Global biopolymers market to grow at a CAGR of 27.3% by volume from 2009 to 2015

15-Oct-10

The total global biopolymers market by volumes is set to grow at a CAGR of 27.3% from 2009 to 2015 to reach 2,680,590 tons. The global biopolymers market is set to witness robust growth due to the increasing concern about environment, as per a report by GBI Research. The biopolymers market is on a growth track because of the awareness of people towards greener products and significant decline in the prices. This has led to the growth of several underdeveloped polymers such as Poly (Hydroxy Alkanoates) (PHA) and soy-based polymers. Even the, considerably developed market segments such as starch-based and Poly(Lactic Acid) (PLA) are poised for higher growth due to the increasing demand and the technological advancement made in terms of its production and enhancing properties. The packaging market is the oldest market for biopolymers. The biodegradability and the bio-based raw materials make it a perfect choice for packaging. It is estimated to hold a revenue share of 53.2% in 2009. However, with the other markets such as automotive, medical and electrical & electronics applications are also growing at a higher rate. This will lead to the packaging market losing its volume share in the forecast period between 2009 and 2015. Starch-based polymers are comparatively old and were developed for many of the packaging applications. This market has developed considerably and has gone beyond the introduction phase, it is about to attain maturity in the product life cycle. It held a volume share of 39.6% in global biopolymers demand in 2009. The North American region is a well developed market for the biopolymers with the largest commercial producer from that region. Even the soy-based polymer which is relatively new is considerably developed in this region accounting for its leading position in the market. However, in the forecast period this region is set to lag behind the other regions in terms of growth.