Bioplastic Packaging Market Information: by Type (Bio-PET, PLA, PBS, Bio-PP, and others), Application (Plastic Bottles, Packaging, and Others), and Region – Forecast Till 2023
Bioplastics are developed using biodegradable feedstock to reduce the problems caused by conventional plastics. The demand for conventional plastics is declining continuously because they are harmful to the environment. Furthermore, it is extensively dependent on the oil and gas industry for raw materials. Thus, the demand for the bioplastics is increasing continuously. According to the Market Research Future, the global bioplastic packaging market is thriving and is likely to gain further over the forecast period. The global bioplastic packaging market is forecasted to demonstrate an exponential growth by 2023, exceeding its previous growth records in terms of value with a considerable CAGR during the estimated period (2017-2023).
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Strict government guidelines against the consumption of non-recyclable plastics are fueling the growth of the market. For instance, in 2008, the China government launched a policy to ban plastic bags and focus on bioplastic products for packaging. High growth in the consumption of beverages and inventive packaging solutions are also expected to drive the market. Moreover, increasing awareness about sustainable packaging among the consumers and abundant availability of raw material in emerging economies have a positive influence on the growth of the market. Whereas the high cost of bio-based materials may hamper the growth of the market. Also, high complexity associated with the production of bioplastic packaging materials through agro-based raw materials is expected to challenge the market growth.
In March 2017, FKuR, the bioplastic producer, launched a new Bio-Flex Blends for home compostable films and packaging. It meets the stringent requirements of the French Energy Transition Law for plastic bags. The new Bio-Flex blends are designed for the production of low gauge films that will biodegrade completely in garden compost at low and variable temperatures.
In April 2017, Biome Bioplastics, U.K-based one of the leading developers of intelligent, natural plastics, has developed a plastic from plant-based sources intended for the production of takeaway beverage cups. The company has launched a range of bio-based plastics for cups and lids to enable retailers and packaging manufacturers to offer consumers a more sustainable option.
Some of the prominent players in the Bioplastic Packaging market include BASF SE, Dow Chemical Company, Koninklijke DSM N.V., Eastman Chemical Company, IFS chemicals, NatureWorks LLC, Metabolix Inc., Arkema Group, Novamont S.p.A., Albis Plastics, Innovia Films, Biome Bioplastics Limited., FKuR Kunststoff, Grace Biotech, and DaniMer Scientific LLC.
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On the basis of regions, global bioplastic packaging market is segmented as North America, Europe, Asia-Pacific and Rest of the World (RoW). European region dominates the global bioplastic packaging market followed by North America and the Asia Pacific. High adoption of green packaging solutions, as well as the stringent governing framework for synthetic polymers, is anticipated to provide an impetus to the growth of the market. In Europe, the supportive government policies that include helps the consumers to give preference towards procurement of biobased products. Also in EU, member states are reducing the taxes for biobased products.
South America region is expected to grow at the highest CAGR during the forecast period mainly due to abundant availability of raw materials like sugarcane and oilseeds in Brazil. Hence, many bioplastics manufacturers are opening their facilities in the region. Asia Pacific region is another major market for the bioplastic packaging. The demand for packaged and wrapped products has been increasing in the Asia Pacific region, mainly due to the changing lifestyle and the rise in purchasing power. This will lead to an increased demand for bioplastic packaging. China, India, and Indonesia are the major countries in the region. China accounts for the largest share in bioplastic packaging market in the Asia Pacific region.
Global bioplastic packaging market is segmented based on type, application, and region. On the basis of the type, the market is segmented into Bio-PET, PLA, PBS, Bio-PP, and others. Bio-PET segment dominates the market due to extensive use in bottling and packaging industries. It possesses similar properties to conventional PET. It is widely used in the manufacturing of various products such as bottles, food containers, bags, and carry-away cups. Growing demand for eco-friendly bottles and containers is expected to drive the growth of the market. PLA is expected to grow at the highest CAGR during the forecast period. This type of bioplastic is expected to be influenced by incorporation of nanotechnology-based packaging that ensures the safety of products and makes evironament-friendly. The growth of PLA is likely to be driven by its superior mechanical properties and ease of process ability.
On the basis of the application, the market is segmented as plastic bottles, packaging, and others. Packaging segment dominates the market in terms of application and is expected to be the fastest growing application over the forecast period. Bioplastics are broadly used in the packaging industry for food packaging, pharmaceuticals packaging, and goods packaging. It is increasingly used in the single-use packaging materials such as shopping bags. Additionally, growth in awareness about the environment pollution and ban on conventional plastics further boost the growth of the bioplastics market.
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The report for Global Bioplastic Packaging Market of Market Research Future comprises extensive primary research findings along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain deeper insight into the market and industry performance. The report gives a clear picture of current market scenario, which includes historical and projected market size in terms of value, technological advancement, macro economic and governing factors in the market. The report provides detailed information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
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