Compostable Plastic Packaging Material Market Extensive Growth Opportunities to Be Witnessed by 2018-2028
Wednesday, February 05, 2020
Biodegradable packaging begins with the material selection, and it drives the choice and type of packaging equipment and final package performance, which decides the success of packaging. The market is segmented by type of material, applications, and geography. This report focuses on adoption of these solutions for various applications in various regions. The study also emphasizes on latest trends, industry activities, and vendor market activities.Advanced manufacturing processes, technological innovation and increased integration has resulted in rapid growth of the industry. This in turn has boosted the growth of the industry globally.
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This growth is expected to be the highest in the developed economies of Europe and North America, especially due to consumer awareness and hence volumes manufactured and consumed. Huge population and favorable demographics of these countries are key drivers behind this growth.On the basis of region, the compostable packaging materials market can be segmented into North America, Latin America, Europe, Asia-Pacific (APAC) and Middle East & Africa (MEA). North America will continue to be the leading market for compostable packaging materials in terms of volume. However, Asia Pacific region is projected to be the fastest growing region, followed by Europe.
Expansion and shipment of band sealing machines is expected to rise in the Asia Pacific region. Large scale foreign investment is also expected to rise in the region, and is anticipated to fuel the demand of compostable packaging materials over the forecast period.While boosting mechanical recycling is one of the key aims of the Plastics Strategy, this target will be difficult to achieve as long as the largest fraction of municipal waste in Europe (40-50% bio-waste) is not being collected separately. Biodegradable plastics that are certified according to the harmonised European standard EN 13432 for industrial compostable plastic packaging evidently help to collect more bio-waste and to divert it from other waste streams, thereby reducing the contamination of mechanically recyclable waste with organic waste.Due to the presence of a large number of biodegradable packaging manufacturers and well-established chemical vendors, this market appears to be fragmented and is highly competitive.
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The market’s high entry barriers and the need for huge initial investments restrict the entry of small players.Though the market is currently at its nascent growth stages, it has immense potential for growth, which will further intensify the market’s competitive environment. Additionally, the market is also witnessing huge investments towards R&D, which will again intensify the competitive environment among the market players. Viz. BASF, International Paper Company, Mondi, Smurfit Kappa, Stora EnsoDuring 2016, the bioplastic packaging materials segment accounted for the major shares and dominated the market. Biodegradable plastic packaging materials are easily recyclable and are also non-toxic and environment-friendly, which increases the demand for bioplastics among packaging materials manufacturers. Moreover, the low-energy production of bioplastics also increases the adoption of bioplastic packaging materials, further augmenting the growth of this market segment
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