Bioplastic Packaging Market segmentation, industry reports, market trends, and market outlook are now available from Adroit Market Research.
[UKPRwire, Fri Apr 26 2019] The bioplastics packaging market is projected to grow from USD 4.03 billion in 2017 and reach USD 28.5 billion by 2025, at a CAGR of 27.6% from 2018 to 2025. The global bioplastics packaging industry is segmented based on product, raw material, application, and geography.
The global bioplastics packaging market report also includes qualitative insights of the market such as drivers, restrains, value chain, regulatory framework and trade statistics. The value chain of the global bioplastics packaging industry has been analyzed in detail covering key stages.
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This tremendous growth in terms of revenue is hugely attributed to the rising environmental and social crisis arising from the self-disposal and renewability problems of the petroleum derived packaging materials. The rapidly increasing societal awareness regarding the environmental impact of food and packaging wastes have led to the growth in the bioplastics packaging market share in recent times.
Synthetic polymers and petrochemical based plastics which include polyamides (PA), nylon, Teflon, polystyrene (PS), polyethylene terephthalate (PET), polyethylene (PE), etc. have been extensively in food packaging due to their excellent rheological and thermal properties, easy installation for a diverse range of applications, gas and water resistance properties, and low cost. However, the high volume of consumption of plastics have led to the depletion of fossil fuels as well as the societal demands for products with reduced environment effects are not met. This has led to the rise in the demand for the environment friendly bioplastics packaging materials.
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Bioplastics packaging materials are made out of renewable sources such as vegetable oil, potato starch, corn starch, fibers obtained from pineapple, jute, hemp, and banana stems among others. There is a high demand for bioplastics packaging material market from the organic food and premium and branded product wrapping companies with specific packaging requirements. Bioplastics packaging materials have been extensively applied in the packaging of both long-shelf life and short-shelf life products. This is majorly because of rising consumer awareness regarding the environmental hazards caused from the wastes of food packaging materials. Bioplastics packaging enables food wasted to be composted without having to remove the packaging. The global bioplastics market share is expanding due to the advantage of disposal of used packaging materials in an ecologically safe manner and thereby promote sustainability.
Global Bioplastics Packaging Market Investment Opportunities, By Region, 2017 & 2025
Packaging from bio based plastics have been developed throughout the last decade with the introduction of new materials such as PLA, PHA, cellulose, and starch based materials. The global bioplastics packaging market size is dominated by bioplastics PET, generating the highest revenue. BioPET has found extensive application in manufacturing plastic bottles as its mechanical and thermal properties are similar to the oil-based PET. The bioplastics packaging technology has witnessed significant progress with continued R&D activities being carried out for the development of 100% renewable bio-based PET.
The global bioplastics packaging market share is majorly held by Europe region due to its vast applicability in many industry verticals. Furthermore, governments in this region is fostering the usage of bioplastics packaging materials by formulating policies for innovative and resource efficient packaging solutions to tackle the issue of climate change. The EU 2020 strategy which focusses on the transition from a fossil-based economy to a bio-economy is also a major driver which expected to propel the bioplastics packaging material market in this region, during the forecast period.
Global bioplastics packaging market share is fragmented with the presence of global and regional players. These companies are engaged in the continuous development of new bio-based monomers to maintain an edge over their competitors. For instance, in March 2015, Floreon Transforming Packaging Ltd., a UK based bioplastics manufacturer secured a global patent for its bioplastics material, Floreon. It is a novel biodegradable polymer blend based on polyester and a bioplastic called polylactic acid (PLA).
Key segments of the global bioplastics packaging market
Product Overview, 2015-2025 (Kilo Tons) (USD million)