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” , 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 report explains the driving and restraining factors of the global biodegradable plastics market with an analysis of trends, opportunities, and challenges.
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.
The major drivers contributing towards the growth of biodegradable plastics market are:
Use of renewable & bio-based raw material
Biodegradability
Positive attitude of government towards green procurement policies
Shift in consumer preferences towards ecofriendly packaging
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