Global Plastic Packaging Market: Bioplastics to Define Future Outlook

Bioplastics refer to plastics derived from renewable biomass sources such as corn starch, vegetable oils and fats, and microbiota. The global plastic packaging markethas a huge opportunity to grow with the increasing demand for bioplastics. Rising demand for plastics in pharmaceutical packaging, coupled with increasing consumer preference towards flexible plastics, has propelled the global plastic packaging market. The global plastic packaging market is projected to expand at a CAGR of 5.20% during the period between 2014 and 2020. The overall market was worth US$259.6 bn in 2013 and is estimated to be valued at US$370.2 bn by 2020.

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How Bioplastics Score Over Conventional Plastics

In bioplastics, carbon is derived from renewable feedstock that may or may not be biodegradable. According to European Bioplastics, a platform representing the interests of 70 member companies in the bioplastics industry throughout the European Union, a plastic material can be termed as a bioplastic if it is either biodegradable or biobased, or both. Bioplastics have a number of advantages over conventional petro-plastics:

·      Made from a variety of renewable resources, bioplastics can be composted locally into a soil amendment and can be utilized by living matter. Petro-plastics, on the other hand, are mostly non-biodegradable and have adverse effects on soil- and water-dwelling organisms.

·      Bioplastics can contribute to healthier economies. A recent study by the Centre for Economics & Business Research (CEBR) has found out that the growing domestic bioplastics sector in the UK would lead to 35,000 jobs and £2 bn in gross value added to the economy. The conventional petro-plastics industry, however, supports more oil drilling owing to skyrocketing demand and production with low recycling and reuse.

Nanotechnology to Improve Performance of Bioplastics

Though bioplastics have significant advantages over petro-plastics, one of the major challenges in the development of bioplastics is their inferior mechanical properties, such as barrier properties, which are not as good as those of petro-plastics. Manufacturers are utilizing nanotechnology to overcome these shortcomings in bioplastics. In commercial bioplastics products, nanotechnology is already being used. For example, Cereplast Inc. has developed cutlery and drinking straws with the help of nanotechnology in bioplastics. BioTRED, a Goodyear-Novamont tire made partially from Mater-Bi starches, is another bioplastics product manufactured using nanotechnology. According to the manufacturers, some of the mechanical properties of bioplastics tires have been enhanced by more than 100X with the implementation of nanotechnology.

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Are Bioplastics Safe?

The usage of nanotechnology to enhance mechanical properties of bioplastics has raised some eyebrows. Lack of research for identifying the potential risks of nanotechnology has raised concerns regarding the role of bioplastics in contaminating conventional plastics recycling. Also, the impact of nano particles on environment and humans has not been assessed extensively. However, on the whole, bioplastics do not present significant health risks and are thus rising in demand across the world.

Surging Demand for Rigid Plastic Packaging to Drive the Global Plastic Packaging Market

The plastic packaging market is that segment of the global packaging industry that is witnessing remarkable growth owing to substantial demand from the food and beverages market and also the pharmaceutical packaging market. High demand from the aforementioned end users can be attributed to the durable and tough nature of plastics that in turn enhances the shelf life of the products. Increasing consumer preference for flexible plastics also plays a noteworthy role in propelling the global demand for plastic packaging. 

There are two types of plastic packaging namely, rigid and flexible. While rigid plastic packaging is best suited for products requiring dimensional stability, flexible plastic packaging materials take the shape of the goods that they are filled with. Apart from pharmaceutical packaging, and food and beverages, much of the demand for plastic packaging also comes from other segments such as medical, personal care, industry, and household products. 

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What Role does Sustainability Play in the Global Plastic Packaging Market?

High cost of raw materials is a glaring challenge in the global plastic packaging market, which mainly arise from fluctuating oil prices. However, in order to prosper in the global market, market participants are gradually shifting their focus towards bioplastics and the application of nanotechnology in plastic packaging. The demand for bioplastics stems from the growing importance of environmental sustainability. 

“Sustainability” is the focal point for the global plastics packaging market today, with companies relentlessly working towards manufacturing environment-friendly plastics. Plastics, as we know, are an indispensable part of everyday life. Since there are limited alternatives to plastics, the main challenge for the global plastics packaging market lies in producing plastic that poses minimum threat to the environment. 

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Expansion of Product Portfolio and Increasing Business Ventures to Stimulate Market Performance

The key companies operating in the global plastic packaging market are Mondi plc, Amcor Ltd., Huhtamaki Oyj, Bemis Company Inc., Sonoco Products Company, Wipak Group, and Ampac Holdings LLC. U.S. based plastic packaging company, Sonoco Products Company, 2014 launched a bio-based plastic bottle for the latest homecare line started by Ecover, a Belgium based provider of home cleaning solutions. This plant-based eco-friendly bottles will be soon added to the product line of Ecover in North America, with a view towards ensuring product efficacy and sustainability. 

Ongoing industry trends suggest that greater preference for rigid plastic packaging containers over glass, paperboard, and metal packaging will propel this segment to expand robustly in the forthcoming years. A few weeks back, U.S. based manufacturer of flexible packaging and pressure sensitive components, Bemis Company Inc. declared that it would soon be acquiring the rigid packaging segment of the Brazil based Emplal Participações S.A. The joint collaboration between these two companies is mainly aimed at increasing the overall production of rigid packaging materials for household goods and food products. Emplal exhibits excellent operational capacities when it comes to the rigid packaging segment. This in turn is expected to contribute significantly to the goals and business plans of Bemis in the years to come.