Europe Bioplastics Market Share, Emerging Trends, Growing CAGR, Challenges, Key Players, Business Opportunities and Forecast 2024-2033: SPER Market Research
Bioplastics are used in flexible packaging since they don’t harm the environment and some of them break down quickly. They are used to make cardboard, coat paper for food wrapping paper, napkins and tissues, toilet paper, sanitary towels, food items, pharmaceuticals, beverage bottles, and coated cardboards to make cups and plates. They are also used in flexible and loose-fill packaging.
According to SPER market research, ‘Europe Bioplastics Market Size – By Product Type, By Application – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Europe Bioplastics Market is predicted to reach USD XX billion by 2033 with a CAGR of 15.37%.
The growing demand for products manufactured of environmentally friendly plastic packaging will boost the market. The packaging business is where bioplastics are most frequently utilized because of their similarities to conventional plastics. The packaging sector is rapidly expanding due to demand from the consumer goods, food, electronics, and automotive component industries. Noticably, there is now a greater demand for packaging materials to shield priceless products from moisture and temperature-related harm. A large amount of packaging materials are anticipated to be required in the near future due to the growth in international e-commerce.
Growth in the market may be hampered by the higher cost of bioplastics relative to traditional plastics. Few companies have developed the infrastructure needed to process bioplastics, and most of them need to decompose in high-temperature industrial composting procedures. Thus, bioplastics end up in landfills where they break down and produce methane when there is no oxygen present. These polymers also need to be disposed of properly because they can harm the chain that supplies recovered polymers with feedstock. Therefore, separate disposal streams are required in order to remove bioplastics from the environment properly, which increases the cost of infrastructure.
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The COVID-19 pandemic has impacted the European bioplastics industry in a number of ways. Production and distribution were originally delayed as a result of supply chain interruptions brought on by trade and mobility restrictions. This was made worse by the decline in consumer demand brought on by lockdowns, economic volatility, and a change in priorities away from non-essential purchases. But the epidemic also brought attention to the need for environmentally benign and long-lasting solutions, which sparked interest in bioplastics as a potential replacement for conventional plastics. There was a renewed emphasis on sustainability and circular economy initiatives as countries progressively reopened and recovery efforts got underway, which is encouraging for the long-term survival of the European bioplastics industry.
Moreover, the following companies are involved in the market: Dow, Kaneka Corporation, Futerro, Maccaferri Industrial Group, Danimer Scientific, BASF SE, Braskem, Corbion, and Arkema.
For More Information, refer to below link:-
Europe Bioplastics Market Growth Drivers
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