In a report just issued on Bioplastic Packaging (Report Code: GVR1007), Grand View Research, the California based market research and consulting firm, delivers its prospective views for the period 2014-2020: Market Analysis, Market Size, Application Analysis, Regional Outlook, Competitive Strategies and Forecasts. Two strong drivers of the growth of the bioplastics packaging industry are identified:
- The steady growth in the plastic packaging industry at large expected to be a 975 billion $ industry by 2018 with an annual growth rate of 4%, and
- the adoption of more stringent regulations for petroleum based plastics in certain parts of the world like Europe, Australia and the US.
In terms of applications, the growth is split between rigid packaging, (e.g. trays and cups), the biggest segment in volume and value, and flexible ( e.g. overwrap film and tray sealing film).
Marketwise, bioplastic packaging is being used extensively in an array of industries including organic foods, beverages and disposable items. It is categorized on the basis of the raw material used such as Bio-PET, PLA & PLA blend, starch blend and other biodegradable materials like PBS.
Improvement in cellulose conversion technology used in extraction of cellulose from non-food crops such as corn, husks, grass and wood is expected to improve the quality and quantity of bioplastics available and reduce their manufacturing costs through yield improvements. Cellulose waste is the cheapest raw material in the biomass pool of resources and is expected to outrun the petroleum based polymer market due to its competitive price point. However, complex separation of bioplastics from the disposal site based on their resin type makes the recycling process tough. Furthermore, the conversion of agro-based raw material into bioplastics is a complex process, which poses as a major restrain for the short term growth of this market.
Geographically, the bioplastics market is dominated by the European region which accounts for more than half of the global market share owing to its stringent regulations against the use of non-recyclable plastics and a favorable consumer base towards sustainable packaging. North America and Asia Pacific regions are expected to show high growth rates over the next decade following the push to reduce carbon footprints and green house gas (GHG) emissions. The fastest growing potential market for bioplastics packaging is expected to be Asia Pacific due to increased use of bioplastics by Japan, India, China and South Korea. Large petrochemical companies including Braskem, Dow Chemicals, Lanzatech and Solvay have entered the bio-sourced polymers production field.
Presentation of the “Bioplastic packaging Market Report” available at http://www.grandviewresearch.com/industry-analysis/bioplastic-packaging-market
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