A new study on the Europe biodegradable plastics market has been recently published by Report Ocean. The report, titled “Europe Biodegradable Plastics Market by Type [Polylactic Acid (PLA), Polybutylene Adipate Terephthalate (PBAT), Polybutylene Succinate (PBS), Polyhydroxyalkanoates (PHA), Starch blends, and Others] and Application (Packaging, Agriculture, Consumer Durables, Textile, and Others): Opportunity Analysis and Industry Forecast, 2020–2027,” offers a detailed study of this market on the basis of its past and current performance.
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According to the report, the Europe market biodegradable plastics market stood at US$0.8 bn in 2019. Progressing at a CAGR of 10.90% during the period from 2020 to 2027, the market is likely to reach US$1.9 bn by the end of the forecast period.
Currently, the Europe market for biodegradable products is in the budding phase and is projected to grow significantly in the near future. The trends in this market are shifting toward bio-based products to reduce the dependence of consumers on conventional plastics. The increasing governmental initiatives to eliminate single-use plastic and the presence of stringent regulatory framework against the utilization of conventional plastic products are likely to support this European market in the years to come. The reducing number of single-use plastic bags per person is also expected to fuel the demand for biodegradable plastics in Europe, states the study.
On the flip side, the high cost of biodegradable plastic, compared to its conventional counterparts, is restricting the growth of the Europe biodegradable plastics market. However, the advent of new products, such as Fruitplast, which is a bioplastic, produced from skins of tropical fruits and is available at a much affordable rate, are anticipated to offer lucrative opportunities to market players in the long run.
Impact of Covid 19 on Europe Biodegradable Plastics Market
Like many other markets, the Europe biodegradable plastics market has also been impacted by the Coronavirus pandemic. The economic slowdown has reduced the investment in research activities, which is reflected on the growth of this market. The stoppage of manufacturing processes and decline in the food and beverage industry has hit this market hard and, therefore, it will take some time to recover.
Continued Lead for Starch Blends Segment
In this report, the Europe biodegradable plastic market has been analyzed on the basis of the type, application, and the country. On the basis of type, the market has been divided into polylactic acid (PLA), polybutylene adipate terephthalate (PBAT), polybutylene succinate (PBS), polyhydroxyalkanoates (PHA), starch blends, and others. Based on the type, the starch blends segment has surfaced as the market leader and is anticipated to be the remain the largest segment over the forecast period.
Packaging, agriculture, textile, consumer durable, and several other applications have been considered as the key application areas of biodegradable plastics across Europe in this research report.
The report evaluates the Europe biodegradable plastic market across the UK, Germany, France, Italy, Spain, Romania, Bulgaria, Hungary, Slovakia, Slovenia, Czech Republic, Austria, Poland, and the Rest of Europe. France has emerged as the most prominent consumer of biodegradable plastic among other countries in this region. It held over 25% of the overall market in 2019.
Leading biodegradable plastic manufacturers in Europe, studied and profiled in the report, are BASF SE, Biotec Pvt. Ltd., Biotrem, Danimer Scientific, Dow Inc., Eastman Chemical Company, Hemp Plastic, Minima, Mitsubishi Chemical Holdings, Novamont SpA, and Solanyl Biopolymers.
Key Findings:
- Based on type, the starch blends segment is leading the global market and is anticipated to remain on the top during the forecast period.
- France has emerged as the most prominent consumer of biodegradable plastic among other countries in this region.
The Europe biodegradable plastics market is segmented into:
By Type
- Polylactic Acid (PLA)
- Polybutylene Adipate Terephthalate (PBAT)
- Polybutylene Succinate (PBS)
- Polyhydroxyalkanoates (PHA)
- Starch Blends
- Others
By Application
- Packaging
- Agriculture
- Consumer Durable
- Textile
- Others
By Country
- UK
- Germany
- France
- Italy
- Spain
- Romania
- Bulgaria
- Hungary
- Slovakia
- Slovenia
- Czech Republic
- Austria
- Poland
- Rest of Europe
Companies Mentioned in the Report
- BASF SE
- Biotec Pvt. Ltd.
- Biotrem
- Danimer Scientific
- Dow Inc.
- Eastman Chemical Company
- Hemp Plastic
- Minima
- Mitsubishi Chemical Holdings
- Novamont SpA
- Solanyl Biopolymers
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Contact Information:
+1 888 212 3539
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Contact Information:
+1 888 212 3539
