Asia Pacific Bioplastic Packaging Market

Asia Pacific Bioplastic Packaging Market Size (2023-2028)

The Asia Pacific Bioplastic Packaging Market will grow from US$ xx billion in 2022 to $ xx billion in 2028, recording a compound annual growth rate of above xx%.

Bioplastics are mainly a biodegradable group of polymers, which can be produced from renewable resources. Traditional plastics are more and more becoming unpopular owing to the fact that they can last for a very long time and can be dangerous to present life and the ecosystem in common and rely heavily on the oil and gas business for raw materials. Traditional plastics are employed in almost all businesses as material for casings, electronics, packaging, and several other products. This high volume of products made out of materials that will not be degraded for years is creating a high level of worry, particularly in growing economies, and rising ones are swiftly following suit.

The Bioplastic Packaging Market is segmented with the presence of numerous manufacturers, and the competitive dynamics in the market is estimated to change in the future years. The rising environmental worries owing to increasing pollution have led to a customer shift toward biodegradable material-based products. Many end-users, including retailers and food processing businesses, are focusing on providing products in bioplastic packaging to cater to the demand for sustainable packaging solutions. For example, Waitrose & Partners declared its plan to replace plastic bags with bioplastic bags in September 2018. Co-operative Group announced the replacement of all single-use plastic bags with biodegradable substitutes involving bioplastic bags. Hence, such an increase in the adoption of this packaging by different end-users will drive the expansion of the global bioplastic packaging market at a CAGR of about 18% during the foreseen period, which will boost the demand in regional economies like the Asia Pacific.

Asia Pacific Bioplastic Packaging Market Recent Developments and Trends in Industry:

• Arkema introduced high-performance, eco-friendly solutions in Düsseldorf, Germany. French specialty chemicals and developed materials giant Arkema SA witnessed a range of products for transportation, customer products, sports, industry, and construction sectors at K 2019 in Düsseldorf. 
• Two significant Italian research and technology businesses, Novamont and Sales Group, both with high patent portfolios and recognized as leaders in biochemicals and functional materials, have come together to develop solutions to meet the rising demand for materials with lower environmental effects and very high technical performance. 

Asia Pacific Bioplastic Packaging Market Drivers and Restraints:

Technological developments and government incentives are probable to erase the price gap between traditional and bioplastics eventually, but the Asia Pacific bioplastics packaging market faces an uphill battle till then. Stringent government rules against the consumption of non-recyclable plastics are boosting the expansion of the market. Rising awareness about sustainable packaging among customers and abundant availability of raw materials in growing economies have a positive effect on the development of the market. The key driver for the Asia Pacific bioplastic packaging market is the increasing support given by governments boosting the incorporation of bioplastics in place of traditional plastics. The total advantage to a country adopting bioplastics on a mass scale is the prevention of ecological damage, which would have been caused by conventional plastics.

Moreover, this also gets rid of the requirement for further resources to fix the damage. The rising awareness among the average population about the ecological effect on their lifestyles is another primary driver for the Asia Pacific bioplastic packaging market. The requirement to balance the physical properties of plastics and the biodegradability of organic matter results in high production costs that results in premium prices. Whereas, the high rates of bio-based materials may hinder the expansion of the market. Also, the high complexity related to the production of bioplastic packaging materials through agro-based raw materials is estimated to challenge the regional market expansion in the coming years.

Asia Pacific Bioplastic Packaging Market Segmentation:

On The Basis Of Type:

• Bio-PET

• PLA

• PBS

• Bio-PP

The bio-PET sector leads the APAC market owing to high employment in bottling and packaging businesses. It has similar properties to traditional PET. It is broadly employed in the making of different products like bottles, food containers, bags, and carry-away cups.

On The Basis Of Application

• Plastic bottles

• Packaging

• Others.

The packaging sector leads the Asia Pacific bioplastic packaging market on the basis of application and is estimated to be the quickest-rising segment in the forecast period. Bioplastics are widely employed in the packaging business for food packaging, pharmaceutical packaging, and goods packaging.

Asia Pacific Bioplastic Packaging Market geographical analysis:

Asia Pacific Bioplastic Packaging Market Industry includes

• India
• China
• Japan
• South Korea

Australia & New Zealand, Thailand, Malaysia, Vietnam, Philippines, Indonesia, Singapore & the Rest of APAC.

The Asia-Pacific market is estimated to showcase the quickest expansion in the global business. The rising demand for eco-friendly, advanced, and effective packing due to the increasing consumption of packaged food and beverages, and the escalating requirement for packaging solutions from the e-commerce business. This will create an opportunity for the developed bioplastic packaging solutions in the growing economies. China's bioplastic packaging market is foreseen to account for the leading portion of the regional business in the estimated period, followed by the Indian bioplastic packaging market.

Asia Pacific Bioplastic Packaging Market key players:

Since only some companies are participating in the expansion of the bioplastics packaging market, the contribution of each one of them is very instrumental towards market growth. And, stiff competition is being estimated among such businesses with respect to accounting for a bigger market share. Some of the major players in the Bioplastic Packaging market are BASF SE, Dow Chemical Company, Koninklijke DSM N.V., Eastman Chemical Company, IFS Chemicals, NatureWorks LLC, Metabolix Inc., Arkema Group, Novamont S.p.A., Albis Plastics, Innovia Films, Biome Bioplastics Limited., FKuR Kunststoff, Grace Biotech, and DaniMer Scientific LLC.