The global penetration of biodegradable and biodegradable plastics is currently significantly lower than that of traditional fossil fuel-based plastics. Of the 300 million metric tons of plastics consumed in 2013, biodegradable plastics accounted for 0.21% of total consumption. Total consumption of biodegradable plastics of biological origin was 591,000 metric tons in 2013, representing 0.1% of total global plastics consumption.
Essien Jae, Principal Consultant at FMI, said: “Consumption of biodegradable plastics of bio-based origin is considerably low compared to fossil fuel-based plastics, but is expected to increase rapidly over the next five years. By 2020, the total global biodegradable plastics market revenue is expected to grow two and a half times compared to 2014”.
Regional Biodegradable Plastics Markets to Show Impressive CAGR through 2020
Europe leads the global biodegradable plastics market, followed by North America. The two major markets contributed around 70% of the global biodegradable plastics of bio-based market revenue in 2014. The European biodegradable plastics of bio-based market is relatively mature owing to the early adoption of these materials compared to other regions.
Request sample for authentic analysis and comprehensive market insights at https://www.futuremarketinsights.com/reports/sample/rep-gb–89
North America is the second largest market and is expected to show robust double-digit growth between 2014 and 2020. On the other hand, the market for biodegradable bio-based plastics in Latin America is expected to show the highest growth rate. high at a CAGR of 22.6%, followed by Asia-Pacific at a CAGR of 20.7% in terms of value. The combined market share of Latin America and Asia-Pacific is expected to improve by around 400 basis points by the end of the forecast period.
Japan is another important market for biodegradable plastics of bio-based origin, characterized by product innovation thanks to substantial investments in R&D activities. “Manufacturers in the Japanese biodegradable plastics market are constantly introducing new products and setting a trend that is followed by manufacturers in developed markets such as the United States, Germany and France. The Japanese biodegradable plastics market is expected to show a slightly slow growth rate compared to other APAC countries during the forecast period,” said Essien Jae.
In terms of application, the packaging sector represents the largest share of the global market for biodegradable plastics of biological origin and is largely driven by Europe. Other key application sectors include fibers, agriculture and medical.
Get customization on this report for specific country – https://www.futuremarketinsights.com/customization-available/rep-gb–89
Based on product type, the market is broadly segmented into polyester, starch blends, polylactic acid (PLA), polyhydroxyalkanoates (PHA), and cellulose. However, besides the above-mentioned types, there are other product types, which were cumulatively estimated to account for around 20% of the overall market value in 2014. Polyester and PLA product types are estimated to dominate the global market biodegradable plastics of biological origin, as the two types were estimated cumulatively to represent more than 60% of the total market value in 2014.
Additionally, the starch blends segment of the biodegradable bio-based plastics market is expected to exhibit a slightly slow CAGR compared to polyester and PLA throughout the forecast period.
Based on product type
- starch mixtures
- polylactic acid (PLA)
- polyhydroxyalkanoate (PHA)
- other bio-based biodegradable plastics
Based on an application
- Health care
Learn more about analyzing reports with numbers and data tables, as well as the table of contents. Ask an Analyst – https://www.futuremarketinsights.com/ask-question/rep-gb–89
2. Methodology and scope of the research
3. Assumptions and acronyms used
4. Market Overview
4.2. Market segmentation
4.3. Parent Market Indicators
4.3.1. Global plastic consumption
4.3.2. Regional plastic consumption
5. Global Bio-based Biodegradable Plastics Market Overview
5.1. Market Size and Forecast (Value), 2012-2020
5.2. Comparison of annual growth
5.3. Market Size and Forecast (Volume), 2012-2020
5.4. Market dynamics
5.4.1. Economic drivers and relative impact
5.4.2. Demand drivers and relative impact
5.4.3. Supply factors and relative impact
5.4.4. Market trends and recent advances
6. Global Bio-based Biodegradable Plastics Market, by Application, 2012-2020
About the IGF
Future Market Insights (ESOMAR certified market research organization and member of the Greater New York Chamber of Commerce) provides in-depth insights into the driving factors that increase demand in the market. It reveals opportunities that will drive market growth in various segments on the basis of source, application, sales channel, and end-use over the next 10 years.
Future Market Outlook
Unit number: 1602-006
Jumeirah Bay 2
Parcel number: JLT-PH2-X2A
Jumeirah Lakes Tours
United Arab Emirates
LinkedIn| Twitter| Blogs