According to the latest report by IMARC Group, titled “Europe Bio-Degradable Plastic Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” finds that the Europe bio-degradable plastic market exhibited strong growth during 2015-2020. 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.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Europe Bio-Degradable Plastic 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. Looking forward, the market is expected to grow at a CAGR of around 12% during the forecast period (2021-2026).
- Based on the product type, the market has been segmented into PBAT, bio-degradable polyesters, PBS, PHA, PLA, starch-based, and others.
- On the basis of the end use industry, the market has been classified into food, beverage, pharmaceuticals, personal care and home care, and others.
- Region-wise, the market has been divided into Germany, France, the United Kingdom, Italy, Spain, and others.
- The competitive landscape of the market has been examined, with some of the key players being 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) and Toray Industries Inc.
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