Global Bio-based Biodegradable Plastics Market to Witness 18% CAGR Between 2014 and 2020, Driven by Product Innovation in Region: FMI
By Business Wire News
By Business Wire News
Future Market Insights (FMI) released its latest report titled, “Global Bio-based Biodegradable Plastics Market Analysis and Opportunity Assessment, 2014 – 2020”. According to the report, the global bio-based biodegradable plastics market is estimated to display a significant growth rate of 18% during forecast period 2014 – 2020.
Consumption of biodegradable plastics and bio-based biodegradable plastics was 300 Mn metric and 591,000 metric tonnes in 2013, accounting for 0.21% and 0.1% respectively of the total global plastics consumed. Demand for bio-based biodegradable plastics was considerably lower in comparison to traditional fossil fuel-based plastics; however, it is anticipated to increase significantly in the near future.
By product type, Polyester and PLA collectively accounted for over 60% of the total market value in 2014 and are expected to dominate the market during the forecast period. Other product types collectively accounted for 20% of the total market value in 2014. Starch-blend is also estimated to increase at a marginally slow CAGR compared to PLA and polyester in the near future.
Region-wise, Europe leads the global bio-based biodegradable plastics market, followed by North America. Both the regions cumulatively accounted for 70% of the total global revenue in 2014. North America is expected to demonstrate double-digit CAGR of 16.5% during the forecast period, while Latin America is projected to display the highest CAGR of 22.6%, followed by Asia Pacific with CAGR of 20.7%. The collective market share of Latin America and Asia Pacific is estimated to increase approximately by 400 basis points in the next five years. Furthermore, Japan is expected to demonstrate a slightly slower growth rate as compared to APAC countries during the forecast period.
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Future Market Insights (FMI) is a premier provider of syndicated research reports, custom research reports and consulting services. Our research services cover global as well as regional emerging markets such as GCC, ASEAN and BRICS. Our offerings cover a broad spectrum of industries including Chemicals, Materials, Energy, Technology, Healthcare and Retail.