Europe Bioplastics Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Europe Bioplastics Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The European bioplastics market is projected to register a CAGR of over 13% during the forecast period 2022-2027.

Due to the COVID-19 pandemic, the market was significantly impacted in 2020. However, the market is estimated to now have reached pre-pandemic levels.

· Over the short term, major factors driving the market studied are environmental factors encouraging a paradigm shift and growing demand for bioplastics in flexible packaging.

· However, the availability of cheaper alternatives is likely to hinder the market’s growth.

· Flexible packaging applications are expected to dominate the global market, in terms of volume, during the forecast period.

· Growing use in the electronics industry is likely to offer market opportunities in the future.

Key Market TrendsFlexible Packaging Expected to Dominate the Market

· Bioplastics are used in flexible packaging, as they are not harmful to nature, and a few are easily degradable.

· They are used in packaging films for food items, medicines, beverage bottles, packaging films, and packaging of non-food products, such as napkins and tissues, toilet paper, nappies, sanitary towels, cardboard and coat paper for food wrapping paper, and coated cardboards to make cups and plates. Moreover, they are used in flexible and loose-fill packaging.

· Moreover, polylactic acid (PLA) is used in the packaging of food items, while bio-polyethylene terephthalate (PET), bio-polyethylene, and bio-polypropylene are majorly used as packaging films.

· The consumption of bioplastics is increasing in making plastic bags, as they are nature-friendly, and for organic waste collection bags, which are majorly used in hospitals, hotels and restaurants, commercial and retail outlets, and houses. Local governments of different countries have also initiated their usage.

· The usage of bioplastics is the highest in the packaging sector, where it is increasing due to the growing environmental concerns across the world.

· Owing to all the aforementioned factors, the market is projected to grow significantly during the forecast period.

Germany to Dominate the Market

· Germany is one of the major economies in Europe, and the bioplastics consumption market has grown at the fastest rate in the country.

· The packaging industry in Germany is among the major consumers of bioplastics in Europe, and regulations by the government have driven the market. Germany is one of the first countries to provide certification of biodegradable plastics by DIN CERTCO.

· Germany leads the European automotive market, with 41 assembly and engine production plants that contribute to one-third of the total automobile production in Europe. Germany, which is one of the leading manufacturing bases of the automotive industry, is home to manufacturers from across segments, including equipment manufacturers, material and component suppliers, engine producers, and whole system integrators.

· According to the OICA, in the first nine months of 2021, Germany’s automobile production observed a decline of 3% compared to the same period in 2020.

· The textile industry of Germany is the largest in the European region, with around 6,000 registered companies. The country is a prominent importer of textile raw materials and an exporter of finished textile products. The industry has grown to a gigantic stature, as it caters to around 18% of the textile market in Europe, and the technical textiles from Germany cater to 45% of the global demand.

· All the abovementioned factors, in turn, are projected to have a significant impact on the market growth over the coming years.

Competitive Landscape

The European bioplastics market is fragmented in nature. Some of the key players in the market include Braskem, Novamont SpA, NatureWorks LLC, BASF SE, and Indorama Ventures Public Company Limited, among others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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