A study released byTransparency Market Research(www.transparencymarketresearch.com) predicts that the market for these materials will be worth nearly $7.8 billion by 2018, almost quadrupling from its current value of $2.3 billion.
Biodegradable plastics covers both synthetic (petroleum derived) and renewable
(bio-based) materials, but the growth will be in the latter as it is considered
a more sustainable option.
Although the synthetic plastics market is growing at a steady pace, it lags
behind bio-based alternatives and is experiencing a decreasing market share.
The bio-based market is segmented on the basis of its types as starch based
plastics, polylactic acid (PLA) and polyhydroxyalkanoates (PHA). This sector
alone is expected to reach a value of $7 billion over the next six years.
Major brands such as Coca-Cola are now looking to exploit greater use of
plant-based materials for use in packaging - the drink company announced last
year it was entering into partnerships with biotech companies to develop commercial solutions for its
next-generation of PlantBottle.
Other factors underpinning the growth of such materials are cheap feedstock
supply and consumer acceptance. Globally, the main end-markets for
biodegradable plastics are in packaging, agriculture and transportation.
Global market for biodegradable plastic expected to soar
August 29, 2012