BCC Research has released a technical research report on global biodegradable polymers market titled ‘Biodegradable Polymers’. The report predicts that the worldwide biodegradable polymers market will grow to over £2.5 billion in 2016 from an expected value of £932 million in 2011 at 22% of five-year compound annual growth rate (CAGR).
Global Biodegradable Polymer Market by Application, 2010-2016
The packaging market, which represents a major share in the biodegradable polymers market, is predicted to achieve about £1.7 billion in 2016 from an expected £656 million 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 million in 2016. The segment’s expected revenues in 2011 is £134 million. The automotive sector is estimated to gain revenues of £160 million in 2016 at a CAGR of 37.1%, while the agriculture sector would grow at a CAGR of 8.2% to reach £80 million 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 million in 2016, while the food service sector’s expected revenues in 2016 is £40 million 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.