Bioplastic Packaging Market growth over 2024 will be USD 34.24 Billion
Posted: Jan 21, 2019
Bioplastics are plastics derived from renewable biomass sources, such as vegetable fats and oils, corn starch, straw, wood chips, food waste, etc. Bioplastic can be made from agricultural by-products and from used plastic bottles and other containers using microorganisms. Common plastics, such as fossil-fuel plastics (also called Petro based polymers) are derived from petroleum or natural gas. Not all bioplastics are biodegradable nor biodegrade more readily than commodity fossil-fuel derived plastics. Bioplastics are usually derived from sugar derivatives, including starch, cellulose, and lactic acid.
Bioplastics are used for disposable items, such as packaging, crockery, cutlery, pots, bowls, and straws. Few commercial applications exist for bioplastics. In principle they could replace many applications for petroleum-derived plastics, however, cost and performance remain problematic. As a matter of fact, their usage is favorable only if supported by specific regulations limiting the use of conventional plastics. Typical is the example of Italy, where biodegradable plastic bags and shoppers are compulsory since 2011 with the introduction of a specific law. Beyond structural materials, electroactive bioplastics are being developed that promise to be used to carry electric current. Biopolymers are available as coatings for paper rather than the more common petrochemical coatings.
By Hexaresearch Report The global bioplastic packaging market to reach USD 34.24 billion by 2024, driven by the rising consumer demand for resource efficient and eco-friendly products. Europe was the largest market accounting for 32.7% of the volume share in 2016 due to supporting regulations coupled with consumer awareness regarding the conservation of the environment. North America and the Asia Pacific followed suit, where the regions together are expected to contribute USD 3.26 billion by 2024.
Moreover, companies are focusing on R&D to expand the utilization of different raw materials such as PBS, PLA, and PBAT in various mainstream packaging applications. For instance, in April 2017, UK-based Biome Bioplastics developed a fully compostable and recyclable coffee cup made entirely from bioplastic materials. These factors together are expected to provide an impetus to the growth of the bioplastic packaging market over the next seven years.
PET dominated the global market contributing to USD 1.84 billion in 2016. The polymer was extensively used in rigid packaging on account of its high durability, transparency, and ease of moldability. Initiatives undertaken by companies such as Coca-Cola, P&G, and Heinz to use bio-based materials for packing beverages, sauces & spreads and cosmetics is expected to bolster the growth of the rigid packaging market.
Increasing demand for flexible packaging solutions on account of several benefits including size and weight particularly in food applications coupled with rising demand for biodegradable films is anticipated to boost the growth of the market. The segment is expected to grow at a volume CAGR of 20.6% from 2017 to 2024.
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