Bioplastic Packaging Market is Expected to Surpass US$28.50 bn by 2020
A small number of companies operate in the global market for bioplastics packaging. Competition among them is intense. A noticeable trend in the market is the different strategies adopted by players, such as product innovation, in order to steal a march over their arch rivals.
Some of the big names operating in the global market for bioplastics packaging are The Dow Chemical Company (Dow), Metabolix, Inc., Novamont S.p.A, NatureWorks, LLC, Braskem S.A, Innovia Films, Ltd, BASF SE (Badische Anilin- und Soda-Fabrik), Arkema S.A., and Koninklijke DSM N.V.
A report by Persistence Market Research projects the global market for bioplastics packaging to pull in a revenue of US$28.50 bn by 2020. The market valued at US$4.34 bn in 2014, will attain the value by clocking a phenomenal CAGR of 36.8% from 2014 and 2020.
Products-wise, the key segments of the global market for bioplastics packaging are starch blends, bio-PET, PLA and PLA blends, and other biodegradables. Of them, the PLA and starch blend bioplastics are being used with nanotechnology-based packaging that makes them safe and serves to bring about safety of the products as well.
Geographically, the global market for bioplastics packaging can be divided into North America, Europe, Asia Pacific, and the Rest of the World (RoW). Asia Pacific, among them, is a key market that is expected to further its role as the major bioplastic production hub in Thailand, India, and China. The region is predicted to produce about three-quarters of bioplastics in the world by 2020. Europe is another key market, which will likely account for a limited 10% bioplastics production in world by 2020, despite exhaustive research and development in the field.
Majorly growing growth in the global bioplastics packaging solutions market is growing and sustainable packaging, especially from the food and beverage industry. This is because bioplastics are manufactured from renewables such as vegetable oils and fats, and starch corn, which makes them naturally recyclable. A rising number of discerning consumers who are increasingly concerned about the quality of food prefer the innovative packaging solution. Trays and bags of crafted form of biodegradable bioplastics are prepared for the freshness of perishable vegetables and fruits. Since they are more durable synthetic material and help augment shelf life.
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Apart from discerning consumers, another factor in the bioplastics packaging market is taking initiatives in different countries and regions in the world. Manufacturers attempting to make the bioplastics packaging materials more attractive, easily printable, and antistatic are thus positively impacting the market.
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Proving detrimental to the market, on the downside, is the inclusion of chemical additives in production of bioplastic packaging. This has generated concerns for the health on account of the toxicity it generates. In addition to the health concerns, the complexity of the processes for separation of bioplastics materials from the disposal sites, on the basis of resin types, are thus slated to restrain the market’s growth. High cost of bioplastics compared with petro-plastics, availability of raw materials, as well as issues of performance, quality, consistency, and density are hampering their demand too.
This report is titled „Bioplastics Packaging Market for Food and Beverages Will Reach $ 28,503.6 Million by 2020.“
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