Pune, India, January 2019/MRFR Press Release/- Market Research Future has published a half-cooked research report on the Global Bioplastic Packaging Market.
The biodegradable feedstock is used to develop Bioplastics that can reduce the problems caused by conventional plastics. Market Research Future (MRFR) has published a report on the global bioplastic packaging market that foresees growth for this market between 2022 and 2030. Analyzing the market structure, this report offers insights about factors affecting the market growth. Measuring the market size and foretelling the revenue, this reports covers and observes the competitive developments of market players that include joint ventures, mergers and acquisitions, new product developments, research and developments (R&D), and strategic alliances.
The key factor that is driving the global bioplastic packaging market growth is the stringent government regulations against the consumption of non-recyclable plastics driving the growth of the industry. Other factors aiding the market growth include the availability of raw material for making bioplastic, growth in awareness about the environmental pollution, growing demand for eco-friendly bottles & containers, ban on conventional plastics, and increased awareness among consumers about sustainable packaging. However, the high cost of bio-based materials and high complexity associated with the production of bioplastic packaging materials through agro-based raw materials are the factors that can hinder the market growth.
The global bioplastic packaging market has been segmented into the application, type, and region. The application-based segmentation segments this market into packaging, plastic bottles, and others. Packaging segment is dominating the market in terms of application. During the forecast period, it is expected to be the fastest growing application. In the packaging industry, Bioplastics are used for food packaging, pharmaceuticals packaging, and goods packaging. It is used is prevalent in the single-use packaging materials such as shopping bags.
By type, the market has been segmented into Bio-PET, Bio-PP, PBS, PLA, and others. Among all segments, Bio-PET segment is dominating the market due to its extensive use in bottling and packaging industries as it has properties similar to conventional PET. It used for manufacturing bags, bottles, carry-away cups, and food containers. PLA market can grow during the forecast period due to its ease of process ability and superior mechanical properties.
The regional segmentation of the global bioplastic packaging market can segment the global market into regional markets known as the Asia Pacific, North America, Europe, and the rest of the world (RoW). Europe is the largest regional market. In this region, the market growth is due to high adoption of green packaging solutions, the stringent governing framework for synthetic polymers, and the supportive government policies that aid the consumers to give preference towards procurement of biobased products. In the European Union, the member states are reducing the taxes for biobased products. The key country-specific markets in Europe are France, Germany, Spain, and the UK, followed by the remaining countries of Europe.
North America is an important regional market because it is an industrialized region and various industries require bioplastic. Europe like laws to curb environmental pollution and government initiatives are in North America too. In this region, the primary country-specific markets are USA and Canada. South America also the potential to grow as a market due to the presence of strong economies like Argentina and Brazil. Brazil has raw materials like sugarcane.
Asia Pacific region is another major regional market. In this region, the market is growing due to the demand for packaged and wrapped products. Other factors aiding market growth are the changing lifestyle and the rise in purchasing power. Notable country-specific markets in this region are China, India and Indonesia are the major countries in the region. China holds the largest market share in this region. Other country-specific markets are Australia, Japan, and South Korea, followed by the remaining countries of the Asia Pacific region.
In the RoW segment, countries of the Middle East & Africa (MEA) have been covered.
The key players in the global bioplastic packaging market include Arkema Group (France), BASF SE (Germany), Biome Bioplastics Limited. (UK), DaniMer Scientific LLC (USA), Dow Chemical Company (USA), Eastman Chemical Company (USA), FKuR Kunststoff (Germany), Koninklijke DSM N.V. (the Netherlands), Metabolix Inc. (USA), NatureWorks LLC (USA), and Novamont S.P.A. (Italy).
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