Los Angeles, December 24, 2019 -Global bio plastic packaging market will flourish at a significant pace as demand for eco-friendly packaging becomes the need of the hour. QY Research has published a report titled, “Global Bio Plastic Packaging Market Insights, Forecast to 2025”, predicting the growth and opportunities that lie in this market. According to the report, the global bio plastic packaging market was worth US$1445.3 mn during 2018 and is expected to reach US$2492.9 mn by the end of 2025, registering a CAGR of 8.1% during the forecast period.
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Ability to Compost Likely to Augment the Global Market Demand
Consumers are refraining from using hard plastic in packaging due to its irreversible damage to the environment. Various nations are adopting waste management strategies to eliminate waste piles, which is creating a stronger market for bio plastic packaging. Packaging industries are shifting towards sustainable e-commerce practices coupled with government bodies regulating laws to restrict the use of hard plastic as it pollutes landfills and oceans. Thus, bio plastic packaging is likely to be favoured over hard plastic use.
Bioplastic offers compostable solution as it is biodegradable, recyclable, and recycled. The growing preference towards it can be attributed to the fact that it saves energy as it is made from renewable biomass source such as sugarcane, corn-starch, and vegetable fats. Thus, its increasing usage will reduce carbon footprint and greenhouse emissions as it decomposes naturally in the environment.
Starch Blends Segment Likely to Thrive as it is Renewable, Abundant, and Cheap
The starch blends segment is expected to rise in the market as it holds around 42% of the global share. Starch bioplastic is the most widely preferred plastic as it can be easily made. It is extensively used by the pharmaceutical sector due to its ability to absorb humidity, which is crucial in preventing cross contamination.
Substantial Technological Investments to Boost the Market in North America
North America is expected to lead the global market as it is technologically advanced and has made investments in research and development activities. This region is actively leading the market through various technological research and innovations.
BASF has officially launched its Verbund smart project in Zhanjiang, China by commencing the building of its first plants. The company has invested US$10 bn to produce engineering thermoplastic and plastics to serve the demanding needs of growing packaging industries.
The key players operating in the global bio plastic packaging market are NatureWorks, BASF, Novamont, Futamura, Taghleef Industries, BIOTEC, Jinhui Zhaolong, API, Agrana Starke, and Danimer Scientific.
QY Research established in 2007, focus on custom research, management consulting, IPO consulting, industry chain research, data base and seminar services. The company owned a large basic data base (such as National Bureau of statistics database, Customs import and export database, Industry Association Database etc), expert’s resources (included energy automotive chemical medical ICT consumer goods etc.
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