January 9, 2013
BIO-BASED MATERIALS AND CHEMICALS
US-based consulting firm Lux Research noted that bio-based material developers must aim for large, addressable markets such as composites and coatings, industrial manufactured intermediates, and packaging.
Industrial intermediates represent the future for bio-based material developers, the consulting firm said. This area target huge addressable markets such as electronics, building materials, automotive, aerospace, and consumer goods.
Coatings, meanwhile, offer huge opportunities for substitution with bio-based raw materials, and in many cases can also offer significant improvements such as elimination or reduction of volatile organic carbons (VOCs), according to Lux Research. In plastics, bio-based plastics are ideal disposables with volume applications such as medical, flatware, cleaning, bags, liners, bottles, etc.
Transparency Market Research, noted that that biodegradable plastics -- both made from petroleum and plant-based feedstock -- is expected to reach $7.8bn worldwide in 2018. This market was estimated to be worth $2.3bn in 2011. Europe reportedly will occupy 36.8% of the global market followed by North America in 2018.
According to Transparency Market Research, demand of bio-based biodegradable plastics has increased over the last decade due to growing demand and development for eco-friendly materials. Bio-based biodegradable plastics market is segmented on the basis of its types as starch based plastics, polylactic acid (PLA) and polyhydroxyalkanoates (PHA). The market for renewable biodegradable plastics was reportedly $1.9bn in 2011 and is expected to reach $7bn in 2018.
The report also includes polycaprolactone (PCL), polybutylene succinate (PBS), and starch-based plastics aside from PLA and PHA.