CLEVELAND (Dec. 2, 12:45 p.m. ET) — Global demand for biodegradable and bio-based plastics will more than triple to more than 1 million metric tons in 2015, valued at $2.9 billion, according to a new market study.
Gains will be fueled by rising petroleum prices, consumer preferences for sustainable materials, improved performance of bioplastics, and the introduction of commodity plastics produced from bio-based sources.
According to “World Bioplastics,” a study from Cleveland-based Freedonia Group Inc. bioplastic resins will achieve price parity with conventional plastics by the end of the decade.
The main driver for growth in bioplastics will be gains from non-biodegradable resins, including bio-based polyethylene and polypropylene.
The 318-page report costs $6,100.