BPA Free Plastic Market to Garner $299.6 Billion, Globally, By 2031 at 5% CAGR, Says Allied Market Research
Rise in investment made by government agencies in next-generation electric vehicles (EV) and automotive & defense sectors drive the growth of the global on-demand logistics market
PORTLAND, Ore., Nov. 24, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "BPA Free Plastic Market by Material (PET, HDPE, LDPE, PP, Others), by Application (Food and Beverages, Consumer Goods, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global BPA free plastic industry generated $187.3 billion in 2021, and is estimated to reach $299.6 billion by 2031, witnessing a CAGR of 5% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
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Drivers, Restraints, and Opportunities
Rise in investment made by government agencies in next-generation electric vehicles (EV) and automotive & defense sectors drive the growth of the global on-demand logistics market. Furthermore, surge in investment made by prime players in emerging economies to boost the global market trends. However, easy availability of substitute products will hamper the global market growth. On the other hand, massive penetration of BPA free plastic in personal care, consumer goods, food & beverage, and pharmaceutical sectors is likely to present new growth opportunities for the global market in the coming years.
Covid-19 Scenario
- The outbreak of the COVID-19 pandemic had negatively impacted the growth of the global BPA free plastic market as it forced governments across the globe to implement stringent lockdowns. This, in turn, disturbed the transportation activities and supply of raw materials, thereby affecting the operations of manufacturing units.
- During the COVID-19 pandemic, the spending capacity of consumers was severely affected, and this negatively impacted the growth of the global market.
The PET segment to maintain a progressive revenue growth during the forecast period
Based on material, the PET segment held the major market share in 2021, holding nearly one-third of the global BPA free plastic market share, and is expected to maintain its leadership status during the forecast period. Massive use of PET in the production of plastic bottles. PET bottles are more durable, clear, lightweight, non-reactive, cost-effective, and thermally stable than Polypropylene (PP), and (Polyvinyl chloride) PVC bottles will drive segmental growth. However, the HDPE segment, is expected to cite the fastest CAGR of 5.5% during the forecast period. BPA-free HDPE plastic is suitable for numerous businesses, including the food industry, which produces items specifically for human consumption. They can be used for mixing, liquid flow control, and other applications.
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The Food and Beverages segment to maintain its dominance during the forecast period
On the basis of application, the food and beverages segment held the largest market share in 2021, accounting for more than two-fifths of the global BPA free plastic market share, and is expected to maintain its leadership status during the forecast period. The same segment is expected to cite the highest CAGR of 5.2% during the forecast period. BPA-free plastics have been used in the food and beverage industry because of their flexibility, cost-effectiveness, lightweight, faster production, and extended shelf life. BPA-free plastic packaging is used in dairy goods, caps and closures, kitchenware containers, lids, or flexible plastic packaging for candies and chocolate, where improved BPA-free technology is employed in the manufacturing process. The report also includes segments such as consumer goods and others.
Asia-Pacific to maintain its dominance by 2031
Based on region, the market in Asia-Pacific was the largest in 2021, capturing nearly one-third of the Region-wise, the Asia-Pacific region held the major market share in 2021, grabbing more than half of the global BPA free plastic market share. Moreover, the Asia-Pacific market is slated to dominate the global market share during the forecast period. In addition, the same region is expected to cite the fastest CAGR of 5.2% during the forecast period. The BPA free plastic market is driven by rise in consumption of BPA free plastic products from cosmetics & personal care, healthcare and food industry. The change in lifestyle and increased consumption of packed food has also stimulated the market growth. Moreover, after the covid-19 pandemic, there is a considerable increase in the consumption of packed food. Also, the expansion of e-commerce and online apps have triggered the market in the Asia-Pacific region. The report also analyses other regions such as Europe, North America, and LAMEA.
Leading Market Players
- Altium Packaging
- Amcor plc
- Conagra Brands, Inc.
- Eastman Chemical Company
- Orthex Group
- Plastipak Packaging, Inc.
- PPG Industries, Inc.
- Taiyuan Lanlang Technology Industrial Corp.
- Thermo Fisher Scientific Inc.
- Water Boy, Inc
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