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Biodegradable Packaging Materials Market: Rising Ban of Plastic Bags to Encourage Growth for Sustainable Materials
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The increasing awareness among consumers concerning the benefits of nature friendly products is one of the major factors that are anticipated to fuel the growth of the global biodegradable packaging materials market in the forecast period. In addition, the changing preference of consumers towards sustainable products is likely to accelerate the growth of the overall market in the next few years. A substantial rise in the implementation of plastic bag bans is projected to supplement the growth of the global biodegradable packaging materials market in the coming years.
The global market for biodegradable packaging materials has been categorized on the basis of end use into pharmaceutical, food and beverages, electronics, and others. Furthermore, on the basis of material, the market has been divided into PLA and blends, bio-PET, bio-PE, and starch blends. The key product types of biodegradable packaging materials are rigid and flexible packaging. The rising focus on research and development activities is predicted to create potential opportunities for key players in the market.
Among the key geographical segmentation, Europe is anticipated to account for a key share of the global biodegradable packaging materials market and remain in the leading position throughout the forecast period. The high growth of this region can be attributed to the stringent regulations imposed by government regarding the use of non-recyclable plastics. Furthermore, Asia Pacific is projected to witness a healthy growth in the next few years, thanks to the several initiatives by governments to encourage the use of bio-based products for a sustainable environment. The growth rate and the share of each regional segment have been provided in the scope of the study.
Some of the leading players operating in the biodegradable packaging materials across the globe are Novamont, Natureworks, Arkema, Biopearls, Bayer Material Science, Biome Bioplastics, Acetati, IFS chemicals, BASF, Albis Plastics, Braskem, and Innova Films. The competition among these players is expected to get intense with the entry of several new players. In addition, the increasing number of mergers and acquisitions is expected to encourage the growth of the overall market in the next few years.
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