments
PET, accounting for one-third of the market, is expected to maintain its leading position due to its properties, including durability, clarity, light weight, non-reactivity, cost-effectiveness, and thermal stability. HDPE is forecasted to grow at the fastest CAGR of 5.5%, driven by its use in food and human consumption applications.
Key Application Segments
The food and beverage segment held the largest market share in 2021 and is expected to maintain its lead due to the benefits of BPA-free plastics in terms of flexibility, cost-effectiveness, lightweight, faster production, and extended shelf life. The segment is projected to have the highest CAGR at 5.2% due to increased demand.
Regional Outlook
Asia-Pacific held over half of the global market share in 2021 and is expected to maintain this lead, driven by increasing consumption of BPA-free products in the cosmetics, personal care, healthcare, and food industries, as well as changing lifestyles and increased consumption of packed food. The expansion of e-commerce and online apps has also contributed to market growth in the region. Europe, North America, and LAMEA were also analyzed in the report.
Key Players
Key players in the market include Altium Packaging, Amcor plc, Conagra Brands, Inc., Eastman Chemical Company, Orthex Group, Plastipak Packaging, Inc., PPG Industries, Inc., Taiyuan Lanlang Technology Industrial Corp., Thermo Fisher Scientific Inc., and Water Boy, Inc.
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About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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