Bioplastics for Packaging Market to Witness Heightened Revenue Growth in the Next Decade
Added: (Sun Jan 13 2019)
Global sales of bioplastics for packagingwas valued at US$ 3,603.2Mn in 2016, and is projected to increase at a CAGR of 14.4% over 2017–2027.
RRI delivers key insights on the global bioplastics for packagingmarket in its latest report titled,“Bioplastics for Packaging Market: Global Industry Analysis, Size, Sales and Forecast By 2027”, In terms of volume, the global bioplastics for packagingmarket is projected to increase at a CAGR of 13.8%during the forecast period 2017–2027 owing to various factors, regarding which RRI offers vital insights in detail in this report.
The need for asustainable packaging material, due to rising issue of landfilling is expected to stimulate the sales of bioplastics for packaging across the globe by 2027 end.
Key manufacturers of bioplastics for packaging are focused on creating a high value product by reducing the cost as well as optimizing the efficiency of the system. Manufacturers are using bioplastics as packaging material and investing in developing materials like PEF which have better properties than Bio-Pet.Recently PEF material is under research phase but will soon be produced at a commercial level.
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Due to high processing cost, bioplastics used as packaging material poses a serious challenge for the bioplastics for packaging manufacturers to comply with the industry standards. Besides that, some of the packaging material require special processing techniques as they are less compatible with conventional machines and processing techniques.
On the basis of material type, the global bioplastics for packaging market is segmented into Bio-PET, Bio-PE, Bio-PA, Bio-PP, Bio-PS, PLA, PHA, starch blends and others(PCL,PBAT etc.). Starch blends and PLA are the most popular choice of material for bioplastics for packaging due to their biodegradability andlow processing cost.
The global bioplastics for packaging market is segmented into bottles, cups, trays, clamshell, films, bags, pouch & sachet and others, on the basis of application. Bottle segment is expected to account for a market revenue share of 30.1% by the end of 2027.
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On the basis of end user, the global bioplastics for packaging market is segmented into food & beverage, cosmetics & personal care, pharmaceuticals, consumer goods, industrial goods and others (automobile, electrical & electronics). The food & beverage segment is expected to create an incremental $ opportunity of US$ 9,975.15 Mn during the forecast period.
On the basis of region, the global bioplastics for packaging market is segmented into North America, Latin America, Eastern Europe, Western Europe, APEJ, MEA, and Japan. Western Europe is estimated to dominate the global bioplastics for packagingmarket in terms of both value and volume.
Key players in the global bioplastics for packaging market includes The Dow Chemical Company, Braskem S.A BASF SE, Tetra Pak International S.A, ALPLA WerkeAlwinLehner GmbH & Co KG, Corbion, NatureWorks LLC, NovamontS.p.A, Mondi Group, UflexLtd, Amcor Limited, Berry Global, Inc., BARBIER GROUP, Jolybar GROUP, Virent, Inc., Biome Bioplastics Limited, Plastipak Holdings, Inc., Toray Industries Inc, SECOS Group Limited, and Evoware.
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Submitted by:Vikas Bahurupi