Market Research Of Biodegradable Plastic Packaging Market By Knowledge Sourcing Intelligence
INTRODUCTION
Biodegradable plastic packaging
market is projected to witness a compound annual growth rate of 12.37% during
the forecast period to reach a market size of US$10.132 billion by 2023,
increasing from US$5.033 billion in 2017. Growing environmental concerns
coupled with stringent regulatory standards has led the plastic
manufacturers to develop biodegradable plastic.
Manufacturing of
biodegradable plastics requires less amount of energy and they do not need
fossil fuels to be recycled. Rising demand for sustainable packaging
solutions across industries such as food and beverage and pharmaceuticals is
fueling the demand for biodegradable plastic packaging, thus bolstering the
growth of global biodegradable plastic packaging market.Market
Research is done by knowledge sourcing industry due to huge
scope with respective industry.
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| sample view of biodegradable plastic packaging market share |
Biodegradable Plastic Packaging Market by Type of Material
By type of
material, the biodegradable plastic packaging material market is
segmented into Low density polyethylene (LDPE), Polyethylene
Terephthalate (PET) and Polylactide (PLA). Low density polyethylene (LDPE)
segment is expected to show robust growth during the given forecast period
owing to its rising adoption and usage in wide variety of segments such
as packaging films, milk cartons, dispensing bottles. Polyethylene
Terephthalate (PET) market is anticipated to hold a significant during the
given frame due to its non-toxicity, safety, lightweight, sturdiness and
flexibility.
The Low Density
Polyethylene market for biodegradable plastic packaging material was valued at
US$XX.XX billion in 2017 and is expected to grow at an impressive CAGR
of XX.XX% over the forecast period to reach a total market size of
US$XX.XX billion in 2023. The growth may be attributed to its extensive usage
in packaging films, milk cartons, dispensing bottles due to its low
reactivity and food grade quality. Transparency and cost effectiveness of the
LDPE is also one of the major factors driving the market growth.
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| sample view of biodegradable plastic packaging market share by type of material |
Low cost of the LDPE as compared to
the other materials such as low linear density polyethylene (LLDPE) and
ease in production of LDPE will also boost the growth of the market during the
given forecast period. The growing demand for sustainable products in
packaging development will also augment the growth of the market during the
given time frame. However, challenges related to the recycling of the LDPE
might restrain the growth of the market during the forecast period.
Market Dynamics
Biodegradable plastics are made of
biomass which includes grass, trees, plants, and other organic materials and it
easily decomposes and is completely renewable. It is an organic compound making
it much easier to breakdown. Moreover, biodegradable plastics do not need
oil for their manufacturing or production like other plastics, leading to less
pollution emission in to the environment. One of the advantages related to the
use of biodegradable plastics is the minimal emission of carbon in the air
during the process of manufacturing biodegradable plastic packaging.
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