Europe Bioplastics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The Europe Bioplastics Market was valued at around 500 kilotons in 2020 and the market is projected to register a CAGR of over 13% during the forecast period (2021-2026).

Due to the COVID-19 impact, the market has been significantly impacted in 2020. Amid the lockdown situation, the demand for flexible packaging has increased, which accounted for more than 45% of bioplastics, owing to the rise in demand for personal and healthcare products, pharmaceuticals, and packed food and beverages. However, the halt in the automotive, construction and electronics industries has reduced the demand for bioplastics for quite a long period.

• 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 growth of the market studied.
• Flexible packaging application is expected to dominate the global market, in terms of volume, during the forecast period.
• Substitutes for petroleum-based plastics and government regulations on traditional plastic products are likely to act as opportunities in the future.

Scope of the report

Bioplastics are the plastic materials that are derived from renewable biomass sources such as corn starch, straw, woodchips, vegetable fats and oils, recycled food waste, etc. The market is segmented based on product type, application, and geography. By product type, the market is segmented by Bio-based Biodegradables and Bio-based Non-biodegradables. By application, the market is segmented by Flexible Packaging, Rigid Packaging, Automotive and Assembly Operations, Agriculture and Horticulture, Construction, Textiles, Electrical and Electronics, and Other Applications. The report also covers the market size and forecasts for the European bioplastics market in 7 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of volume (kilo tons).

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Key Market Trends

Flexible Packaging is Expected to Dominate the Market

• Bioplastics are used in flexible packaging, as they are not harmful to nature, and few are easily degradable as well.
• 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 majorly 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, which is increasing due to the growing environmental concerns across the world.
• Accordig to Mordor Intelligence Analysis, the plastic packaging market in Europe is expected to reach around USD 110 billion in 2026 registering a CAGR of over 4% during the period 2021 - 2026.
• Owing to all the aforementioned factors, the market is projected to grow at a significant rate during the forecast period.

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