According to a market study published by European Bioplastics on Dec 16, 2013, the Global Annual Production Capacity of Bioplastics is expected to grow from 1.4 Mn Tons in 2012 to 6.2 Mn Tons in 2017. This is in fact still a minuscule fraction ( 0.5%) of the total production of plastics in the world amounting to approximately 300 million metric tons in 2012 absorbing 8-9 % of the total crude oil production ( 5% directly and 4% for the processing energy) .
Industry trend: high end compounds and fiber reinforced compounds gradually replace metal in automotive parts. Engineering plastics and thermoset materials have already succeeded in replacing metal in multiple markets. The key driver for this substitution is weight reduction and, consequently, lower fuel consumption for vehicles of all types.
The global bio-plastics industry is expected to witness significant growth and reach an estimated $7.02 billion by 2018.