In the report & # 39; Compostable market of plastic packaging material: Global Industry Analysis 2013-2017 and Opportunity Assessment 2018-2028 & # 39; The global market for compostable plastic packaging materials is expected to grow with a moderate CAGR of 5.1% during the expected period of 2018-2028. The data in this report also show that the market may reach a value of more than US $ 2,000 Mn by the end of 2028. Compostable plastics quickly degrade and leave no trace of the material that currently has the greatest demand in the market.
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In an attempt to build a strong company in an environmentally friendly manner, companies with new offers are entering the world market. There is a huge demand for environmentally friendly products because people are more inclined to go to these products because of their growing awareness. Compostable plastic packaging forms an important part of the current environmentally friendly plastics market. The market consists of various materials, such as PBAT, PBS, PLA and PHA, all of which consist of components that are highly decomposable. Of these it is expected that PHA will have the strongest market growth, thanks to its high barrier properties.
Foods, beverages and pharmaceutical products prefer high barrier material for packaging to extend the shelf life of the products and to preserve the quality of the product. According to the results of the report on the global market for compostable plastic packaging materials, it is expected that PHA plastic will show a signed CAGR of 15.9% during the 10-year prediction period. A popular trend in the global market for compostable plastic packaging materials is the growing demand for garbage bags made of compostable plastic. Despite the relatively higher costs, compostable waste bags will probably conquer an extensive market in the near future, both in developed and in emerging economies.
Global market for compostable plastic packaging materials: competitive scenario
The companies that are leaders in the world market for compostable plastic packaging materials include S.K. Chemicals Co. Ltd., BASF SE, 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 activities and benefit from products that set higher standards.
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