Bio-Based Plastic Packaging Market: Introduction
A bio-plastic is a group of biodegradable polymers, which are manufactured from renewable materials. Synthetic polymers are highly hazardous to the environment, and also to the human beings. Moreover, they rely on the petroleum end-use industry for raw materials. These plastics are widely used for various applications, including packaging, electrical & electronics, and also food products, etc. As the focus on environmental conservation is increasing, this will, in turn, impact the environment negatively, thereby leading to increasing pollution levels.
Global bioplastic packaging market will be driven by growing consumer awareness regarding the use of eco-friendly products. Changing preferences from synthetic polymer products to renewable polymers is predicted to drive the global bio-plastic packaging market. Many manufacturers increased their expenditure for developing various bio-chemicals, majorly to reduce increasing reliance on synthetic polymers, which are highly relying on petrochemical products.
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Moreover, increasing support by various governments towards encouraging the use of bio-polymers in place of synthetic polymers is the major factor driving the bio-plastic packaging market over the projected period. For instance, many developing countries such as India are introducing strict norms regarding the use of synthetic polymers by banning their use. Moreover, awareness among the consumers is also increasing regarding the negative ecological impact due to the use of synthetic polymers, which will significantly drive the bio-plastic packaging market in further.
By product, the global bio-plastic packaging market has been segmented into bio-polyethylene terephthalate, bio-polylactic acid, thermoplastic starch, bio-polypropylene, and others. Bio-polyethylene terephthalate is expected to lead the global market, owing to the product’s enhanced properties such as tensile strength, along with enhanced impact resistance. These favorable properties will trigger the product consumption in applications such as food & beverages, FMCG products, electrical & electronic products, etc.
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Asia Pacific bio-plastic packaging market is anticipated to have a potential market share over the projected period, on account of increasing packaging industry in the developing economies such as China and India. The packaging demand will majorly be observed among the end-use industries such as FMCG, food & beverage, pharmaceutical, and electrical & electronics.
Some of the key players in the global bio-plastic packaging market include Koninklijke DSM N.V., BASF SE, Metabolix, Inc., The Dow Chemical Company, and NatureWorks, LLC among several others.
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