Global synthetic and bio-based biodegradable plastics market to grow at a CAGR of 20.41%

The Global Synthetic and Bio-based Biodegradable Plastics market to grow at a CAGR of 20.41% over the period 2013-2018, as per Researchandmarkets. Biodegradable materials are materials that are decomposed naturally through microorganisms. Biodegradable plastics encompass a wide range of materials such that they are bio-based, biodegradable, or both. Biodegradable plastics differs from conventional non-biodegradable plastics in terms of raw materials, production technology, applications, and composting. Renewability and availability are the key factors that distinguish biodegradable plastics from conventional plastic. One key trend in this market is the expansion of the market through alliances, joint ventures, and acquisitions. Rising demand from retailers and changing consumer perceptions have opened up tremendous growth opportunities for market players worldwide. Market players are expanding their presence through joint ventures and acquisitions, which create competitive advantages and bring about remarkable growth in the market. According to the report, the demand for biodegradable plastics is expected to surge during the forecast period owing to the favorable regulatory outlook. Regulatory bodies that encourage the use of environmentally friendly and sustainable materials for packaging applications, and the growing consumer preference toward green products are fueling the market growth. Further, the report states that the lack of sophisticated technology to support the substitution of traditional petroleum-based plastics with biodegradable plastics is a major restraint for the Global Synthetic and Bio-based Biodegradable Plastics market.
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