27 July 2020
Visiongain launched a new report Renewable Plastic Packaging Market Report 2020-2030: Forecasts by Material (PET, PE, Starch Blends, PLA, PBAT, PBS, Others), by Product Type (Biodegradable, Bio-based), by Packaging Type (Rigid Packaging, Flexible Packaging), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) PLUS Analysis of Leading Companies.
Favorable government policies, availability of bioplastic raw materials, plenty of suppliers, and environmentally friendly properties are expected to drive global renewable plastic packaging industry over the projected period. Additionally, global bioplastic packaging market is the increasing consciousness among the general public about the ecological effect of their lifestyles. Bioplastic packaging used as USP by manufacturing firms who approach customers who are environmentally aware. In 2020, global renewable plastic packaging market size is expected to be valued at USD xx million and is expected to reach USD xx million by 2030 at a CAGR of xx%.
In terms of materials, polyethylene terephthalate (PET) dominated the global renewable plastic packaging industry in 2019 and is expected to continue its dominancy over the forecast period. In 2020, PET material is expected to hold 33.2% of overall market share and is expected to reach 35.3% of overall market share by 2030. Increasing adoption in bottles and food container packaging is expected to increase PET material market concentration over the coming years. Increasing food & beverage packaging industry is expected to encourage PET material producers to increase their production capabilities to cater growing industry requirement.
In terms of product, biodegradable plastic packaging dominated the global renewable plastic packaging industry in 2019 and the trend is expected to continue over the forecast period. In 2020, biodegradable plastic packaging is expected to hold 53.6% of overall market share and is expected to reach 56.2% of overall market share by 2030. Potential to reduce environmental carbon emission, electricity consumption, solid waste, plastic waste, and water usage is expected to increase biodegradable plastic packaging market concentration over the coming years.
In terms of packaging, rigid plastic packaging dominated the global renewable plastic packaging industry in 2019. In 2020, rigid plastic packaging is expected to hold 58.0% of overall market share and is expected to reach 53.6% of overall market share by 2030. Flexible plastic packaging is expected to be the fastest growing segment over the forecast period. Less energy usage as compared to rigid packaging, less material adoption, and low greenhouse emission has increased the popularity of flexible plastic packaging among manufacturers and the trend is expected to continue over the projected period.
In terms of region, Europe dominated the global renewable plastic packaging industry in 2019. In 2020, Europe renewable plastic packaging market is expected to hold 52.1% of overall market share and is expected to reach 50.0% of overall market share by 2030. Asia Pacific is expected to be the fastest growing region by virtue of rising food & beverage packaging industry coupled with increasing bioplastic production capacities in India, China, Japan, and Southeast Asia.
Rising customer perception of sustainable packaging and ample raw material supply in developing economies have a positive effect on business development. Whereas the high cost of bio-based materials will hinder market development. It is also anticipated that high difficulty associated with processing bioplastic packaging materials from agro-based raw materials would threaten the growth of the industry.
Leading Companies Operating in the Renewable Plastic Packaging Market
• Arkema Inc
• BASF SE
• The DOW Chemical Company
• NatureWorks, LLC
• Royal DSM N.V
• DaniMer Scientific LLC
• Biome Bioplastics Limited
• Eastman Chemical Company
• Mitsubishi Plastics Inc.
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