Biodegradable Plastics Market in Europe Forecast to Grow at 12% CAGR
According to a recently published report by TechSci Research a global research based management consulting firm “Europe Biodegradable Plastics Market Forecast & Opportunities, 2019″, the biodegradable plastics market in Europe is forecast to witness a robust CAGR of around 12% during 2014-19. The growth in the market is being supported by various factors such as increasing environmental awareness among consumers, strict implementation of environment friendly laws and growing R&D investments in the bioplastics sector by public as well as private sectors.
European Union’s decision to reduce overall consumption of thin plastic bags in the region by about 80% by 2019, compared to 2010 consumption levels, is expected to create huge growth opportunities for biodegradable plastics manufacturers over the next five years. The reduction in the usage of conventional plastic bags is expected to directly boost the consumption of biodegradable plastic bags in malls, retail outlets and loose packaging applications.
Biodegradable plastics are largely used in some essential applications such as shopping bags, refuge bags, agricultural mulch films, loose packaging, bottles, etc. Presently, the average annual per capita consumption of plastic bags in Europe stands at 200 units. However, general consumer acceptability and preference for biodegradable plastics is increasing across all European countries. This growth is expected to be driven by growing popularity of biodegradable plastics in major end-user industries such as packaging, disposable plastic goods and textiles.
Biodegradable plastics based on cellulose, starch and polylactic acid (PLA) dominate the biodegradable plastics market in Europe, accounting for more than 80% of the total market share, in volume terms, in 2013. With significant technological advancements driven by public private partnerships, biodegradable polymers have become cost-competitive with petroleum based products. These technology advancements have also facilitated improvements in various properties of biodegradable plastics over the recent years.
“The demand for biodegradable plastics is witnessing a significant rise from conventional end-user industries such as packaging, agriculture and textile. Nevertheless, use of biodegradable plastics, especially in European countries, is also increasing in other niche segments such as medical implants and drug delivery systems. In orthopedics, biodegradable plastics are finding use in joint replacements, fracture fixation plates, bone defect fillers, artificial tendons, ligaments, bone cements, etc.
Realizing the benefits offered by biodegradable plastics, several research studies are underway to improve the commercial viability of these niche applications. The future of biodegradable plastics in Europe is expected to be bright due to imposition of stringent laws mandating significant reduction in plastic bag consumption in the region over the next five years,” said Mr. Karan Chechi, Research Director, TechSci Research.
“Europe Biodegradable Plastics Market Forecast & Opportunities, 2019″ has evaluated the future growth potential of biodegradable plastics market in Europe, and provides statistics and information on market structure as well as industry behavior trends. The report includes Europe biodegradable plastics market and demand forecasting. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities available in biodegradable plastics market in Europe.