Synthetic and Bio-Based Biodegradable Plastics Market is expected to reach USD 7.8 billion globally in 2018: Transparency Market Research
Albany, NY (PRWEB) November 23, 2012
The global synthetic and bio-based biodegradable plastics market is driven by growing demand for eco-friendly materials in mainly packaging industry, cheap feedstock supply and its acceptance by the consumers. Globally, biodegradable plastics find its major use in packaging, agriculture and transportation industries.
Biodegradable plastics market is classified under two markets, synthetic (petroleum derived) biodegradable plastics and renewable (bio-based) biodegradable market. Most of the countries are shifting towards bio-based biodegradable plastics owing to its eco-friendly nature. Although, synthetic biodegradable plastics market is also growing at a steady pace, it still lags behind bio-based alternatives and thus experiencing a slightly decreasing market share.
Over the last decade demand of bio-based biodegradable plastics has increased considerably due to growing demand for eco-friendly materials. Bio-based biodegradable plastics market is segmented on the basis of its types as starch based plastics, polylactic acid (PLA) and polyhydroxyalkanoates (PHA). The market for renewable biodegradable plastics was 1.9 billion in 2011 and it is expected to reach USD 7.0 billion in 2018.
The major geographic markets for biodegradable plastics are Europe, North America and Asia Pacific. Europe enjoys the largest market share of the worldwide synthetic & bio-based biodegradable plastics market in 2012 and is expected to lead till 2018. Asia Pacific market is expected to grow at a CAGR of 25.7% from 2011 to 2018.
This research is specially designed to estimate and analyze the demand and performance of synthetic & bio-based biodegradable plastic products in global scenario. This research provides in-depth analysis of synthetic & bio-based biodegradable plastic product manufacturers, trend analysis by segments and demand by geography. The report covers all the major segments of the global synthetic & bio-based biodegradable plastics market and provides in-depth analysis, historical data and statistically refined forecast for the segments covered.