- Food & Beverage Sector Continues to Dominate.
- Healthcare Industry to Generate Significant Demand in the Coming Decade.
- Compostable plastic packaging is a major part of the current eco-friendly plastics market.
The global market for compostable plastic packaging material is expected to grow at a moderate CAGR of 5.1% during the forecast period of 2018-2028. The market will possibly reach a value of over $2 billion by the end of 2028, according to the report titled ‘Compostable Plastic Packaging Material Market: Global Industry Analysis 2013-2017 and Opportunity Assessment 2018-2028.’ Compostable plastics degrade rapidly, leaving no traces of the material, which are witnessing stellar demand in the market currently.
In a bid to build a strong business in an eco-friendly manner, companies are coming up with new offerings in the global market. There is a huge demand for environment-friendly products as the people are more inclined towards these products due to their growing awareness. Compostable plastic packaging is a major part of the current eco-friendly plastics market. The market comprises various materials like PBAT, PBS, PLA, and PHA, all of which are made up of components that are highly decomposable. Among these, PHA is expected to hold the strongest market growth, owing to its high barrier properties.
Food, beverage and pharmaceutical products prefer high barrier material for packaging to extend the shelf life of the products and maintain the quality of the product. According to the outcomes of the report on the global compostable plastic packaging materials market, PHA plastic type is expected to witness a stellar CAGR of 15.9% during the 10 year forecast period. A popular trend witnessed in the global compostable plastic packaging materials market is the rise in demand for garbage bags made of compostable plastic. Despite of relatively higher costs, compostable garbage bags are likely to grab a sizeable market in near future, in both developed as well as developing economies.
The companies that are leading in global compostable plastic packaging materials market include S.K. Chemicals Co. Ltd., BASF S.E., Kaneka Corporation, Northern Technologies International Corp., Blonde Technology Co., Ltd., FKuR Kunststoff GmbH, NatureWorks LLC, Gio-Soltech, Ltd., Xinjiang Blueridge Tunhe Chemical Industry Co., Ltd, Biotec GmbH & Co. KG etc. These market leaders are looking for opportunities to expand their businesses and capitalize on products that are going to witness higher demands.