Global bioplastics market forecast to grow 17.8% per year on average, hit sales of US$2.8B in 2018, researcher says; Europe currently biggest market for bioplastics, but production, consumption to shift to Asia-Pacific, South America over next eight years
December 30, 2011
– The global market for bioplastics is forecast to grow on average 17.8% per year to reach US$2.8 billion in revenues in 2018, Plastics News reported Dec. 28, citing a report from Ceresana Research.
At present, the biggest market for bioplastics is Europe, comprising 48% of global demand in 2010, Ceresana noted. There will, however, be a shift in consumption and production to South America and Asia-Pacific, the Konstanz, Germany-based researcher said, over the eight next years.
Last year, starch-based bioplastics saw the most demand. Polyactic acid-based bioplastics were the second highest in demand.
Of all bioplastics produced in 2010, biodegradable plastics made up 92% of the total. Non-biodegradable plastics will usurp significant market share, the researcher forecast. taking 47% by 2018.
The primary markets for bioplastics will be bags and loose-fill packaging, but there will be an uptick in demand from packaging and films markets, automotive and electronics applications, the researcher said.
The primary source of this article is Plastics News, Akron, Ohio, Dec. 28, 2011.