Global Bio-based Biodegradable Plastics Market By 2020 - Future Market Insights
Global bio-based biodegradable Plastics market size, growth, trends, forecast over 2015-2020, Market by product (Polyster, starch blends, poly lactic acid (PLA), poly hydroxyalkanoates (PHA) and cellulose), By Application (Packaging, fibres, Agriculture and medical), by Regions (Europe, North Americ
Online, January 22, 2015 (Newswire.com) - London-based market research and consulting firm, Future Market Insights (FMI), in its latest report titled “Global Bio-based Biodegradable Plastics – Market Analysis and Opportunity Assessment, 2014-2020”, states that the global bio-based biodegradable plastics market is expected to demonstrate a double-digit CAGR during forecast period 2014-2020.
Global penetration of biodegradable and bio-based biodegradable plastics is currently significantly lower in comparison to traditional fossil fuel-based plastics. Of the 300 Mn metric tonnes of plastics consumed in 2013, biodegradable plastics accounted for 0.21% of the total consumption. The total consumption of bio-based biodegradable plastics was 591,000 metric tonnes in 2013, accounting for 0.1% share of the total global plastics consumption.
Essien Jae, Lead Consultant at FMI said, “Consumption of bio-based biodegradable plastics is substantially low compared to fossil fuel-based plastics, but this is expected to grow rapidly over the next five years. By 2020, the total revenue of the global bio-based biodegradable plastics market is expected to grow two and half times as compared to 2014”.
Read the full report at Biobased Biodegradable Plastics Market 2014-2020 @ http://www.futuremarketinsights.com/reports/details/global-biobased-biodegradable-plastics-market
Regional Bio-based Biodegradable Plastics Markets to Demonstrate an Impressive CAGR till 2020
Europe leads the global bio-based biodegradable plastics market, followed by North America. The two major markets contributed approximately 70% to the global bio-based biodegradable plastics market revenue in 2014. The European bio-based biodegradable plastics market is relatively mature due to early adoption of these materials compared to other regions.
North America is the second-largest market and is estimated to demonstrate robust double-digit growth between 2014 and 2020. On the other hand, the bio-based biodegradable plastics market in Latin America is expected to demonstrate the highest growth rate at a CAGR of 22.6%, followed by Asia Pacific at a CAGR of 20.7% in terms of value. The cumulative market share of Latin America and Asia Pacific is anticipated to improve by around 400 basis points by the end of the forecast period.
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