Bioplastic packaging market on the rise

A small number of companies operate in the global market for bioplastics packaging and competition is intense. However, a noticeable trend in the market is various strategies adopted by players, such as product innovation, in order to outsmart their rivals.  

 

A report by Persistence Market Research projects the global market for bioplastics packaging to generate revenue of US$28.5 billion by  2020. The market, valued at US$4.34 billion in 2014, will attain the value by posting a phenomenal CAGR of 36.8% from 2014 and 2020.

 

Some of the big names operating in the global market for bioplastics packaging are The Dow Chemical Company (Dow), Metabolix, Inc., Novamont S.p.A, NatureWorks, LLC, Braskem S.A, Innovia Films, Ltd, BASF SE (Badische Anilin- und Soda-Fabrik), Arkema S.A., and Koninklijke DSM N.V.

 

Products-wise, the key segments of the global market for bioplastics packaging are starch blends, bio-PET, PLA and PLA blends, and other biodegradables. Of them, the PLA and starch blend bioplastics are being infused with nanotechnology-based packaging that makes them environmentally safe and serves to bring about safety of the products as well.

 

Geographically, the global market for bioplastics packaging can be divided into North America, Europe, Asia Pacific, and the Rest of the World (RoW). Asia Pacific, among them, is a key market that is expected to further its role as the major bioplastic production hub over the forecast period with upcoming projects galore in Thailand, India, and China. The region is predicted to produce about three-quarters of bioplastics in the world by 2020. Europe is another key market, which will likely account for a limited 10.0%