The Europe biodegradable plastics market is expected to grow from US$ 2,670.22 million in 2022 to US$ 7,300.79 million by 2028. It is estimated to grow at a CAGR of 18.3% from 2022 to 2028.
Growing Awareness Among Customers About Adverse Effects of Conventional Plastics is Drive Europe Biodegradable Plastics Market
The customers in developed and developing countries have been educated of the ill effects of conventional plastics on their lifestyle and the environment. As a result, they demand more environmentally friendly products, which leads to a depreciation in the use of crude oil and natural gas, that results in the reduction carbon footprints. Biodegradable plastic is a surrogate for nearly all conventional plastics used in a diverse range of applications. These plastics offer innovative alternatives with enhanced properties, along with distinctive ability to lessen the emissions as well as provide the same qualities and functionalities as that of conventional plastics. The biodegradable plastics are synthesized using renewable resources as well as fossil raw materials, such as cellulose ester, PLA, PHA, starch derivatives, and copolyesters (PBS, PBAT, etc.). Various organizations are engaged in bringing transformation in the handling of plastics, through strategic planning, communication, consumer awareness campaigns, documentary films, education, clean up campaigns, raising business awareness, scientific research, entrepreneurial innovation, legislation, and sustainability. The key aim is to educate the users regarding plastic pollution, thereby encouraging the invention of more sustainable solutions, and empowerment of more people and business organizations to take action to stop plastic pollution. Therefore, the revolution in consumer demand on the basis of environmental awareness, packaging convenience, and sustainable plastic production systems is boosting the Europe biodegradable plastic market growth.
Europe Biodegradable Plastics Market Overview
The Europe biodegradable plastic market is segmented into Germany, France, Italy, the UK, Spain, and the Rest of Europe. Europe biodegradable plastics market dominants the global market. The dominance is attributed to increasing environmental concerns among consumer and rising adoption of biodegradable plastics owing to its eco-friendly nature. Compared to conventional synthetic plastic, biodegradable plastics can reduce carbon dioxide emissions by 30-70%. Besides, it does not adversely impact the environment, as the material does not have any toxicity and degrades quickly. Biodegradable plastic represents 42% reduction in carbon footprints. In addition, rising research and development investment in the biodegradable plastic sector by private as well as public organizations has further surged the growth of the market.
Moreover, stringent regulations imposed on single use plastic band coupled with government initiatives towards adoption of biodegradable plastics has further surged the demand for market. The EU directive has proposed reducing the dependency on disposable plastics by 2030. In 2019, a new circular economy action plan was published in Europe. The European Commission announced a policy framework on sourcing, labeling, and using bio-based plastics and biodegradable and compostable plastics. The European Commission also assesses where bio-based feedstock leads to genuine environmental benefits, lowering the use of fossil resources. Consequently, these factors are anticipated to propel the demand for biodegradable plastics in the region during the projection period.
Europe Biodegradable Plastics Market Revenue and Forecast to 2028 (US$ Million)
Europe Biodegradable Plastics Market Segmentation
The Europe biodegradable plastics market is segmented into type, end user, and country.
Based on type, the Europe biodegradable plastics market is segmented into PLA, PHA, starch blends, PBS, PBAT, and others. In 2022, the starch blends segment registered a largest share in the Europe biodegradable plastics market.
Based on end-user, the Europe biodegradable plastics market is segmented into packaging and bags, agriculture and horticulture, consumer goods, and others. In 2022, the packaging and bags segment registered a largest share in the Europe biodegradable plastics market.
Based on country, the Europe biodegradable plastics market is segmented into Germany, France, Italy, the UK, Russia, and the Rest of Europe. In 2022, the Rest of Europe segment registered a largest share in the Europe biodegradable plastics market.
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 are the leading companies operating in the Europe biodegradable plastics market.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 2,670.22 Million |
| Market Size by 2028 | US$ 7,300.79 Million |
| CAGR (2022 - 2028) | 18.3% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered |
Europe
|
| Market leaders and key company profiles |
|
The Europe Biodegradable Plastics Market is valued at US$ 2,670.22 Million in 2022, it is projected to reach US$ 7,300.79 Million by 2028.
As per our report Europe Biodegradable Plastics Market, the market size is valued at US$ 2,670.22 Million in 2022, projecting it to reach US$ 7,300.79 Million by 2028. This translates to a CAGR of approximately 18.3% during the forecast period.
The Europe Biodegradable Plastics Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Europe Biodegradable Plastics Market report:
The Europe Biodegradable Plastics Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Europe Biodegradable Plastics Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Europe Biodegradable Plastics Market value chain can benefit from the information contained in a comprehensive market report.
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