HONG KONG (Scrap Monster) : As per recent studies conducted by Cerasana, the global bioplastics market revenues will touch more than $ 2.8 billion by 2018.The reports predicts bioplastics industry will grow considerably at an annual growth rate of 17.8%. The production and consumption of bioplastics is estimated to expand considerably in the Asia Pacific region and South America. The Asia Pacific region will contribute to growth of bioplastic industry along with Europe and North America.
The South America will see boosted performance due to high production rates in Brazil.The demand for polylactic acid (PLA) category bioplastics is expected to rise by 12% in North America. The Asia Pacific region will see a PLA growth of 17%.The share of non-biodegradable plastics will mark significant improvement by 2018. The current bioplastics market is dominated by biodegradable plastics with 92% share. The non-biodegradable category accounts only for a meager 8%.
The percentage share of non-biodegradable plastics will surge to 47% by 2018.Implementation of latest technology and development of innovative product range will increase the competitiveness of bioplastics products. As a result, many industries including bag and sack manufacturing, automotive, electronics and packaging & film industry would witness increased use of bioplastics. The study forecast annual bioplastics growth of up to 30% in the above industries.
Ceresana is a leading international market research and consultancy company for the industrial sector that operates branch offices in Constance, Vienna and Hong Kong.