BCC Research’s technical market research report on Biodegradable Polymers (PLS025D) estimates that the worldwide market for biodegradable polymers will reach 932 million pounds in 2011and is anticipated to grow beyond 2.5 million pounds in 2016, thus achieving a CAGR of 22% in a period of five years.
According to the report, the biodegradable polymer market, though commercially visible for over 20 years, is still at its nascent stage. The product is unable to penetrate the market in view of its high cost. Moreover, there is lack of proper infrastructure to assist effective biodegradation process, which is crucial for the successful growth of the market. The report mentions that a number of new products have entered the market, while the older ones have been withdrawn. Similarly, a number of new companies have entered into the market.
The present biodegradable polymer market is controlled by the packaging industry, which currently utilizes around 656 million pounds and anticipated to increase its use to 1.7 million pounds in 2016 with a projected 5-year CAGR of 20.5%. The fibers/fabrics segment, currently occupying the second position, is anticipated to grow from 134 million pounds in 2011 to 435 million pounds with a CAGAR growth of 26.6%.
The automotive segment is expected to achieve a maximum CAGR of 37.1% followed by the medical segment with a CAGR of 32.6%. The automotive segment will grow from the present 33 million pounds in 2011 to 160 million pounds in 2016 and the medical segment will grow from the present 10 million pounds to 41 million pounds in 2016. The agriculture and food service segment will achieve 8.2% and 9.9% CAGR, respectively with an estimated growth of 80 and 40 million pounds in 2016. The electrical and electronic segment will achieve a CAGR of 32% by reaching 24 million pounds in 2016 from the estimated 6 million pounds in 2011.
According to the report, while unstable and high oil prices play a crucial role other factors such as ecological constraints and introduction of new technologies will play an important role in the growth of biodegradable polymer market during the next five years.
Source: http://www.bccresearch.com