Biodegradable Segment to Dominate Europe Bioplastics Market during 2020–2028
According to The Insight Partners market research study on “Europe Bioplastics Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type and Application” is expected to reach US$ 3,964.11 million by 2028 from 1,585.92 US$ million in 2021. The market is estimated to grow at a CAGR of 14.0% from 2021 to 2028. The report provides trends prevailing in the Europe bioplastics market along with the drivers and restraints pertaining to the market growth. Rising demand for eco-friendly plastics in the packaging industry is the major factor driving the growth of the Europe bioplastics market. However, issues associated with higher prices and shorter lifetime of bioplastics than traditional plastics hinders the growth of Europe bioplastics market.
Europe bioplastics market is segmented into type, application, and country. Based on type, the market is segmented into biodegradable and non-biodegradable. The biodegradable segment held the largest market share in 2020. Based on application, the Europe bioplastics market has been divided into packaging, agriculture, consumer goods, automotive & transportation, textiles, building & construction, and others. The packaging segment held the largest market share in 2020. Based on country, the Europe bioplastics market is segmented into France, Germany, Italy, UK, Russia, and rest of Europe. Furthermore, Basf SE; Biome Bioplastics; Braskem S.A.; Mitsubishi Chemical Corporation; Novamont S.P.A.; Sabic; Teijin Limited; Toray Industries, Inc.; and Total Corbion PLA are among the leading companies in the Europe bioplastics market.
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