Global synthetic and bio-based biodegradable plastics market to reach $ 7.8 billion by 2018

According to a new market report published by Transparency Market Research, "Synthetic and Bio-Based Biodegradable Plastics - Global Industry Analysis, Market Size, Applications, Share, Growth and Forecast, 2011 - 2018", global synthetic and bio-based biodegradable plastics market was worth $2.3 billion in 2011 and is expected to reach $7.8 billion in 2018, growing at an annual rate of 19.5% from 2011 to 2018.

In the overall global market, Europe is expected to maintain its lead position in terms of revenue till 2018. Europe is expected to enjoy 36.8% of global synthetic and bio-based biodegradable plastics market revenue share in 2018 followed by North America.

The global synthetic and bio-based biodegradable plastics market is driven by growing demand for eco-friendly materials in mainly packaging industry, cheap feedstock supply and its acceptance by the consumers. Globally, biodegradable plastics find its major use in packaging, agriculture and transportation industries.

Biodegradable plastics market is classified under two markets, synthetic (petroleum derived) biodegradable plastics and renewable (bio-based) biodegradable market. Most of the countries are shifting towards bio-based biodegradable plastics owing to its eco-friendly nature. Although, synthetic biodegradable plastics market is also growing at a steady pace, it still lags behind bio-based alternatives and thus experiencing a slightly decreasing market share.

Over the last decade demand of bio-based biodegradable plastics has increased considerably due to growing demand for eco-friendly materials. Bio-based biodegradable plastics market is segmented on the basis of its types as starch based plastics, polylactic acid (PLA) and polyhydroxyalkanoates (PHA). The market for renewable biodegradable plastics was $1.9 billion in 2011 and it is expected to reach $7.0 billion in 2018.