Bioplastic Packaging Market Share| COVID-19 Impact

[sagar]

To reduce the magnitude of the growing menace of plastic pollution, the governments in multiple countries have undertaken concrete steps towards the use of plastics. Such steps include imposing restrictions on the use of synthetic plastics for packaging applications.

Segmentation

The global Bioplastic Packaging Market Share has been segmented based on type and application.

By type, the bioplastic market has been segmented into bio-PET, PLA, PBS, bio-PP, and others. Type-wise, the Bioplastic Packaging Market Share is being dominated by the bio-PET segment. Bio-PET has similar properties as of conventional PET and is highly used for bottling and other packaging applications such as for manufacturing bags, food containers, carry bags, bottles, and others. Meanwhile, the PLA segment is anticipated to expand over the forecast period on account of easy processability and superior mechanical properties.

By application, the Bioplastic Packaging Market Share has been segmented into plastic bottles, packaging, and others. Application-wise, the packaging segment is dominating the market and is likely to be the fastest-growing segment over the forecast period.

Regional Analysis

Region-wise, the Bioplastic Packaging Market Share has been segmented into North America, Rest-of-the-World (RoW), Europe, and Asia Pacific (APAC).

The Bioplastic Packaging Market is dominated by Europe. The region has been a frontrunner in the adoption of green packaging solutions. Moreover, stringent government regulations prohibiting the use of polymers in packaging applications has created a conducive environment for the growth of the Bioplastic Packaging Market Share in Europe. Moreover, due to the high level of awareness in the region, bioplastics are highly preferred, which generates considerable demand within the market. The European Union is aiding the growth of the market by reducing taxes on bio-based products. The UK, France, Germany, and Spain are the key contributors to the Europe market.

North America is likely to emerge as an important growth pocket in the coming years. Various laws are being regulated in the region to curb the intensifying problems of environmental pollution. The US and Canada are the key contributors to the North America market.

APAC market is likely to demonstrate notable growth over the forecast period. Escalating demand for packaged goods in the region is supporting the growth of the market. China is the major contributor to the APAC market. Other country-specific markets include South Korea, Australia, and Japan.