According to the latest report by IMARC Group, titled “Europe Bio-Degradable Plastic Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” The Europe bio-degradable plastic market is expected to exhibit a growth rate (CAGR) of 12.1% during 2023-2028. This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.
Bio-degradable plastic, or bioplastic, refers to plant-based plastic that does not harm the environment. It is manufactured from molecules that can break down naturally. It is formed from plant- or animal-based raw materials, including orange peels, corn oil, switchgrass, or petrochemicals that contain bio-degradable additives. Bio-degradable plastic is decomposed by microorganisms, such as bacteria and fungi, into water, carbon dioxide and biomass. As a result, it finds applications across food and beverage, pharmaceuticals, personal and home care, consumer goods, and textile industries.
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Market Trends:
The Europe bio-degradable plastic market is primarily driven by the rising awareness regarding the negative effects of plastic waste. Single-use plastic produces greenhouse gases during decomposition and takes a decade to break down or degrade, which is harmful to the environment. As a result, consumers are willing to pay more for bio-degradable plastic owing to its eco-friendly nature. Besides this, the European Union (EU) has prohibited the use of single-use plastic and is promoting the use of bio-degradable plastics in various industry verticals. In addition, bio-degradable plastics are increasingly used in the packaging industry to manufacture boxes, cups, and plates to reduce the carbon footprint. They are also utilized in the e-commerce industry, which is positively impacting the demand for bio-degradable plastics in the region. Furthermore, there has been growing research and development (R&D) activities to enhance the durability and resistance of bioplastics, which are creating a positive market outlook.
Breakup by Product Type:
- PBAT
- Bio-Degradable Polyesters
- PBS
- PHA
- PLA
- Starch Based
- Others
Breakup by End Use Industry:
- Food
- Beverage
- Pharmaceuticals
- Personal Care and Home Care
- Others
Breakup by Country:
- Germany
- France
- United Kingdom
- Italy
- Spain
- Others
Competitive Landscape with Key Player:
- API SpA
- BASF SE
- Biome Bioplastics (Biome Technologies plc)
- FKuR Kunstatoff GmbH
- Kingfa Sci. & Tech. Co., Ltd
- Mitsubishi Chemical Corporation
- Natureworks LLC (Cargill Incorporated)
- Novamont S.p.A
- Plantic (Kuraray Co., Ltd)
- Toray Industries Inc
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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