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It recently published a market research entitled “Biodegradable Plastics Market by Type (PLA, PHA, PBS, Starch-Based Plastics, Regenerated Cellulose, PCL), by Application (Packaging, Fibers, Agriculture, Injection Molding, and Others) – Global Trends & Forecasts to 2020”. Herebelow are some key figures and learnings.
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 report explains the driving and restraining factors of the global biodegradable plastics market with an analysis of trends, opportunities, and challenges.
The biodegradable plastics market is segmented into five major applications, namely, packaging, fibers, agriculture, injection molding, and others. The demand for biodegradable plastics in injection molding 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. On the basis of type, the market is segmented into six segments, namely PLA, starch blends, PCL, regenerated cellulose, PBS, and PHA.
PLA: Largest Segment, By Type
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 processability. In terms of value, starch blends are expected to account for the largest share in the market during the forecast period. This is due to the comparative high cost of starch blends to PLA.
Packaging: Largest Segment, By Application
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. The increased use of biodegradable plastics in this application is attributed to increasing environmental awareness.
Western Europe: Largest Consumer
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.