Press release
Bioplastics for Packaging Market is projected to reach USD 16.6 billion by 2027
FMI
According to the FMI analysis, the market for bioplastics used in packaging would grow by 1.7 times its value from the base year during the course of the forecast year, creating lucrative investment prospects for the industry.
According to the market study of bioplastics for packaging, the total amount of bioplastics used for packaging worldwide is expected to rise by 10.3 percent YoY in 2022. By 2027, the films segment of the worldwide bioplastics for packaging market is anticipated to retain a 40.8 percent market share.
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How the Versatility, Innovation, and Sustainability of Bioplastics, Contributing to the Growth of Global Bioplastics for Packaging Market?
Bio-based plastics are used in a large number of markets such as packaging, catering products, consumer electronics, automotive, construction, and various other sectors. The packaging from bioplastics has evolved over the past decade.
New innovative materials such as PLA, PHA, and Bio PBS create packaging solutions with new functionalities like biodegradability, breathability, and increase in material strength, etc. Other new material like PEF offers better barrier properties than traditional polymers and can be easily mechanically recycled.
Biopolymers are certified compostable as per international standards like ASTM 6400 (USA), EN13432 (Europe), and ISO 17088. All these factors play a crucial role in packaging.
Competitive Landscape
The key manufacturers operating in the bioplastics for packaging market are focusing on partnerships, expansion and, innovative product launches to gain the customer's attention.
In July 2021, Amcor Plc partnered with Syntegon to provide the coffee providers with a new mono-PE vacuum pack and it is designed to be recycled and more sustainable.
In February 2021, Braskem S.A invests US$ 61 Mn to increase biopolymer production.
In September 2020, Corbion N.V. and Total Corbion PLA have announced to build the first world-scale PLA plant in Europe and is expected to have a capacity of 100,000 tons per annum.
In November 2019, Tetra Pak International SA and its supplier Braskem, has become the 1st company to offer packaging with a fully traceable supply chain of plant-based polymers in the food and beverage industry.
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Key Companies Profiled
Braskem S.A
Corbion N.V.
Novamont S.p.A
NatureWorks LLC
Amcor Plc
Mondi Group
Tetra Pak International SA
ALPLA-Werke Alwin Lehner GmbH & Co KG
Berry Global Inc.
Uflex Ltd.
Toray Industries Inc.
BARBIER GROUP
Bioplastics For Packaging Market By Category
By material, bioplastics for packaging market is segmented as:
Bio PET
Bio PA
Bio PE
Bio-PP
Bio-PS
PLA
PHA
Starch Blends
Others (PCL, PBAT etc.)
By application, bioplastics for packaging market is segmented as:
Bottles
Cups
Trays
Clamshell
Films
Bags
Pouch & Sachet
Others (Jars, Cans, etc.)
By end use, bioplastics for packaging market is segmented as:
Food & Beverages
Cosmetics & Personal Care
Pharmaceuticals
Consumer Goods
Industrial Goods
Others (Automotive, Electrical & Electronics )
By region, bioplastics for packaging market is segmented as:
North America
Latin America
Western Europe
Eastern Europe
APEJ
Japan
Middle East & Africa
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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