Global Bio-based Biodegradable Plastics Market to Witness 18% CAGR Between 2014 and 2020, Driven by Product Innovation in Region: FMI
March 19, 2015 | By Business Wire News
LONDON
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.
Browse Report: http://www.futuremarketinsights.com/reports/details/global-biobased-biodegradable-plastics-market
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.
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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.
Press Release:http://www.futuremarketinsights.com/pressreleases/details/biobased-biodegradable-plastics-market
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.
Other Report:
Natural Food Colours Market: http://www.futuremarketinsights.com/reports/details/global-natural-food-colours-market
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