DUBLIN, Sep. 03, 2015 /PRNewswire/ -- Research and Markets (http://www.researchandmarkets.com/research/fnppkv/biodegradable) has announced the addition of the "Biodegradable Plastics Market by Type (PLA, PHA, PBS, Starch-Based Plastics, Regenerated Cellulose, PCL), by Application (Packaging, Fibers, Agriculture, Injection Molding, and Others) - Global Trends & Forecasts to 2020" report to their offering.

The market is projected to reach USD 3.4 Billion by 2020, at a CAGR of 10.8% between 2015 and 2020.

Biodegradable plastics are increasingly gaining popularity over the past decade. They are used in various applications, most importantly in packaging application. The biodegradable plastics market still accounts for less than 1% of the overall plastics market, but, with growing consumption, this trend is expected to change in the near future. The growing demand for biodegradable plastics is mainly attributed to increased environmental awareness. Biodegradable plastics are increasingly being used to manufacture packaging materials as consumers are showing preferences towards ecofriendly packaging. A major restraint faced in biodegradable plastics market is its high prices. Biodegradable plastics are not able to compete economically with the petroleum based plastics because of the high manufacturing cost involved. However, with more investment by market players towards balancing the economies of scale and development of new manufacturing processes, it may result in lower prices in the future.

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