At 18.3% CAGR, the Europe Biodegradable Plastics Market is projected to be worth US$ 7,300.79 million by 2028, says Business Market Insights

According to Business Market Insights research, the Europe biodegradable plastics market was valued at US$ 2,670.22 million in 2022 and is expected to reach US$ 7,300.79 million by 2028, registering a CAGR of 18.3% from 2022 to 2028. Clean up efforts taken up by the governments. and growing awareness among customers about adverse effects of conventional plastics are the critical factors attributed to the Europe biodegradable plastics market expansion.

Biodegradable plastic is used as an effective alternative to conventional single-use plastics. These plastics deliver similar technical characteristics and functionalities as that of conventional plastics, along with the reduction of greenhouse gas emissions. Additionally, the biodegradable plastic industry has involved in the research and development of novel materials with improved properties, which has helped the companies to enhance their production efficiency and reduce environmental footprints. The supportive government policies for biodegradable plastics have further propelled the use of these plastics.  Thus, such initiatives bans on the use of plastics that has resulted in an upsurge for the consumption of biodegradable plastic. The Oil spills are long-lasting environmental disasters with a wide range of impacts. The effects of oil spills can vary, ranging from minimal to serious ones, depending on the magnitude and location of the spillage. Oil can kill surface.  

On the contrary, cheaper alternatives like conventional plastics hurdles the growth of Europe biodegradable plastics market.

Based on type, the Europe biodegradable plastics market is segmented into PLA, PHA, starch blends, PBS, PBAT, and others. The starch blends segment held 37.4% share of Europe biodegradable plastics market in 2022, amassing US$ 999.84 million. It is projected to garner US$ 2,737.40 million by 2028 to expand at 18.3% CAGR during 2022–2028.

Based on end-user, the Europe biodegradable plastics market is segmented into packaging and bags, agriculture and horticulture, consumer goods, and others. The packaging and bags segment held 45.8% share of Europe biodegradable plastics market in 2022, amassing US$ 1,222.82 million. It is projected to garner US$ 3,431.07 million by 2028 to expand at 18.8% CAGR during 2022–2028.  

Based on country, the Europe biodegradable plastics market is segmented into Germany, France, Italy, the UK, Russia, and the Rest of Europe. Our regional analysis states that the Rest of Europe captured 38.8% share of Europe biodegradable plastics market in 2022. It was assessed at US$ 1,036.46 million in 2022 and is likely to hit US$ 2,733.35 million by 2028, exhibiting a CAGR of 17.5% during the forecast period.  

Key players profiles in the Europe biodegradable plastics market report BASF SE; FKuR Kunststoff GmbH; Kingfa Science and Technology Co Ltd; Mitsubishi Chemical Holdings Corp; NatureWorks LLC; Novamont SpA; Plantic Technologies Ltd; TotalEnergies Corbion BV, among others.

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