Biodegradable Plastic Packaging's Market Scope
Biodegradable plastics are designed to biodegrade in a specific medium (soil, water, soil, and compost) under certain conditions and in varying periods of time. These plastics refer to petroleum-based plastics that are combined with an additive that makes them break down quickly. These materials were produced to reduce plastic waste and are biodegradable. Further, biodegradable packaging is made up of materials that decompose easily after disposal under the action of microorganisms. This ability of these plastics to decompose rapidly helps to control the build-up of waste in landfills and contributes to a safer and healthier environment. These plastics are perceived as more eco-friendly due to their environmental benefits.
|Unit||Value (USD Million)|
|Key Companies Profiled||Tetra Pak International SA (Switzerland), Plastic Suppliers Inc. (United States), Kruger Inc. (United States), Amcor PLC (United Kingdom), Mondi PLC (South Africa), International Paper Company (United States), Smurfit Kappa Group PLC (Ireland), DS Smith PLC (United Kingdom), Klabin SA (Brazil) and Rengo Co. Ltd (Japan)|
The biodegradable plastic packaging market is fragmented market due to the presence of various players. The players are focused on developing new technologies to manufacture plastic packaging material. Rising major investments in research and development by the players, in order to develop innovative products, will boost the market growth. The companies are planning strategic activities like collaboration, partnerships, and acquisitions which will help them to sustain in the market and maintain their competitive edge. Research Analyst at AMA estimates that United States Vendors will contribute to the maximum growth of Global Biodegradable Plastic Packaging's market throughout the predicted period.
Tetra Pak International SA (Switzerland), Plastic Suppliers Inc. (United States), Kruger Inc. (United States), Amcor PLC (United Kingdom), Mondi PLC (South Africa), International Paper Company (United States), Smurfit Kappa Group PLC (Ireland), DS Smith PLC (United Kingdom), Klabin SA (Brazil) and Rengo Co. Ltd (Japan) are some of the key players that are part of study coverage.
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
The study have segmented the market of Global Biodegradable Plastic Packaging's market by Type , by Application (Food Packaging, Beverage Packaging, Pharmaceutical Packaging, Personal/Homecare Packaging and Others) and Region with country level break-up.
On the basis of geography, the market of Biodegradable Plastic Packaging's has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). region held largest market share in the year 2021.
Market Leaders and their expansionary development strategiesOn January 2022, Tetra Pak partnered with Elvir to launch a cap using certified recycled polymers. This partnership helped both companies to find an economically sound use for plastic waste and responsibly sourcing raw materials. With this, Tetra Pak and Elvir continue to minimize their dependency on virgin, fossil-based resources.
On December 2021, TriMas acquired Omega Plastics adding to TriMas’ Packaging group. The addition of Omega further expands TriMas Packaging’s Pharmaceutical & Nutraceutical product offering into supporting medical device contract development manufacturing customers.
Influencing Trend:Rising industrial applications as they are economical, renewable, reduce dependence on fossil oil, and available in abundance
Market Growth Drivers:Rise in greenhouse gas emissions and plastic waste, , Growing environmental concerns regarding plastic usage, and Stringent regulations by various governments and federal agencies regarding plastic waste
Challenges:Rising crude oil prices and the issues related to petroleum-based plastics
Restraints:Increasing biodegradable plastic alternatives, and High costs of biodegradable plastic as compared to regular plastic
Opportunities:Rise in focus on biodegradable and recyclable packaging material, , Demand for biodegradable plastics, and Technological innovation in the field of sustainable packaging
Key Target AudienceBiodegradable plastic packaging Manufacturers Suppliers and Distributors, Venture Capitalists and Private Equity Firms, New Entrants/Investors, Strategic Business Planners, Government Regulatory, Research Organizations and End-Use Industries