Specialty & Fine Chemicals Industry Bioplastic Packaging Market Trends 2024

Your Catalyst To a Lucrative Business PET dominated the global market contributing to USD 1.84 billion in 2016. The polymer was extensively used in rigid packaging on account of its high durability, transparency, and ease of moldability. Initiatives undertaken by companies such as Coca-Cola, P&G, and Heinz to use bio-based materials for packing beverages, sauces & spreads and cosmetics is expected to bolster the growth of the rigid packaging market. Increasing demand for flexible packaging solutions on account of several benefits including size and weight particularly in food applications coupled with rising demand for biodegradable films is anticipated to boost the growth of the market. The segment is expected to grow at a volume CAGR of 20.6% from 2017 to 2024. Food packaging accounted for 9% of the overall market share in 2016 and is likely to witness above average growth as a result of rising consumer requirement for eco-friendly packaging. Aesthetic attributes such as transparency, size, weight and presentation are expected to drive the growth of the segment over the projected period. The growth of the global bioplastic packaging industry driven primarily by consumer demand is also likely to be favored by the implementation of stringent regulations for its synthetic counterparts. Despite the fall in crude oil prices, companies such as BASF, Arkema Dow, Solvay, and Braskem are continuing production at their facilities and focusing on R&D. These factors are likely to result in a tremendous growth of the global bioplastic packaging market growing at a revenue CAGR of 28.3% over the next seven years. Hexa Research has segmented the global bioplastic packaging market on the basis of raw material, product, application and region: Segmentation by raw material, 2014 - 2024 (Kilo Tons) (USD Million) • Polyethylene terephthalate (PET) • Polyethylene (PE) • Other non-biodegradable polymers • Polybutyrate (PBAT) • Polybutylene succinate (PBS) • Polylactic acid (PLA) • Polyhydroxyalkanoates (PHA) • Starch blends Segmentation by product, 2014 - 2024 (Kilo Tons) (USD Million) • Rigid • Flexible Segmentation by application, 2014 - 2024 (Kilo Tons) (USD Million) • Plastic bottles • Food packaging • Others Segmentation by region, 2014 - 2024 (Kilo Tons) (USD Million) • North America • U.S. • Europe • Germany • UK • Asia Pacific Follow Us:

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