Bioplastic packaging market is expected to witness significant growth over the next six years on account of increasing packaging industry coupled with existence of stringent regulations for petroleum based plastics. Increasing consumption of bioplastics in various packaging applications mainly in beverages, organic foods and disposable utensils is expected to drive demand over next six years. Europe was the largest regional segment and accounts more than half of the global market share owing to its stringent regulations against the use of non-recyclable plastics and favorable consumer base towards sustainable packaging. North America is expected to witness substantial growth on account of regulations which aim at reducing carbon footprints and green house gas (GHG) emissions. Asia Pacific is expected to propel demand on account of growing packaging industry coupled with high consumption of bioplastics mainly in China, Japan, India and South Korea. In addition, growing rigid packaging market is expected to fuel demand for bioplastics over the next six years. Conversion of agro-based raw material into bioplastics is a complex process, which is expected to restrain market growth over the forecast period. Growing demand for bio-PET bottles in the market is expected to serve as growth opportunity over the next six years.
Growing demand for bioplastics in packaging industry mainly in Brazil and Thailand is further expected to augment market growth. Key market players include BASF, BioApply Polymers, Novamont, BioSpehere Plastics, Biobent Polymers, Metabolix, BioAmber Inc., DSM, Dupont, NatureWorks LLC, Novozymes and Solegear Bioplastics. Novamont commercial products are certified in accordance with the European and international standards by accredited Certifying Authorities that guarantee biodegradation in various disposal environments and find applications in food & beverage and personal care packaging. Introduction of BDO by DSM made using Genomatica’s process is expected to increase bio-based content up to 73% in the polymer and will find applications in food packaging. BASF introduce high-quality and versatile bioplastic which is used to produce organic waste bags and dual-use bags.
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