Global Biodegradable Plastic Packaging Market – Forecast Analysis
As per the analytical research study carried out on Biodegradable plastic packaging, the global market is expected to soar at a rate of 5.4% (value CAGR) during the forecast period, mainly driven by increasing need for environment friendly packaging solutions and supportive government regulations with respect to use of Biodegradable plastics for packaging. In 2017, the global Biodegradable plastic packaging stood at US$ 637.3 Mn and is estimated to reach a value higher than US$ 1000 Mn by end of the assessment period (2026).
Understanding various facets of the global Biodegradable plastic packaging market, Persistence Market Research has come up with an analytical and extensive research publication titled “Biodegradable Plastic Packaging Market: Global Industry Analysis (2013-2017) and Forecast (2018-2026)”. The comprehensive Biodegradable plastic packaging market research report focuses on various trends, developments, opportunities, restraints, drivers and challenges impacting the growth of the global Biodegradable plastic packaging market. These factors vary in magnitude in different regions for which a detailed analysis is covered in the research report. Along with this, an in-depth assessment on competition is covered and forecasts for a period of eight years, from 2018-2026, are elaborated with respect to each segment and sub-segment of the global Biodegradable plastic packaging market.
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Key players involved in the manufacturing and distribution of Biodegradable plastic packaging products are focusing on investing in research to develop innovative packaging solutions with additional features that can enhance the quality and usability of the product. Main players competing in the global Biodegradable plastic packaging market are UNIBAG MAGHREB, EPI Environmental Technologies Inc., Wells Plastics Ltd., Willow Ridge Plastics Inc., Elif Plastik Ambalaj Sanayi Ve Ticaret Anonim Sirketi, Symphony Polymers Pvt. Ltd., Newtrans USA Company, Licton Industrial Corp, Symphony Environmental Technologies PLC and Add Plast.
Awareness of Environment Health and the Need to Curb Plastic Pollution to Offer Potential Growth Opportunities for Biodegradable Plastics
Since the last few years, plastic has been a vital component in the packaging industry. A higher percentage of various types of plastics are being used for packaging, and are also being discarded after use. Most of the plastic ends up in landfills where they take several years to degrade. This has created a huge concern for environment health and little has been done to eradicate the issue. As complete elimination of plastic is not possible, manufacturers have been promoting use of biodegradable packaging solutions, such as Biodegradable plastic products. This has triggered the adoption of Biodegradable plastic packaging solutions and is expected to drive the growth of the global market.
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Supportive Government Regulations Regarding the Use of Biodegradable Plastics to Drive Increased Adoption
Although Biodegradable plastic packaging is going through a phase of instability in the west, which might prove to be a critical restraining factor in the coming decade, it is viewed as a key solution to curb the land and marine pollution problems. Many countries actively encourage Biodegradable plastic packaging. For example, governments of various countries in Middle and Africa have made a mandate that the country will use only Biodegradable plastics for packaging.
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Key Segmental Highlights
- Asia pacific is expected to be an attractive region for Biodegradable plastics. The manufacturing and adoption of these products is high in developing countries in the region. Asia Pacific Biodegradable plastic packaging market is projected to grow at a high value CAGR during the forecast period
- Polyethylene material to witness high demand in the manufacturing of Biodegradable plastics. Also, polyethylene terephthalate is gaining high traction
- Biodegradable garbage bags are expected to witness high demand in the coming years. The sales of this packaging type is expected to exceed US$360 Mn by end of 2026
- Pharmaceutical and healthcare sector have shown increased adoption of Biodegradable plastic packaging since recent past. This end use industry is expected to largely contribute to the growth of the global market in the coming years
Read More Trending “PMR Exclusive Article”- https://www.globenewswire.com/en/news-release/2018/03/27/1453644/0/en/Global-Biodegradable-Plastic-Packaging-Market-to-Reach-US-1000-Mn-by-2026-Persistence-Market-Research.html
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