The global market for bioplastics at almost 572,000 tons in 2010, is expected to increase to over 3.2 mln tons in 2015, for a 5-year compound annual growth rate (CAGR) of 41.4% as per a new technical market research report from BCC Research.
The largest segment of the market is North America, which is expected to reach nearly 1.5 mln tons in 2015, after increasing at a CAGR of 41.4% from the estimated 2010 total of more than 258,000 metric tons. The second-largest segment, Europe, is expected to increase from over 175,000 metric tons in 2010 to nearly 754,000 metric tons in 2015, at a CAGR of 33.9%. Asia-Pacific is projected to reach over 592,000 metric tons in 2015, after rising at a CAGR of 45.9% from 89,700 metric tons in 2010. The South American segment is expected to rise at a healthy CAGR of 53.2%, from 44,460 metric tons in 2010 to nearly 375,000 metric tons in 2015.
Market forces, especially increasing focus on environmental threats such as global warming and disposal of products containing toxic materials, have strongly driven development and early use of these materials. In order to maximize market impact, there is now a growing trend to compound bio-based plastics with oil-based plastics to extend their reach into markets for durable products used in cars, cell phones, and elsewhere. The focus has shifted to total carbon footprint, and away from contribution to the solid waste stream.