Cereplast, Inc., a leading manufacturer of proprietary bio-based, sustainable plastics, announced today that it expects the U.S. bioplastics market to top $10 billion in sales by 2020. As of 2007, the U.S. bio-plastics market accounted for approximately $1 billion in sales. Some estimates point to bio-plastics 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 …
“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 [Founder and CEO of Cereplast].
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.
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