According to a new market research report "Biodegradable Plastics Market by Type (PLA, PHA, PBS, Starch-Based Plastics, Regenerated Cellulose, PCL), by Application (Packaging, Fibers, Agriculture, Injection Molding, and Others) - Global Trends & Forecasts to 2020", published by MarketsandMarkets, the Biodegradable Plastics Market is projected to grow from more than USD 2.0 Billion in 2015 to USD 3.4 Billion by 2020, at a CAGR of 10.8% between 2015 and 2020.
The biodegradable plastics market is segmented by type, by application, and by region. The market size of each region, namely, Western Europe, North America, Asia-Pacific, and Rest of the World (RoW) is projected in the report. The key countries such as the U.S., Germany, China, and Japan are covered and their respective market sizes are forecasted along with their growth rates.
PLA: Largest Segment, By Type
PLA is expected to be the largest segment, in terms of volume, in 2015 with a market share of more than 45.1% of the total biodegradable plastics market. PLA is also expected to grow at the second-fastest rate among all the types of biodegradable plastics. The growth of PLA is expected to be driven by its superior mechanical properties and ease of process ability. In terms of value, starch blends are expected to account for the largest share in the market during the forecast period. This is due to the comparative high cost of starch blends to PLA.
Packaging: Largest Segment, By Application
The packaging application is expected to be the largest segment, both in terms of value as well as volume, in 2015 with a market share of more than 60.3% of the total biodegradable plastics market. Biodegradable plastics are being increasingly used to manufacture single use packaging materials such as shopping bags, disposable cutlery, and others. The increased use of biodegradable plastics in this application is attributed to increasing environmental awareness.
Western Europe: Largest Consumer
Western Europe is the largest consumer of biodegradable plastics globally, holding more than 40.0% share of the global biodegradable plastics market in 2014. The high growth in the region is due to strict implementation of environmental regulations which prohibits the use of petroleum based plastics in single use applications.
Biodegradable Plastics Market
The biodegradable plastics market is segmented into five major applications, namely, packaging, fibers, agriculture, injection molding, and others. The demand for biodegradable plastics in injection molding application is expected to witness the fastest growth among all the applications. Western Europe is estimated to be the largest market for biodegradable plastics in medical application 2015. On the basis of type, the market is segmented into six segments, namely PLA, starch blends, PCL, regenerated cellulose, PBS, and PHA.
Leading companies such as BASF SE (Germany), Biome Technologies PLC (U.K.), Metabolix Inc. (U.S.), Mitsubishi Chemical Corporation (Japan), NatureWorks LLC (U.S.), and Plantic Technologies Ltd. (Australia) are focusing on development of new biodegradable plastic products through research and innovation to expand their product portfolio and application areas.
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