US bioplastics market could
top $10B by 2020
Bioplastics estimated to capture 30-percent of total plastics market within decade
-- Packaging Digest, 11/11/2009 3:04:00 PM
Sustainable plastics manufacturer Cereplast, Inc. announced that it expects the U.S. bioplastics market to top $10 billion in sales by 2020. As of 2007, the U.S. bioplastics market accounted for approximately $1 billion in sales. Some estimates point to bioplastics capturing up to 30% of the total plastics market within ten years.
New ‘Green' initiatives by the Obama administration and increasing consumer demand for compostable and renewable plastics are pushing the market, according to the company. "American consumers are pushing major manufacturers and retailers to make the switch to environmentally conscious solutions. Many of the largest retailers have already made in-roads with programs designed to adopt alternative packaging, including Wal-Mart and Coca-Cola," added Mr. Scheer.
According to a study by Helmut Kaiser Consultancy 2006, by 2025 Europe will account for 31%, The U.S. 28% and Asia 32% of the total market for bioplastics. New applications and innovations in the automotive and electronics industries are helping fuel the boom; however, consumer packaging still garners the most attention.
SOURCE: Cereplast, Inc.
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