The European bioplastics market is estimated to be 0.59 million metric tons in 2015, is expected to grow at a CAGR of 26% during the forecast period. The market in Asia-Pacific and South America recently overtook the European market in terms of bioplastics production capacity. However, the European market still remains the largest in terms of consumption accounting 36% of the global share.
Market Dynamics of the European Bioplastics Market:
The presence of major global companies in chemical and plastics sector, educated consumers with strong purchasing power, a higher degree of environmental awareness, legislative regulatory frameworks including European Union’s move towards an 80% reduction in the use of plastic bags by 2020 are some of some of the major drivers decisive in market growth. Reduced dependence on petroleum-based raw materials, lower carbon footprint and lower toxicity are some of the advantages of using bio plastics. On the other hand, high cost and shortage of waste processing infrastructure pose as big disadvantages.
Bio plastics are majorly consumed in the packaging industry in the form of plastic bags and bottles. Other industries include consumer products, agriculture, catering, pharmaceuticals, textiles, etc. Some of the most widely used bio-plastics are polylactic acid (PLA) and PLA blends, starch extracts, bio-polyethylene (bio-PE) and polybutylene succinate.
The European bioplastics market is segmented by bio and synthetic based biodegradables (aliphatic polyesters, starch based plastics, cellulose derivatves, polyanhydrides, poly vinyl alcohols and other biodegradable plastics), by non-bio based biodegradables, by origin (biobased plastics, synthetic biodegradables), by application (bottles and packaging, agriculture, automotive, construction, consumer products and others) and by geography (U.K, France, Italy, Germany and other countries).
Key players in the market are:
Key Deliverables in the Study