0

Europe Biodegradable Plastics Market is Projected to Reach $1.9 Billion by 2027

 
2022
Europe Biodegradable Plastics Market

Report Code : A07188

quote Europe has the potential to become one of the largest consumers of biodegradable plastics during the forecast period. The European Union (EU) is proactive in the development and deployment of biodegradable plastics. Further, the adoption has gained momentum since large supermarket and retail chains started replacing conventional plastics with bioplastics. Among all the types, PLA, PBAT, and starch blends are expected to be the emerging investment pockets. Starch blends is the largest market currently in terms of consumption and revenue generation. quote

Eswara Prasad
Manager, Chemical and Material at Allied Market Research

Get 20% Free Customization In This Report
Follow us on Social Media:       
 

According to a new report published by Allied Market Research, titled, “Europe biodegradable plastics Market by Type and Application: Opportunity Analysis and Industry Forecast, 2020–2027,” the Europe biodegradable plastics market was valued at $0.8 billion in 2019, and is projected to reach $1.9 billion by 2027, growing at a CAGR of 10.9% from 2020 to 2027.

Biobased and biodegradable plastics are a perfect substitute to conventional plastic, although, currently its cost is high as compared to petroleum-based plastics. The biodegradable plastic market is still developing; and growth opportunities are widening with growing awareness for biobased products. PHA, one of the biodegradable plastic types, is not commercialized to mass scale yet due to high price issues. At present, several manufacturers are opting different routes to lower the cost of the PHA and support ongoing demand. Currently, there are only 15-20 manufacturers operating in this market and primary processing of raw material is predominantly done by these players itself. Owing to high demand for biodegradable plastic, the production capacities of these manufacturers are changing rapidly and similar trends are expected during the forecast period. With consistent expansion in the production capacities each year, the market represents enormous growth potential in upcoming years. As the demand for biodegradable plastics will rise, the cost for such plastics is expected to be more economical.

The packaging industry is the major consumer of biodegradable plastics. Packaging companies are increasingly using biodegradable plastics to manufacture large number of products including dried snacks & candy packaging, bakery goods packaging, water & juice bottles, meat trays, beverages cups, films & card stock, and others. Regulatory bodies are enforcing manufacturers to come up with innovative substantial prepackaging solutions. As a result, manufacturers are adopting biobased and biodegradable plastics in both flexible and rigid packaging applications. Bio-based PLA cups and containers are used in significant volumes for packaging applications. PLA is utilized in an extensive application, starting from non-woven fiber merchandise to beverage bottles and packaging foams. 

Numerous styles of polyesters also develop the biodegradable plastics market. Therefore, demand for biodegradable plastic is on the rise and similar trend is anticipated during the forecast period. Rise in dependence on the packaged food is further expected to fuel the demand for packaging needs. 

On the basis of type, starch blends are the promising type of biodegradable plastic as compared to other types. Starch blend can be modified to any desirable properties during production so that it can be used as per the convenience. Starch is popularly known to reduce the carbon footprint of traditional resins as they can replace petroleum-based polymers with natural ones.

On the basis of application, the packaging industry is the prominent application of biodegradable plastic products. This is attributed to quick decomposition of such plastic bags in a time of 3 to 6 months. In addition, lower carbon footprint compared to petroleum-based plastics make it a more suitable choice for environment. As per the EU Packaging and Packaging Waste Directive (PPWD) and Waste Framework Directive, Europe is offering biodegradable plastic as a substitution to single use plastic. Consequently, Europe is a significant consumer of biodegradable plastics in this market. 

Key manufacturers profiled in the Europe biodegradable plastics market include 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 of the study

  • Based on type, the starch blends segment emerged as the leader by acquiring 28% market share in 2019, and it is anticipated to be the largest market during the forecast period
  • France is the major consumer of biodegradable plastic among other countries. It accounted for more than 25% of the total Europe biodegradable plastics market share in 2019.
  • Presence of large number of regulatory bodies in Europe is one of the key factors behind the flourishing growth in Europe.   
  • Packaging is single major application segment of the biodegradable plastic, wherein, growth is driven by flexible and rigid packaging applications.

Impact Of Covid-19 On The Europe Biodegradable Plastics Market 

  • The ongoing pandemic has resulted in the decrease in the demand for biodegradable plastics due to its already high costs.
  • Consumers are bringing their old fabric and plastic bags, and retail shops and small stores are not providing new plastic bags to prevent further spread. 
  • Before the pandemic, government had proposed a ban on single-use plastics, which was a big opportunity for biodegradable plastics. However, governments across different countries made several changes in their regulations regarding disposable and single use plastics to prevent further spread of the virus. For instance, the State of Maine postponed its ban on plastic bags until January 2021; thus, negatively impacting the Europe biodegradable plastics market growth.
  • Supply chain disruptions resulting from irregular transport and lockdown restrictions led to a shortage of raw materials. For instance, according to a report by business standard, the corn starch consumption has reduced by 50% from 400,000 tons to 200,000 tons.
  • Import dependency on China for various raw materials for the production of biodegradable plastics may change market scenario. 
  • As China started production in limited capacity, the material price for biodegradable plastic is expected to increase. Industry players are focusing to extend the lead time to avoid such high material price.

Need More Information

pr-det-talk Talk to David (Europe)

pr-det-talk Talk to Sona Padman (Americas)

5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States

pr-det-phone Toll Free: +1-800-792-5285

pr-det-phone UK: +44-845-528-1300

pr-det-phone Hong Kong: +852-301-84916

pr-det-phone India (Pune): +91 2066346060

pr-det-phone Fax: +1(855) 550-5975

pr-det-phone help@alliedmarketresearch.com

 

For Media Inquiries, Please Contact

Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at
media@alliedmarketresearch.com

Looking for Customization?

 Customization Request

Have a Question?

 Speak with Analyst

Any Confusion?

 Inquire Before Buying

Have a glance of the Report

  Request Free Sample
 
 

First time buyer?
Check offers and discount on this report
To get this report

Click Here
 
 

quote 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 quote

View Report
 
 

Avenue: Entire Library membership of Allied Market Research Reports at your disposal

  • Avenue is an innovative subscription-based online report database.
  • Avail an online access to the entire library of syndicated reports on more than 2,000 niche industries and company profiles on more than 12,000 firms across 11 domains.
  • A cost-effective model tailored for entrepreneurs, investors, and students & researchers at universities.
  • Request customizations, suggest new reports, and avail analyst support as per your requirements.
  • Get an access to the library of reports at any time from any device and anywhere.

 
 

WHY ALLIED MARKET RESEARCH?

INFLALLIBLE METHODOLOGY

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

ANALYST SUPPORT

For complete satisfaction

CUSTOMIZATION

On-demand customization of scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save time of readers

 

Featured Readings

 
rep-img

Published Date Mar 2024

Hairbrush Market

Download Sample
rep-img

Published Date Mar 2024

Debt Security Market

Download Sample
rep-img

Published Date Mar 2024

Wood Adhesives Market

Download Sample

Buy Full Version
"Europe Biodegradable Plastics Market"
Purchase Enquiry

Get fresh content delivered

Get insights on topics that are crucial for your business. Stay abreast of your interest areas.

Get Industry Data Alerts

Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of the scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save the time of readers