I see no reason we can't make plastic out of biomaterials like corn. By the way, I never understand why they don't make roofs on houses out of plastic. It seems like they'd never degrade or leak, and it would be faster to install. Are shingles really that cheap?
Cost wise, they fall between asphalt shingles and clay tiles or slate (that's a big spread). They can last better than asphalt and should need fewer repairs if you live in a hail or extreme wind area.
Here is a project that got plastic slate recently. http://www.professionalroofing.net/webexclusives/webexclusiv... The extreme labor cost and difficulty of access to repair justified the extra material cost.