Visiongain launched a new report Renewable Plastic Packaging Market Report 2020-2030: Forecasts by Material (PET, PE, Starch Blends, PLA, PBAT, PBS, Others), by Product Type (Biodegradable, Bio-based), by Packaging Type (Rigid Packaging, Flexible Packaging), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) PLUS Analysis of Leading Companies.
Favorable government policies, availability of bioplastic raw materials, plenty of suppliers, and environmentally friendly properties are expected to drive global renewable plastic packaging industry over the projected period. Additionally, global bioplastic packaging market is the increasing consciousness among the public about the ecological effect of their lifestyles. Bioplastic packaging used as USP by manufacturing firms who approach customers who are environmentally aware.
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Renewable Plastics are plastics that are made from renewable or reproducible sources such as plant-based products. Renewable plastics such as starch, cellulose, lactic acid, sugar, isosorbide, and sebacic acid has been used in the production of plastic materials. Major importance of renewable plastics is that they can be easily composted, while maintaining the same versatility as traditional plastics. Increasing awareness of carbon emission followed by rising concern regarding traditional plastic waste is expected to increase adoption of renewable plastic over the coming years.
To reduce the problems caused by conventional plastics, bioplastics are developed using biodegradable feedstock. Demand for synthetic plastics is steadily decreasing because it is detrimental to the climate. Additionally, raw materials are highly reliant on the oil and gas industry. The market for the bioplastics is therefore gradually growing. Strict government guidelines against non-recyclable plastics consumption are fueling market growth. China’s government, for example, has introduced a campaign to eliminate plastic bags and concentrate on packaging bioplastics. The demand is also projected to be powered by fast growth in soda use and innovative packaging solutions.
Leading Companies Operating in the Renewable Plastic Packaging Market
• Arkema Inc
• BASF SE
• The DOW Chemical Company
• NatureWorks, LLC
• Royal DSM N.V
• DaniMer Scientific LLC
• Biome Bioplastics Limited
• Eastman Chemical Company
• Mitsubishi Plastics Inc.
In terms of materials, polyethylene terephthalate (PET) dominated the global renewable plastic packaging industry in 2019 and is expected to continue its dominancy over the forecast period. In 2020, PET material is expected to hold 33.2% of overall market share and is expected to reach 35.3% of overall market share by 2030. Increasing adoption in bottles and food container packaging is expected to increase PET material market concentration over the coming years. Increasing food & beverage packaging industry is expected to encourage PET material producers to increase their production capabilities to cater growing industry requirement.
In terms of product, biodegradable plastic packaging dominated the global renewable plastic packaging industry in 2019 and the trend is expected to continue over the forecast period. In 2020, biodegradable plastic packaging is expected to hold 53.6% of overall market share and is expected to reach 56.2% of overall market share by 2030. Potential to reduce environmental carbon emission, electricity consumption, solid waste, plastic waste, and water usage is expected to increase biodegradable plastic packaging market concentration over the coming years.
In terms of packaging, rigid plastic packaging dominated the global renewable plastic packaging industry in 2019. In 2020, rigid plastic packaging is expected to hold 58.0% of overall market share and is expected to reach 53.6% of overall market share by 2030. Flexible plastic packaging is expected to be the fastest growing segment over the forecast period. Less energy usage as compared to rigid packaging, less material adoption, and low greenhouse emission has increased the popularity of flexible plastic packaging among manufacturers and the trend is expected to continue over the projected period.
In terms of region, Europe dominated the global renewable plastic packaging industry in 2019. In 2020, Europe renewable plastic packaging market is expected to hold 52.1% of overall market share and is expected to reach 50.0% of overall market share by 2030. Asia Pacific is expected to be the fastest growing region by virtue of rising food & beverage packaging industry coupled with increasing bioplastic production capacities in India, China, Japan, and Southeast Asia.
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