The north america and europe bioplastics market is set to gain traction from their usage as a substitute to fossil-based plastics by several end-use industries, such as furniture, automotive, electronics, textile, and packaging. As per the Plastics Industry Association, in 2014, the bioplastics sector created around 32,000 jobs in the U.S. It can lower the amount of waste that is sent to landfills. Fortune Business Insights™published this information in a new report, titled, “North America and Europe Bioplastics Market, 2021-2028.” The report further states that the market size was USD 5,178.9 million in 2020 and is projected to reach USD 11,321.8 million by 2028, exhibiting a CAGR of 10.6% during the forecast period.
Novamont Acquires BioBag Groupto Increase its Geographic Reach
In January 2021, Novamont, a developer of bio-based products based in Italy, acquired a Norwegian provider of waste collection and packaging solutions called BioBag Group worth €30 million. This acquisition will help Novamont to broaden its geographical footprint to areas where it was not present before. The company aims to target retailers and debut organic waste composting & collection systems in communities. Such initiatives by various renowned companies would help thismarket to grow.
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High Demand from Medical and Food Industries to Spur Growth amidCOVID-19 Pandemic
Governments of various countries in North America and Europe hadimplemented strictrules and regulationson the usage of single-use plastics. But, they were postponed owing to the COVID-19 pandemic. It resulted in a reduction in the usage of bioplastics. However, food and medical sectors are set to contribute to high growth in the upcoming years because of the rising demand, which, in turn, is set to propel the North America and Europe bioplasticsindustry.
The report studies decisive segments of the market forNorth America and Europe bioplastics containing countries, end-users, types, and applications. It elaborates the performance and significance of each of the segments by considering sales volume, growth prospects, revenue share, and demand. In addition to this, it will help out clients to accurately determine the market size to guide them in choosing the right segment for their business growth.
Drivers & Restraints-
Ability to Provide High Opacity, Durability, and Rigidity willAid Growth
Plastic materials are considered to be an important part of the packaging industry as it provides numerous beneficial properties, such as durability, opacity or transparency, rigidity, and stiffness required to manufacture packaging products. As bioplastics are produced from renewable feedstock, they can be used to reduce the waste generated in the environmentby becoming an excellent substitute to traditional plastics. However, they need industrial composting plants and high temperatures to disintegrate. It may obstruct the North America and Europe bioplastics market growth in the near future.
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Rigid Packaging Segment to Grow Steadily Backed by High Demand from Beverages Industry
By type, thismarket is divided into biodegradable and non-biodegradable. Based on the application, it is segregated into rigid packaging, flexible packaging, and others. Amongst these, the rigid packaging segment procured 17.5%in terms of the North America and Europe bioplastics market share in 2020. This growth is attributable to the rising demand for trays, jars, and bottles from the pharmaceutical and beverages industries.
Europe to Lead;Governmental Norms to Reduce Plastic Wastes willAugment Growth
- Europe: The region generated USD 3,460.8 million in terms of revenue in 2020 and is expected to remain in the dominant position in the forthcoming years. The European Union has recently taken the decision of reducing wastes generated by further lowering the utilization of single-use plastics. It is expected to aid growth.
- North America: This region would grow significantly on account of the ongoing enhancements in the food service sector. Additionally, the expansion of the retail sector would accelerate regional growth.
Key CompaniesAim to Collaborate & Launch Novel Products to Intensify Competition
Companies present in the North America and Europe bioplastics industry are persistently striving to engage in collaborations, acquisitions, and new product developments to compete with their rivals. Total Corbion PLA, for instance, announced its plan to develop a second plant for producing polylactic acid in September 2020 in France.
Fortune Business Insights™ presents a list of prominent providers operating in the North America and Europe bioplastics industry. They are as follows:
- Novamont S.p.A. (Italy)
- Arkema S.A. (France)
- Matrìca S.p.A. (Italy)
- Solvay S.A. (Belgium)
- NatureWorks LLC (U.S.)
- Total Corbion PLA bv (Netherlands)
- Toray Industries, Inc. (Japan)
- LyondellBasell Industries Holdings B.V. (Netherlands)
- BASF SE (Germany)
- Braskem (Brazil)
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