The fast-emerging bioplastic packaging market 2020 is noticing escalated growth, which has been recorded at an exponential CAGR by Market Research Future after an in-depth study. It has also noted down that the market has high chances to reach a higher valuation by the year 2023, which has been boosted by various factors from the world level. Such a growth scene will take place during the years of 2017 to 2023, which is stated to be the market’s forecast period. The market will gain maximum prominence during these years.
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Top Impacting Factors
MRFR, in its study, has emphasized a fact that the global market for bioplastic packaging is rising as there has been a considerable shift in preference from synthetically derived chemical products to eco-friendly substitutes. The bioplastic packaging market has also been mainly driven by the mounting alertness of the adverse effects of conventional plastics, which has steered both consumers and regulatory bodies to opt for bioplastic in place of conventional plastic. Worldwide, bio-PET and polylactic acid are the main types of bioplastics used in the bioplastics packaging market.
It has also been observed that chemical manufacturers have surged expenditure for the development of bio-based chemicals, having a pivotal intention to decline dependence on petrochemical feedstock, which is possible to amplify the accessibility of raw materials for bioplastic packaging products. In fact, it is the textile industry that is expected to be a lucrative application for bioplastic packaging in light of the rise in awareness towards the deployment of environment protection practices.
Also, the rising production of crude oil and natural gas in regions like the Middle East and Russia by companies in concern of reduction of oil prices is highly expected to have a positive impact on the bioplastic packaging market in the near future. In contrast, factor such as high complexity associated with the production of bioplastic packaging materials through agro-based raw materials is likely to be a challenging factor for the market to expand in the near future.
But on the brighter side, the factor such as surging demand for bio-based PET in packaging on account of rising RD expenditure by beverage manufacturers such as The Coca Cola Company and PepsiCo is highly likely to tap new markets over the forecast period.
Segmentation of Market: Bioplastic Packaging
The global bioplastic packaging market is also studied and segmented over various segments of application and type.
Among the type segment, the market has included PLA, Bio-PET, Bio-PP, PBS, and others. Bio-PET segment leads the market owing to extensive use in bottling and packaging industries. It possesses similar properties to conventional PET and is widely used in the manufacturing of various products such as food containers, bottles, carry-away cups, and bags. The growing demand for eco-friendly bottles and containers is expected to drive the growth of the market.
Among the application segment, the market has included packaging, plastic bottles, and others. The packaging segment leads the market by application and is likely to be the fastest-growing application over the forecast period. Bioplastics are mostly used in the packaging industry for pharmaceuticals packaging, food packaging, and goods packaging. It is gradually more used in single-use packaging materials such as shopping bags. With this, growth in awareness about environmental pollution and the ban on conservative plastics further improve the growth of the bioplastic market.
On the basis of regions, the global bioplastic packaging market is studied among various regions of Europe, North America, Asia-Pacific, and the Rest of the World (RoW).
Out of which, the European region leads the global bioplastic packaging market than other regions. Also, the high adoption of green packaging solutions, as well as the stringent governing framework for synthetic polymers, is the factors predictable to present an impulsion to the growth of the market. In Europe, encouraging government policies that include help the consumers to give preference towards the procurement of bio-based products is also emerging.
South America region also might expand at the highest CAGR during the forecast period, mainly owing to the plentiful availability of raw materials in Brazil. Hence, many bioplastic manufacturers are opening their facilities in the region.
Asia Pacific region is another primary market for bioplastic packaging. The packaged and wrapped products and its demand have seen to be surging in the Asia Pacific region, mainly owing to the changing lifestyle and the rise in purchasing power. Such a factor will lead to a risen demand for bioplastic packaging. Countries like China, India, and Indonesia are the major countries in the region, where China holds the largest share in the bioplastic packaging market in the Asia Pacific region.
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Top Market Contenders
The well-known players in the Bioplastic Packaging market are listed as Dow Chemical Company, BASF SE, Eastman Chemical Company, Koninklijke DSM N.V., NatureWorks LLC, IFS Chemicals, Arkema Group, Metabolix Inc., Albis Plastics, Novamont S.p.A., Biome Bioplastics Limited., Innovia Films, Grace Biotech, FKuR Kunststoff, and DaniMer Scientific LLC.
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