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iCrowdNewswire Oct 26, 2020 3:00 AM ET

Bioplastic Packaging Market to Hit US$ 25,395.8 Mn in 2025 - NatureWorks, Arkema, Novamont, Braskem, Corbion


Bioplastic Packaging Market to Hit US$ 25,395.8 Mn in 2025 - NatureWorks, Arkema, Novamont, Braskem, Corbion

iCrowd Newswire - Oct 26, 2020

The global Bioplastic Packaging market accounted for US$ 4,399.7 Mn in 2017 and is expected to grow at a CAGR of 24.4% during the forecast period 2018 – 2025, to account for US$ 25,395.8 Mn in 2025.

The global bioplastic packaging market is experiencing a high growth owing to increasing awareness among customers about the adverse impact of conventional plastics, surge in need for sustainable packaging solution, and rising government support for the incorporation of bioplastic in packaging. Moreover, the development of new technology and processes and the emergence of novel bioplastic materials are expected to the market growth during the forecast period. Bioplastics are influencing the plastic industry with innovation for more sustainability, functionality, and efficiency. Currently, bioplastic alternatives are available for almost all the conventional plastic material and respective applications which is driving the bioplastic packaging industry.

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North America accounts for the second largest market share of bioplastic packaging market. In April 2018, the Governor of New York introduced a bill to ban single-use plastic bags in retail and grocery stores by next year. Several cities in the U.S., have banned the use of plastic bags including, Chicago Seattle, Boston, Los Angeles, Austin, and San Francisco. Also, few cities such as Washington, Brownsville, and Portland have imposed fees on plastic bags.

The key companies profiled in this report include Braskem S.A., Arkema Group, The Dow Chemical Company, BASF SE, Cardia Bioplastics, Corbion N.V., Evonik Industries AG, Koninklijke DSM N.V., NatureWorks LLC, and Novamont S.p.A.

Key findings of the study:

Europe is anticipated to account the largest market share of bioplastic packaging market and is expected to register a CAGR of 23.5%

Based on the packaging type, the flexible packaging segment is expected to witness high year on year growth during the forecast period

Countries such as China, Japan, and ASEAN countries are witnessing high demand for bioplastic packaging due to the increasing government initiatives to ban plastics.

The global bioplastic packaging market has been segmented based on end-user, i.e., blends, polylactic acid, polyethylene terephthalate, polyhydroxyalkanoates, polyethylene, and others. The physical, as well as chemical properties of bioplastic materials, differs from each other based on flexibility, durability, water and heat resistance, and biodegradability among others. Appropriate selection of material is thus significant for the manufacturing companies to compete effectively by attaining consumer satisfaction, sustainability, and meeting stringent government regulations. This bioplastic is used in a range of packaging application.

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Keywords:    Bioplastic Packaging Market

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