Industry Market Trends

Bio-Plastics Are Getting a Toehold in the Packaging Market

December 10, 2012

Some manufacturers are seeking ways to introduce plant-based plastics -- bioplastics -- into their products. Such bio-materials offer a way to reduce life-cycle environmental impacts and greenhouse gas (GHG) emissions -- and to hedge against cost volatility in the supply of petroleum feedstock. Packaging is emerging as one of the most promising markets for bioplastics, especially in the manufacture of plastic containers. According to market research firm IBISWorld, the global plastics manufacturing market is worth $779.8 billion in 2012 and is expected to grow to $941.4 billion in 2017. Approximately 28.7 percent of industry revenue is accounted for in North America, 28.5 percent in Europe and 25.5 percent in Asia. Asia's share has been growing because of development in China, resulting in declining share for North America and Europe.  Read More