International sales of consumer goods have increased at a considerable pace over the last several decades. The creation of numerous employment opportunities, employing a large number of people having various skill levels, has increased the spending capacity of the people. In addition to this, the urban population has also grown considerably due to the factors mentioned above. Electronic goods and food and beverages are packed in plastics, which take up centuries to degrade. This has resulted in an increase in pollution levels and the creation of landfills, which have taken up a significant amount of land space. In line with this, various producers and manufacturers of food and beverage products and electronic goods are demanding packaging material that is biopolymeric in nature. Biopolymers have shown tremendous potential in replacing plastic packaging.
This type of packaging has also appealed to the modern consumer that is now environmentally conscious. Asia-Pacific is anticipated to have the highest growth rate. The sheer number of population, the thriving cosmetics industry in South Korea, and Japan, and the ever-growing sales of consumer products in emerging economies, such as India and Malaysia, among others, is likely to drive the growth of this market across the globe.
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Impact of COVID-19
The pandemic has resulted in global lockdowns at national and international levels. This has led to the closing down of many micro small and medium enterprises (MSMEs), which has resulted in job losses. These factors have considerably reduced consumer income, which is among the primary drivers for green chemicals and materials since the B2C segment is among the largest end-user of these products. In addition to this, there has also been a decrease in the prices of oil and gas, which has turned the attention of the industrial users towards using fossil fuels to meet the energy requirement, owing to the low prices. However, international climate change pacts and treaties is likely to put a restraint on such rampant and continued usage of conventional fuels in the long term.
Green Chemicals and Materials Market: Segmentation
" Crucial Insights The Report Provides:"
* Known and Unknown Adjacencies Influencing the Growth of Market
* Explorable Revenue Sources
* Customer Behaviour Analysis
* Target Partners
* Customized Geographical Data Based on Customers as well as Competitors
* Analysis of Market Size and CAGR between the Forecast PeriodsView Full Report Buy This Report Now