North America and Europe Bioplastics Market Research Report, Industry Growth, Business Share, Size, Developments, Competitive Landscape Analysis Demand, Importance of Key Trends and Forecast by 2028
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.
COVID-19 Impact-
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.
Report Coverage-
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.
Segmentation-
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.
Regional Insights-
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.
Competitive Landscape-
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)
Information Source:
https://www.fortunebusinessinsights.com/north-america-and-europe-bioplastics-market-105290
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