Europe Biodegradable Plastics Market Advancements Highlighted by Size, Share, Growth Trends and Forecast 20...

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.

According to the recent report by Allied Market Research, the Europe biodegradable plastics market achieved a revenue of $0.8 billion in 2019 and is poised to hit $1.9 billion by 2027, with a robust CAGR of 10.9% from 2020 to 2027. The report furnishes an in-depth analysis covering prime investment opportunities, effective strategies, market drivers, opportunities, size estimations, competitive landscape, and dynamic market trends.

The market growth of Europe's biodegradable plastics is propelled by their eco-friendly attributes, increasing consumer acceptance, high demand in food packaging applications, and favorable governmental policies towards bioplastics. Nonetheless, the market faces constraints due to the relatively high cost of biodegradable plastics. However, the rise in corporate social responsibility (CSR) initiatives and reduced reliance on petroleum resources are anticipated to unlock new avenues in the near future.

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The market segmentation is based on type, application, and country. By type, the market encompasses polylactic acid (PLA), polybutylene adipate terephthalate (PBAT), polybutylene succinate (PBS), polyhydroxyalkanoates (PHA), starch blends, and others. The starch blend segment dominated the Europe biodegradable plastics market in 2019, contributing to over one-third of the revenue, and is projected to maintain its dominance throughout the forecast period. Conversely, the PLA segment is expected to exhibit the highest CAGR of 11.7% from 2020 to 2027.

Biodegradable plastics undergo physical and biological decomposition, eventually breaking down into carbon dioxide (CO2), biomass, and water. In accordance with European packaging standards, they are recoverable through composting and anaerobic digestion. These plastics are manufactured using microorganisms, renewable raw materials, and petrochemicals. They are eco-friendly and non-toxic, produced mainly from natural plant materials like corn oil, orange peels, starch, and plants.

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In terms of applications, the market is segmented into packaging, agriculture, textile, consumer durable, and others. The packaging segment led the market with over two-thirds of the market share in 2019 and is expected to maintain dominance throughout the forecast period. Meanwhile, the agriculture segment is projected to witness the fastest CAGR of 11.5% from 2020 to 2027.

Geographically, the Europe biodegradable plastics market was led by France in 2019, accounting for about one-fourth of the revenue and is anticipated to maintain its dominance. Conversely, Poland is expected to exhibit the fastest CAGR of 14.6% from 2020 to 2027. Other regions covered include the UK, Germany, Italy, Spain, Romania, Bulgaria, Hungary, Slovakia, Slovenia, Czech Republic, Austria, and the rest of Europe.

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The report profiles key players in the Europe biodegradable plastics market, including Danimer Scientific, Dow Inc., BASF SE, Biotec Pvt. Ltd., Biotrem, Eastman Chemical Company, Hemp Plastic, Minima, Mitsubishi Chemical Holdings, Novamont SpA, and Solanyl Biopolymers.

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Allied Market Research Category: Industry Reports & Market Analysis Profile: Allied Market Research is a global market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises and medium and small businesses with unmatched quality “Market Research Reports” and “Business Intelligence Solutions.” AMR's goal is to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains. Our marke ...