The compostable or biodegradable terms have become an essential part of day to day life. The growing consumer awareness and preference towards eco-friendly options is resulting into paradigm shift for the use of green products. Introduction of compostable particle foam is one of the prominent step towards the use of compostable material in packaging and transport industry. Compostable means quick breakdown of material in typical compositing operation into nutrient rich, soil conditioning mixture. Conventional foams – for example – expanded polystyrene (EPS), expanded polypropylene (EPP) are based on fossil source materials. Compostable particle foam is made up from biodegradable polymer and polylactic acid which is made up from corn or other sugar-generating plants. The properties of compostable particle foam make it particularly suitable for packaging due to its very good resilience even when applied to multiple impact load. Low thermal conductivity of compostable particle foam can be useful for thermal insulation where goods are very sensible to heat or changing temperature. The market for compostable particle foam is expected to witness significant growth over the forecast period. Importance of compostable and biodegradable material will play significant role in changing trends of using non-renewable foam material to renewable resources. Market players too are focusing to develop manufacturing processes which are cost effective and are able to produce products with high-end qualities. In view of the same, manufacturers are found to have been collaborating with various universities and research institutes to develop such products which can deliver the required service along with the property of sustainability. Apart from this, increasing awareness levels of consumers towards use of compostable product is further expected to drive growth of the compostable particle foams market over the forecast period 2016–2026.
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Compostable Particle Foam: Market Dynamics
Increasing price and reducing availability of fossil resources has resulted in uptake of the alternative green options and environmentally sustainable products across industries which demand novel solutions over non-compostable and non-degradable products. There is a major shift in awareness towards environment conservation; industries, institutions and even consumers are looking for the use of eco-friendly products. Changing trends and awareness about well-being of environment is one of the major factors for the growth of compostable particle foam market.
Various governments have formulated regulations and policies aiming at safe disposal and recycling initiatives of materials. Use of environment friendly products is also an initiative in various corporate social responsibility programs run by numerous public and private limited companies which have positively influenced manufacturers to use the compostable particle foam material.
The macroeconomic growth of the packaging industry is one of the prime factors which is affecting the demand for compostable particle foam across the globe. Owing to the high-end product properties of compostable particle foam, such as light-weight, good insulation, form-fitting–, compostable particle foams are increasingly being utilized in the automotive and logistics sectors as well. Development of online sales channel, retail infrastructure, transportation, and transit industries has significantly increased demand for packaging materials which has ultimately triggered consumption of compostable particle foam all over the world.
Compostable Particle Foam: Market Segmentation
Out of the many ways by which the compostable particle foam market can be segmented is based on their end-use, which segments as the following:
- Other End Use Industries
Packaging is expected to remain a key end-use segment in the global compostable particle foam market throughout the forecast period.
Compostable Particle Foam Market Participants
Examples of some of the market players and service providers identified across the value chain of compostable particle foam market are: BASF SE, Green Cell Foam, Synprodo, etc. Aligned with the global trend of sustainability, manufacturers across the globe are involved in high R&D activities to develop products which are biodegradable and do not compromise on the quality as well. Manufacturers such as BASF SE are also found to have been expanding their product offerings in order to meet with the demand from various end use industries.
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