Global Bluetooth Speaker Market - Segmented by Type (Portable, Fixed), Application (Residential, Commercial), and Region - Growth, Trends, and Forecast (2018 - 2023)
The global biopolymer packaging market is projected to register a CAGR of 22.68%, during the forecast period (2018 - 2023). The scope of the report is limited to type of product materials offered by major players including providers of bio-PE, bio PET, Bio PET, Cellulose, etc. While the regions considered in the scope of the report include United States, Canada, United Kingdom, Germany, France, Russia, China, India, Japan, and the rest of the world.
Growing awareness among the population for the use of bio packaging to avoid various health issues has been contributing to the growth of the market. The packaging industry is under considerable regulatory and public pressure, and there is the potential for significant substitution of petrochemical polymers with biopolymers and bio-derived polymers. Packing in general, is expected to experience high growth owing to the ageing population, smaller households and desire for better and more convenient packaging among the population. The need for packaging contributes to the high adoption rates for bio packaging, owing to increasing concerns, such as global warming and green ecosystems, etc.
Government regulations have been driving the growth of bio-polymers in packaging.
Many governments have been taking major steps to curb the use of synthesized materials for packaging materials, which is potentially harmful for the environment. Several Acts such as The Environment (Protection) Act of 1986, the U.S federal trade commission etc. have been taking certain measures to reduce the harmful effects of synthesized packaging commission of the environment. The waste generated by the use of such biopolymers is relatively lesser harmful to the environment compared to its counterpart.
Many concerns have been raised that an estimated 100,000 sea mammals and turtles, a million birds die every year due to the ingestion of such plastic waste. To tackle such issue the British government has been taxing plastic bags, which has led to the growth in their prices leading to lesser usage. Governments of France have also been contributing to this trend through the implementation of Energy Transition for Green Growth Act in 2015, which has actively discouraged the use of plastics.
Food industry is a high consumer of packaging product, which need to be replaced with biopolymers.
It has been identified that over five trillion pieces of plastic weighing about 269,000 tons of plastic has been floating in the oceans damaging the marine ecosystems. Most of the waste has been a byproduct of the food and drink containers, replacing these containers with biopolymers can reduce the harmful effect caused by the plastic waste in the ocean. Food packaging industry also aims in utilization of organic waste from the food industry as an example; 12,000 tons of potatos were wasted in the U.S in 2007. But 30-50% of the waste is starch rich matter, which can be used in the production of biopolymers and bioplastics. Many efforts are also being made for the integration of biopolymeric substances with PET materials in the form of compatible blends or copolymers.
UK is one of the largest plastic consumers, which is keen on the adoption of biopolymer packaging.
UK has been on consuming high amount of plastic in everyday life. The government has been actively discouraging the use of plastics through various laws, such as an average amount of 5 pounds being levied on all plastic wear. Every person in the UK consumes 160kg of packaging each year of which 25kg is plastic. About 70% - 80% of packaging in the UK is used in the consumer supply chain, with about 1/3 for food packing and 2/3 for non-food. The vast majority of plastics used in packaging are commodity thermoplastics, including polypropylene, polyethylene, PET, polystyrene, and PVC. Other polymers, such as polyamides and ethylene vinyl alcohol may be added to provide a barrier layer or other functionality. The UK government has also put a goal in place, which is to eliminate the use of plastics in the next 25 years, which is further expected to drive growth in the market.
Key Developments in the Market