Large Replacement Market in Packaging Boosts Demand for Biorenewable Materials in Asia-Pacific, Finds Frost & Sullivan

Large Replacement Market in Packaging Boosts Demand for Biorenewable Materials in Asia-Pacific, Finds Frost & Sullivan PR Newswire SINGAPORE, Dec. 6, 2012 - Bioplastics expected to replace conventional plastics in many packaging applications SINGAPORE, Dec. 6, 2012 /PRNewswire/ -- The Asia-Pacific biorenewable materials market is estimated to grow at a rate of over 19 percent per annum till 2018, as application development and technology licensing costs come down, and customer awareness grows. With biorenewable materials likely to replace common plastics in various packaging applications, the large replacement demand presents the market in the region with added growth opportunities. New analysis from Frost & Sullivan (http://www.chemicals.frost.com), Strategic Analysis of the Asia-Pacific Biorenewable Materials Market, finds that the market earned revenues of $46.8 million in 2011 and estimates this to reach $167.0 million in 2018. The study covers poly-lactic acid (PLA), polyhydroxyalkanoates (PHA), and starch-based polymers, which are bioplastics derived from renewable sources. Asia Pacific's plastic packaging market, which comprises of both rigid and flexible packaging, accounts for over 1,200 kilo tonnes of plastics a year. It is expected to grow rapidly, boosting the demand for bioplastics particularly in flexible packaging applications. PLA is likely to experience the highest growth rate, owing to substantial capacity additions locally.