Global Biodegradable Polymers Market To Grow To Over £2.5 Bln In 2016
Worldwide biodegradable polymers market will grow to over £2.5 bln in 2016 from an expected value of £932 mln in 2011 at 22% of five-year compound annual growth rate (CAGR), as per BCC Research.
The packaging market, which represents a major share in the biodegradable polymers market, is predicted to achieve about £1.7 bln in 2016 from an expected £656 mln in 2011, for a five-year CAGR of 20.5%. The report expects that the fabrics and fibers segment of the biodegradable polymers market would grow at 26.6% of CAGR to achieve revenues of £435 mln in 2016. The segment’s expected revenues in 2011 is £134 mln. The automotive sector is estimated to gain revenues of £160 mln in 2016 at a CAGR of 37.1%, while the agriculture sector would grow at a CAGR of 8.2% to reach £80 mln in 2016.
According to the report, the electrical and electronic sector’s estimated revenues in 2016 is £24 million for CAGR of 32.6% and the medical sector’s revenues would increase at a CAGR of 32.6% to reach £41 mln in 2016, while the food service sector’s expected revenues in 2016 is £40 mln for a CAGR of 9.9%. The product life cycle of the biodegradable polymer market is still in the nascent stage, despite more than two decades of commercial existence. Inadequate infrastructure for efficient composting and higher prices of biopolymer materials are the major hurdles for the market. New technologies, shaky oil prices and stringent environmental standards are some of the factors that will drive the biodegradable polymers industry in the next five years.