Cereplast see huge bio-plastics market ahead
$10 billion/year in buys seen by 2020
Tom Stundza -- Purchasing, 11/18/2009 2:54:32 PM
Frederic Scheer, CEO of Cereplast, the starch-based bio-resin producer, expects evolving consumer preferences for renewable plastics and the Obama administration's sustainability initiatives to help drive annual sales of U.S. bioplastics to $10 billion by 2020. By comparison, 2007 U.S. bioplastics sales were $1 billion.
Some estimates point to bio-plastics capturing up to 30% of the total plastics market within ten years, Scheer says in a statement. He adds that "American consumers are pushing major manufacturers and retailers to make the switch to environmentally conscious solutions."
He notes that Wal-Mart and Coca-Cola already are mapping plans to adopt alternative bio-plastic packaging. And he adds that Cereplast is developing algae-based plastics that would open a new source of feedstock and a broader range of applications for bioplastics.
Cereplast's 2020 outlook defines the bioplastics standard as a plastic that is biodegradable, has bio-based content, or both. In a related recent study, Cleveland-based market research firm Freedonia Group forecasts that global demand for bio-plastics would rise more than four-fold by 2013 to 900,000 metric tons valued at $2.6 billion. This report, however, also includes non-biodegradable, plant-based plastics such as ethanol-based polyethylene.
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