The global bioplastics market is forecast to grow at a compound annual growth rate of 32 per cent between 2010 and 2014, according to a report by market research firm Technavio.
The "Global Bioplastics Market 2010-2014" report, which covers the Americas as well as Europe and the Asia Pacific regions, indicates that the market is being driven by the favorable policies adopted by various governments.
"Governments of various countries have been encouraging production of bioplastics," the report noted. "The U.S. Government has introduced the Federal Farm Bill Energy title 9, which urges Federal Agencies to buy bioplastic items. Also, the Kyoto Protocol has been established where member countries have agreed to reduce CO2 emission by adopting various measures, including bioplastics."
The report also highlights that the high cost of production is hindering the growth of this market. However, the rising costs of petroleum products are expected to drive the market, leading to particular growth in the automobile industry.
For more on the report, click on this link.