The European Bioplastics market is estimated to grow significantly at a CAGR of 26.07% during the forecast period 2018-2023. The transition to a low-carbon and circular economy, stronger policy support for the bioeconomy, and increased consumer awareness for sustainable products and packaging are driving the expansion in Europe.
Due to surging environmental regulations and government initiatives of growing awareness, the consumers are increasingly shifting towards bio-based plastics. Increasing number of bans on traditional plastics proves to be the major driver for growth of this market. In Europe, growing number of major brands switching from fossil-based to bio-based materials or to offer biodegradable solutions for their products in response to the increased consumer demand for more sustainable products and an overall change in awareness about the impacts of consumption choices on the environment.
Europe, a large market of plastic globally, about 55% of the demand for plastics is from the packaging industry. This high consumption of plastics has led to the use of bioplastics and replacing plastic materials that are toxic in nature. Currently, in Europe, the packaging market is among the highest applications of bioplastic materials, with increasing demand by consumers. There is a high demand for packaging made from bioplastics to be used for wrapping organic food, as well as for premium and branded products with particular requirements. Therefore, with growing packaging industry in Europe, market for bioplastic will also increase, as it is replacing petroleum based plastic in packaging industry. This industrial consumption of bioplastic is predicted to continue to grow as new capacities are planned to come online in Europe in the coming years.
Germany is one of the major economies in Europe and the bioplastics consumption market has increased at the fastest rate in the country. The packaging industry in Germany is among the highest usages of bioplastics in Europe, and regulations by the Government have driven the market. Germany is one of the first countries to provide certification of biodegradable plastics by DIN CERTCO. The demand for bioplastics in the automotive sector has also increased with most of the companies following the REACH regulations to have lightweight vehicles and lower emission rates. Germany has developed ‘fair computer mouse’ project, which will provide sustainable products. This is expected to be a major boost in the IT sector for the usage of bioplastic products. As most of the end-user industries of bioplastic are growing in Germany, the market for bioplastic will also expand due to its increasing & advanced application in these industries.
Major Players: Braskem, NatureWorks (Cargill), BASF, Corbion, PSM, DowDuPont, Arkema, among others.
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