Bioplastics industry continues to expand despite low oil prices
The bioplastics industry is continuing to see stable growth despite falling oil prices, representing a positive shift in business attitudes towards manufacturing low-carbon, resource-efficient products. and a lack of stronger political support to realise the potential of bio-based materials in Europe.
Data presented at the European Bioplastics Conference in Berlin this week reveals that the market for biodegradable plastic derived from biological substances rather than petroleum is expected to grow by another 50% over the coming years, even though oil prices continue to tumble.
Bioplastics production will increase from 4.2 million tonnes in 2016 to more than 6.1 million tonnes in 2021, according to the European Bioplastics data, compiled in co-operation with the Nova-Institute research group.
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