Global Market Study on Oxo-biodegradable Plastic Packaging: Demand for Polyethylene Terephthalate (PET) to Surge in the Coming Years
New York, NY -- (SBWIRE) -- 03/28/2018 -- Understanding various facets of the global oxo-biodegradable plastic packaging market, Persistence Market Research has come up with an analytical and extensive research publication titled "Oxo-Biodegradable Plastic Packaging Market: Global Industry Analysis (2013-2017) and Forecast (2018-2026)". The comprehensive oxo-biodegradable plastic packaging market research report focuses on various trends, developments, opportunities, restraints, drivers and challenges impacting the growth of the global oxo-biodegradable plastic packaging market.
These factors vary in magnitude in different regions for which a detailed analysis is covered in the research report. Along with this, an in-depth assessment on competition is covered and forecasts for a period of eight years, from 2018-2026, are elaborated with respect to each segment and sub-segment of the global oxo-biodegradable plastic packaging market.
Key players involved in the manufacturing and distribution of oxo-biodegradable plastic packaging products are focusing on investing in research to develop innovative packaging solutions with additional features that can enhance the quality and usability of the product.
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Main players competing in the global oxo-biodegradable plastic packaging market are UNIBAG MAGHREB, EPI Environmental Technologies Inc., Wells Plastics Ltd., Willow Ridge Plastics Inc., Elif Plastik Ambalaj Sanayi Ve Ticaret Anonim Sirketi, Symphony Polymers Pvt. Ltd., Newtrans USA Company, Licton Industrial Corp, Symphony Environmental Technologies PLC and Add Plast.
Global Oxo-Biodegradable Plastic Packaging Market – Forecast Analysis
As per the analytical research study carried out on oxo-biodegradable plastic packaging, the global market is expected to soar at a rate of 5.4% (value CAGR) during the forecast period, mainly driven by increasing need for environment friendly packaging solutions and supportive government regulations with respect to use of oxo-biodegradable plastics for packaging. In 2017, the global oxo-biodegradable plastic packaging stood at US$ 637.3 Mn and is estimated to reach a value higher than US$ 1000 Mn by end of the assessment period (2026).
Awareness of Environment Health and the Need to Curb Plastic Pollution to Offer Potential Growth Opportunities for Oxo-Biodegradable Plastics
Since the last few years, plastic has been a vital component in the packaging industry. A higher percentage of various types of plastics are being used for packaging, and are also being discarded after use. Most of the plastic ends up in landfills where they take several years to degrade. This has created a huge concern for environment health and little has been done to eradicate the issue.
As complete elimination of plastic is not possible, manufacturers have been promoting use of biodegradable packaging solutions, such as oxo-biodegradable plastic products. This has triggered the adoption of oxo-biodegradable plastic packaging solutions and is expected to drive the growth of the global market.
Supportive Government Regulations Regarding the Use of Oxo-Biodegradable Plastics to Drive Increased Adoption
Although oxo-biodegradable plastic packaging is going through a phase of instability in the west, which might prove to be a critical restraining factor in the coming decade, it is viewed as a key solution to curb the land and marine pollution problems. Many countries actively encourage oxo-biodegradable plastic packaging. For example, governments of various countries in Middle and Africa have made a mandate that the country will use only oxo-biodegradable plastics for packaging.
Key Segmental Highlights
Asia pacific is expected to be an attractive region for oxo-biodegradable plastics. The manufacturing and adoption of these products is high in developing countries in the region. Asia Pacific oxo-biodegradable plastic packaging market is projected to grow at a high value CAGR during the forecast period
Polyethylene material to witness high demand in the manufacturing of oxo-biodegradable plastics. Also, polyethylene terephthalate is gaining high traction
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Oxo-biodegradable garbage bags are expected to witness high demand in the coming years. The sales of this packaging type is expected to exceed US$360 Mn by end of 2026
Pharmaceutical and healthcare sector have shown increased adoption of oxo-biodegradable plastic packaging since recent past. This end use industry is expected to largely contribute to the growth of the global market in the coming years