U.S. Biopolymer Films Market to earn a massive revenue over 2016-2024, high product demand across the food packaging sector to fuel the regional growth
Growing awareness to use eco-friendly products has brought about a change in consumer preferences, which will push Biopolymer Films Market growth exponentially. The government has also been promoting the usage of environment-friendly products to reduce pollution. Industry giants are expected to invest heavily in research & development to enhance their product portfolio. Another key factor that will influence biopolymer films industry size is the rapid expansion of the food and beverage business across the globe, which. As per the report by Global Market Insights, Inc., “Biopolymer Films market was worth USD 3 billion in 2015 and is projected to grow at an annual growth rate of 7% over the period of 2016 to 2024.”
Bio-based material comprises a vast spectrum of raw material such as pectin, starch, cellulose, protein, and chitosan, that are extensively used for biopolymer film production. The ample availability of these materials will lead bio-based biopolymer films market to record an annual growth rate of 6% over the coming seven years. Bio-based materials are extensively used for food packaging industry, which led the end-user segment to account for more than 35% of the total revenue contribution in 2015. The food packaging sector is predicted to earn significant revenue over the coming timeframe. The factors positively affecting biopolymer films industry growth are growing awareness among the consumers regarding the usage of biodegradable products along with the implementation of strict regulations by FDA and EPA.
U.S biopolymer films market size, by end-user, 2013-2024 (USD Million)
Agriculture end-user segment will exceed a CAGR of 5% over the years ahead, primarily driven by the surging product demand for greenhouse components, mulching, and irrigation purposes. In addition, biopolymer-based products are being used to reduce environmental hazards by replacing synthetic glass and plastics. This, in turn, will augment biopolymer films market size considerably. Medical & pharmaceutical and home & personal care are the other notable end-user segments, which will also garner significant revenue.
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Taking into account the product trends, biopolymer films market is mainly divided into cellophane, polyamide, PHB, mulch, PVA, PLA, and PHA. PHB biopolymer films market is anticipated to register an annual growth rate of 5% over the period of 2016 to 2024. In addition to possessing the property of biodegradability, these products also offer the benefits of conventional petrochemical films. PLA biopolymer films market occupied about 25% of the overall share in 2015 and is predicted to collect noticeable revenue over the years ahead, primarily driven by the product’s usage across the food packaging and agriculture sectors.
Based on the various technologies, atomic layer deposition will record a CAGR of 5.5% over the coming years of 2016 to 2024, owing to the extensive use of this technology in PHB and PLA films, pertaining to its capability to act as a water vapor barrier. Multilayer and sol-gel are the are other lucrative technology segments of biopolymer films industry.
Considering the regional landscape, Asia Pacific biopolymer films market will register maximum growth rate over the period of 2016 to 2024. The growth can be attributed to the growing product requirement for medical and food packaging applications. Shifting consumer trends along with growing expenditure on cosmetics and food items will also augment the regional industry growth.
The contribution of the U.S. toward the regional industry has indeed been noticeable, owing to which North America biopolymer films market share was USD 800 million in 2015. This region is expected to record a flourishing growth rate over the years ahead. The attributing factor toward biopolymer films industry growth across this geography is the surging demand for the product across the packaging sector. In addition, strict implementation of rules and regulations regarding food packaging by the FDA will favor the high product demand across the U.S.
Braskem, BASF, Avery Dennison, Plastic Union, Evonik Industries, Toray Industries, Mondi Group, Amcor, Innovia Films, Taghleef Industries Inc., Amcor, Industria Termoplastica Pavese, NatureWorks, Klöckner Pentaplast, BioBag International are the noteworthy participants in biopolymer films market.
Author Name :Sunil Hebbalkar