Global Bioplastic Packaging Market Size, Share, Growth, Trends, Analysis, Future Scope: by Type (Bio-PET, PLA, PBS, Bio-PP, and others), Application (Plastic Bottles, Packaging, and Others), and Region – Forecast Till 2023
Bioplastic Packaging Market Overview
Sourced from biodegradable feedstock, bioplastics are now finding tremendous traction in the market. The reason is a gradual shift towards eco-friendly ways. The global bioplastics market is all set to gain remarkable momentum during the forecast period (2017-2023) and scale unprecedented valuation by the end of 2023. Market Research Future (MRFR) in their report on the bioplastic packaging industry mentioned several factors that can impact the market in the coming years.
The bioplastic packaging industry is expected to gain more from the strict imposition of law by governments to curb carbon footprint. At the same time, the awareness related to the use of bioplastic packaging industry is also growing which can have a bolstering effect on the market. Emerging economies are also going to influence market intake. Agro-based materials are also making it easier for the bioplastic packaging industry to percolate at different levels.
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There are several companies involved in the global bioplastic packaging market of which a few are impacting it by bringing in new strategies. These implementations are to trigger their own growth and take the global market ahead. These companies are
- Dow Chemical Company
- BASF SE
- Eastman Chemical Company
- Koninklijke DSM N.V.
- NatureWorks LLC
- IFS chemicals
- Arkema Group
- Novamont S.p.A.
- Metabolix Inc.
- Innovia Films
- Albis Plastics
- FKuR Kunststoff
- Grace Biotech
- Biome Bioplastics Limited.
- DaniMer Scientific LLC.
In April 2019, CuanTec announced their intention of developing packaging film using shrimp shells. In their endeavor, they have found a partner in Waitrose UK supermarket. The market is planning to substitute the use of traditional plastic in their fish packaging with this one to go organic and reduce carbon footprint as much as possible.
MRFR’s recent report on the global bioplastic packaging market has segmentation based on type and application. This segmentation enables a much precise look at the market with special focus on volume-wise and value-wise data.
On the basis of type, the bioplastic packaging market comprises Bio-PET, PLA, PBS, Bio-PP, and others. The bio-PET segment has the maximum market revenue due to its prolific use in bottling and packaging industries. Its applications are quite similar to that of PET bottles and with growing demand for eco-friendly bottles and containers, all across the world, it is expected to enjoy traction even more. The PLA is expected to follow the suit of bio-PET during the forecast period.
Application-wise, the bioplastic packaging market includes plastic bottles, packaging, and others. The global market is getting helmed by the packaging segment. At the same time, its growth is anticipated to be the fastest during the forecast period. Its use takes place mostly in the food packaging, pharmaceuticals packaging, and goods packaging. The market is becoming more demanding for the It is getting much recognition from the single-use packaging materials like shopping bags.
Based on the region, the global bioplastic packaging market is segmented by MRFR into North America, Europe, Asia Pacific (APAC) and Rest-of-the-World (RoW). The detailed study shows prospects in regions that can be, if invested well, earn substantial revenue for companies.
Europe has the maximum exposure as the region is following strict eco-friendly guidelines. Governments in the region are imposing strict laws to curb carbon emission owing to which the bioplastic production and innovation in the region are gaining much precedence. The region invests, substantially, in innovation and adopts a lot of green packaging solutions that would provide the market with impetus. Taxes are also relaxed by several governments to promote bio-based packaging.
The growth in South America would be strong with several countries vying for the adoption of eco-friendly ways. Availability of raw materials in abundance is spurring the intake of bioplastics. The region holds the promise of showcasing the highest CAGR during the forecast period. Many bioplastic manufacturers are finding the opportunity of expanding their companies by setting up units in the region quite alluring.
The APAC region is benefitting much from the demand for packaged and wrapped products. Changing lifestyle and high purchase power in emerging countries such as India, Indonesia, and China have changed the market dynamics. China owns the maximum bioplastic market share in the region.
Table Of Contents
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.2 Research Objective
2.3 Research Type
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
3 Market Landscape
3.1 Porter’s Five Forces Analysis
3.1.1 Threat Of New Entrants
3.1.2 Bargaining Power Of Buyers
3.1.3 Threat Of Substitutes
3.1.4 Segment Rivalry
3.1.5 Bargaining Power Of Buyers
3.2 Value Chain/Supply Chain Analysis
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