Biodegradable Plastic market to grow
According to a new commercially available market research report “Biodegradable Plastics Market by Type (PLA, PHA, PBS, Starch-Based Plastics, Regenerated Cellulose, PCL), by Application (Packaging, Fibers, Agriculture, Injection Moulding, and Others) – Global Trends & Forecasts to 2020”, published by Markets and Markets, the biodegradable plastics market is projected to grow from more than USD 2.0 Billion in 2015 to USD 3.4 Billion by 2020, at a CAGR of 10.8 % between 2015 and 2020
The biodegradable plastics market is segmented by type, by application, and by region. The market size of each region, namely, Western Europe, North America, Asia-Pacific, and Rest of the World (RoW) is projected in the report.
Some of the Prominent Players in the Biodegradable Plastics Market are Metabolix Inc. (U.S.); BASF SE (Germany); Corbion N.V. (The Netherlands); Natureworks LLC (U.S.); Biome Technologies Plc (U.K.).
PLA is expected to be the largest segment, in terms of volume, in 2015 with a market share of more than 45.1 % of the total biodegradable plastics market. PLA is also expected to grow at the second-fastest rate among all the types of biodegradable plastics. The growth of PLA is expected to be driven by its superior mechanical properties and ease of process-ability.
The packaging application is expected to be the largest segment, both in terms of value as well as volume, in 2015 with a market share of more than 60.3% of the total biodegradable plastics market. Biodegradable plastics are being increasingly used to manufacture single use packaging materials such as shopping bags, disposable cutlery, and others.
Western Europe is the largest consumer of biodegradable plastics globally, holding more than 40.0% share of the global biodegradable plastics market in 2014. The high growth in the region is due to strict implementation of environmental regulations which prohibits the use of petroleum based plastics in single use applications.
The biodegradable plastics market is segmented into five major applications, namely, packaging, fibres, agriculture, injection moulding, and others. The demand for biodegradable plastics in injection moulding application is expected to witness the fastest growth among all the applications. Western Europe is estimated to be the largest market for biodegradable plastics in medical application 2015.
This research report categorizes the global market for biodegradable plastics on the basis of type, application, and region and forecasts the market size in terms of value and volume. The report also analyses the market trends in each of the regions.