The Europe Biodegradable Plastics Market was worth US$ 1.25 billion in 2023 and is anticipated to reach a valuation of US$ 2.33 billion by 2029 and it is predicted to register a CAGR of 10.9% during the forecast period 2024 to 2029.
Europe holds a prominent portion of the worldwide biodegradable plastics market. Severe natural guidelines forced by the legislature forbid the work of oil-based plastics and the developing mindfulness concerning the earth among the populace is significantly driving the market in the locale. Additionally, in Italy, the utilization of plastic sacks has been denied, and in nations like Germany and Ireland, the charge is collected for the use of oil-based plastic packs.
Clean-up endeavours taken up by European governments are one of the key drivers for the development of Europe's biodegradable plastic market. The strong government strategies for biodegradable plastics worldwide have additionally impelled the utilization of these plastics.
Bans on customary plastics in a few nations, innovative and administrative help, and business conditions are a couple of the components that further lift the market growth. For case, in March 2019, the European parliament cast a ballot to boycott single-utilize plastic straws, stirrers, plastic cutlery, and cotton buds as a piece of clearing law against plastic waste that inevitably dirties the seas and plunders sea shores.
The suspended development of vehicles over the globe is relied upon to disturb the activities of various organizations, which is influencing the market development in the estimated time frame. Complete shutdown in the downstream tasks leads to high stock expense. Moreover, delays in up-and-coming ventures and speculation cuts will adversely affect the development.
The quick development of single-use plastics in the cover and gloves industry will additionally influence the market development for biodegradable plastics. Postponement in key endorsements, for example, delay in new plant resolution because of tourism warnings, money hazards, and quelled interest in rising nations may obstruct the development.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 to 2029 |
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Base Year |
2023 |
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Forecast Period |
2024 to 2029 |
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CAGR |
10.9% |
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Segments Covered |
By Type, Application, and Region. |
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Various Analyses Covered |
Global, Regional and Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
API SpA, BASF S.E, FKuR Kunststoff GmbH, Biome Bioplastics, Novamont S.p.A, Kingfa Sci, Tech. Co., Ltd, NatureWorks LLC, Mitsubishi Chemical Corporation, Plantic Technologies Limited, Total Corbion PLA, and Others. |
Starch blends accounted for a prominent section of the European market due to the increasing adoption in various packaging and agriculture activities. The packing sector has witnessed rapid developments in recent years with the increasing usage of starch blends. In addition, the polylactic acid segment is determined to expand with considerable growth in the local market in the following years.
The packaging segment held the dominant portion in the local and international marketplace with increasing adoption in end-user industries like food & beverages and. The growing consumer preference for bio-based packaging materials is touted to accelerate the expansion of this market in the foreseen period. Besides, the agriculture sector is anticipated to develop with a noteworthy growth rate in the outlook period with the increasing government and private investments in increasing agricultural land across the world.
Germany accounts for a significant portion of the Europe biodegradable plastic market, which is trailed by Italy.
France is another prominent area in Europe that offers lucrative growth potential. Germany is viewed as one of the significant economies in Europe, where the utilization of bio-plastics has expanded at a fast rate. It is among the primary who have given confirmation identified with biodegradable plastics. The interest in biodegradable plastic is rising to advance condition maintainability. In addition, being an eco-accommodating substitute for ordinary plastic, they are progressively being requested by end-use ventures.
API SpA, BASF S.E, FKuR Kunststoff GmbH, Biome Bioplastics, Novamont S.p.A, Kingfa Sci, Tech. Co., Ltd, NatureWorks LLC, Mitsubishi Chemical Corporation, Plantic Technologies Limited, Total Corbion PLA are some of the notable companies in the Europe Biodegradable Plastics Market.
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