Biopolymer Packaging Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Material Type (Polylactides (PLA), Bio-Polyethylene (PE), Bio-Polyethylene Terephthalate(PET), Starch, Cellulose, PBAT, Polyhydroxyalkanoates (PHA), Polybutylene succinate (PBS), Others), End User (Food and Beverages, Cosmetic and Personal Care, Pharmaceutical, Others), and Geography
The global biopolymer packaging market was valued at US$ 7,872.54 million in 2018 and is projected to reach US$ 37,465.07 million by2027; it is expected to grow at a CAGR of 19.1% from 2019 to 2027.
Bio based polymers are considered to be an effective alternative to the conventional polymers and are being increasingly used in packaging industry to produce environment-friendly materials. Consumer awareness regarding impact of conventional plastic, stringent government regulations, and need for sustainable packaging solutions are a few factors driving the global biopolymers packaging market. The majority of biopolymers do not biodegrade, still they are preferred as they are formulated using bio-based resources and can get recycled. At present, customers are more aware about the adverse impact of conversional plastic on their lifestyle. Thus, consumers are demanding for environment-friendly products, which decrease the usage of petroleum and natural gas, which in turn reduces the carbon footprints.
Based on end user ,the biopolymer packaging market is segmented into Polylactides (PLA), Bio-Polyethylene (PE), Bio-Polyethylene Terephthalate(PET), starch, cellulose, PBAT, Polyhydroxyalkanoates (PHA),Poly(butylene succinate) (PBS), and others. In 2018, the starch segment dominated the biopolymer packaging market; whereas, the Polyhydroxyalkanoates (PHA) segment is expected to grow at a rapid pace during the forecast period. Polyhydroxyalkanoates, also called as PHA, are produced through bacterial fermentation. PHA biopolymers are suitable for applications such as single use packaging for beverages, foods, and consumer products; agricultural foils and firms; and medical applications including, bone marrow scaffolds, bone plates, and sutures. Further, the favorable features of PHAs comprise biodegradability, nontoxicity, hydrophobicity, nonlinear optical activity, piezoelectricity, thermoplasticity, and impermeability to water and gases. PHA polymers are completely bio-based and have an extensive range of physical as well as mechanical properties such as enhanced barrier properties appropriate for food packaging. Additionally, PHA is not only compostable and biodegradable in industrial composting facilities but also in other environments including marine waters.
Impact Assessment of COVID-19
The COVID-19 has been affecting economies and industries in various countries, including the US, India, Brazil, Russia, Italy, the UK, Iran, and Spain. Chemicals and materials is one the world’s major industries facing serious disruptions in the form of supply chain breaks, events cancellations, and office shutdowns as a result of the lockdowns imposed in various countries to contain the disease spread. China is the global manufacturing hub and is the largest raw material supplier for various industries; it is also one of the worst-affected countries by the COVID-19 pandemic. The lockdown of various plants and factories in China is affecting the global supply chains and adversely impacting the manufacturing and sales of various chemical and materials. These factors are likely to restrain the growth of various markets related to the chemicals and materials industry in the next few financial quarters.
Geographically, the biopolymer packaging market is broadly segmented into North America, Europe, Asia Pacific (APAC), South America (SAM), and the Middle East & Africa (MEA). In 2018, Europe held the largest share of the global biopolymer packaging market, followed by Asia Pacific. In Asia Pacific, countries such as China and Australia have banned the usage of plastic bags in 2009 and 2011. Other countries in the region that have taxes or bans on plastic usage include Cambodia, Bangladesh, Hong Kong, Indonesia, India, Taiwan, Malaysia, and among others. Government of Taiwan is all set to implement a complete ban on plastic bags as well as disposable utensils and cups in 2030. This ban on conventional plastic in several countries is expected to increase the demand for biopolymers for packaging in range of applications.
Arkema Group, BASF SE, Biome Bioplastics Limited, Cardia Bioplastics, Innovia Films, NatureWorks LLC., Plantic Technologies Limited, Spectra packaging ltd., United Biopolymers, S.A. and The Dow Chemical Company are among the players present in the global biopolymer packaging market.
The overall global biopolymer packaging market size has been derived using both primary and secondary sources. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the global biopolymer packaging market. Also, multiple primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the biopolymer packaging market.
Reason to Buy
Highlights key business priorities to assist companies realign their business strategies.
Features key findings and crucial progressive industry trends in the global Biopolymer Packaging market, thereby allowing players to develop effective long-term strategies.
Develops/modifies business expansion plans by using substantial growth offering from developed and emerging markets.
Scrutinizes in-depth market trends as well as key market drivers and restraints.
Enhances the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.