Albany, NY -- (SBWIRE) -- 11/24/2014 -- The last decade has witnessed a soaring growth in the demand of synthetic and bio-based biodegradable plastics due to its eco-friendly nature and acceptance of materials. This growth is further expected to develop and rise at a CAGR of 19.5% in the forecast period, 2011 to 2018. The biodegradable plastics consist of a wide range of materials including bio-based, biodegradable, and synthetic or materials encompassing all of the names listed.

The global synthetic and bio-based biodegradable plastics market is still in its infancy growing at a steady pace year-after-year. Although, most of the countries across the world have started shifting towards the use of bio-based biodegradable plastics in the wake of its eco-friendly nature, the overall market still lags behind in terms of alternatives, and thus, marks a slightly declining market share.

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Scope and Insights of the Synthetic and Bio-Based Biodegradable Plastics Market :

The use of biodegradable materials is high in the global market because these materials have the potential to decompose naturally by the action of microorganisms. Due to this factor, many regulatory bodies encourage the use of such environmentally friendly and sustainable materials for day to day use or in industrial applications. It is the growing consumer awareness, acceptance of such materials, and preference toward implementing green products in various applications – the global synthetic and bio-based biodegradable plastics market is driven with substantial growth.

Another key trend of this market is the embarkment through different joint mergers, alliances, and acquisitions. Leading market players are notching their presence through such activities to bring about significant growth and remarkable competitive advantages in the global synthetic and bio-based biodegradable plastics market.

Also, consumer’s awareness regarding the hazards associated with the use of conventional plastics and availability of cheap feedstock supply are some more factors helping this market to grow further.

Segmentation of Synthetic and Bio-Based Biodegradable Plastics – by Types and its Applications:

The global biodegradable plastics market is categorized under two major markets: renewable (bio-based) biodegradable market and synthetic (petroleum derived) biodegradable plastics market. In 2011, the market for renewable biodegradable plastics was worth US$1.9 billion, but with rising consumer acceptance and demands for eco-friendly materials, the overall market is expected to reach US$7.0 billion in 2018.

Moreover, based on types of materials, the synthetic biodegradable plastics market is further segmented into Polycaprolactone (PCL) and Polybutylene Succinate (PBS). Likewise, the bio-based biodegradable plastics market is segmented into starch-based plastics, polylactic acid (PLA) and polyhydroxyalkanoates (PHA).

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The biodegradable plastics are chiefly used in different industries such as agriculture, packaging, and transportation. Packaging is the only industry that demands a variety of bio-based biodegradable plastic materials for different uses, thus becoming the single-largest application of the global biodegradable plastics market.

In addition, considering the bio-based biodegradable plastics market in terms of production technology, raw materials, composting, and applications, the overall market highly varies from the conventional non-biodegradable plastic products.

Market analysts of a leading firm in the U.S. state that the global synthetic and bio-based biodegradable plastics market was worth US$2.3 billion in 2011 and is expected to reach US$7.8 billion in 2018.

Regional Outlook :

In terms of geography, the global synthetic and bio-based biodegradable plastics market covers in-depth market analysis of regions including North America, Europe, Asia-Pacific, and Rest of the World (RoW). Amongst all these regions, Europe is expected to maintain its lead position till 2018 (in terms of revenue). This region will enjoy 36.8% of global synthetic and bio-based biodegradable plastics market revenue share in the next four years.

North America will be the next market to demonstrate similar growth in terms of revenue share, after Europe. The global synthetic and bio-based biodegradable plastics market in Asia Pacific is also expected to grow at a CAGR of 25.7% from 2011 to 2018.

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