According to 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 USD 2.3 billion in 2011 and is expected to reach USD 7.8 billion in 2018, growing at a CAGR 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.
Tags: two markets, synthetic, renewable, eco-friendly nature, bio-based alternatives, PLA, PHA, Europe, North America, Asia Pacific
Source: PRWeb, 2012-11-23.