The global sustainable materials market is growing at a rapid pace owing to the increasing awareness of environmental hazards caused by conventional materials. Various government regulations coupled with shifting consumer preference towards eco-friendly products are boosting the demand for sustainable materials across industries. Major players are investing heavily in research and development to offer innovative solutions made from recycled raw materials. The market is expected to witness a double digit CAGR over the next five years on account of the rising adoption of bio-based and recycled plastics among others.
Market Dynamics:
The key drivers propelling the global sustainable materials market growth include stringent government rules regarding the use of plastic and stringent carbon emission norms. Moreover, the shifting preference of consumers towards sustainable products is positively impacting the market growth. However, high processing cost of sustainable materials compared to conventional raw materials may hamper the market expansion. On the opportunity side, continuous innovation in material science and growing infrastructure investment in developing nations are expected to unlock new avenues for the sustainable materials industry over the coming years.
Key features of the study:
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