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North America and Europe Bioplastics Market Growth, Share, Size, Analysis, Trends, Opportunities, Outlook and Forecast by 2028
North America and Europe Bioplastics  Market  Growth, Share, Size, Analysis, Trends, Opportunities, Outlook and  Forecast by 2028
North America and Europe Bioplastics Market Growth, Share, Size, Analysis, Trends, Opportunities and Forecast by 2028

The  NorthAmerica and Europe bioplastics market   is setto gain traction from their usage as a substitute to fossil-based plastics by severalend-use industries, such as furniture, automotive, electronics, textile, andpackaging. As per the Plastics Industry Association, in 2014, the bioplasticssector created around 32,000 jobs in the U.S. It can lower the amount of wastethat is sent to landfills. Fortune Business Insights™published this information in a new report,titled, “North America and EuropeBioplastics Market, 2021-2028.” The report further states that the marketsize was USD 5,178.9 million in 2020 and is projected to reach USD 11,321.8million 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 developerof bio-based products based in Italy, acquired a Norwegian provider of wastecollection and packaging solutions called BioBag Group worth €30 million. Thisacquisition will help Novamont to broaden its geographical footprint to areaswhere it was not present before. The company aims to target retailers and debutorganic waste composting & collection systems in communities. Suchinitiatives by various renowned companies would help thismarket to grow.

COVID-19 Impact-

High Demand from Medical and Food Industries to Spur Growth amidCOVID-19Pandemic

Governments of various countries inNorth America and Europe hadimplemented strictrules and regulationson the usageof single-use plastics. But, they were postponed owing to the COVID-19pandemic. It resulted in a reduction in the usage of bioplastics. However, foodand medical sectors are set to contribute to high growth in the upcoming yearsbecause of the rising demand, which, in turn, is set to propel the NorthAmerica and Europe bioplasticsindustry.

Report Coverage-

The report studies decisivesegments of the market forNorth America and Europe bioplastics containing countries,end-users, types, and applications. It elaborates the performance andsignificance of each of the segments by considering sales volume, growthprospects, revenue share, and demand. In addition to this, it will help outclients to accurately determine the market size to guide them in choosing theright segment for their business growth.

Drivers & Restraints-

Ability to Provide High Opacity, Durability, and Rigidity willAid Growth

Plastic materials are considered tobe an important part of the packaging industry as it provides numerousbeneficial properties, such as durability, opacity or transparency, rigidity,and stiffness required to manufacture packaging products. As bioplastics are producedfrom renewable feedstock, they can be used to reduce the waste generated in theenvironmentby 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 thenear future.

Segmentation-

Rigid Packaging Segment to Grow Steadily Backed by High Demand from BeveragesIndustry

By type, thismarket is divided intobiodegradable and non-biodegradable. Based on the application, it is segregatedinto rigid packaging, flexible packaging, and others. Amongst these, the rigidpackaging segment procured 17.5%interms of the North America and Europe bioplastics market share in 2020. Thisgrowth is attributable to the rising demand for trays, jars, and bottles fromthe pharmaceutical and beverages industries.

Regional Insights-

Europe to Lead;Governmental Norms to Reduce Plastic Wastes willAugmentGrowth

·        Europe: Theregion generated USD 3,460.8 million in terms of revenue in 2020 and isexpected to remain in the dominant position in the forthcoming years. The EuropeanUnion has recently taken the decision of reducing wastes generated by furtherlowering the utilization of single-use plastics. It is expected to aid growth.

·        NorthAmerica: This region would grow significantly on account of the ongoingenhancements in the food service sector. Additionally, the expansion of the retailsector would accelerate regional growth.

Competitive Landscape-

Key CompaniesAim to Collaborate & Launch Novel Products to IntensifyCompetition

Companies present in the North America and Europe bioplastics industry are persistentlystriving to engage in collaborations, acquisitions, and new product developmentsto compete with their rivals. Total Corbion PLA, for instance, announced itsplan to develop a second plant for producing polylactic acid in September 2020in France.

Fortune BusinessInsights™ presents a list of prominent providers operating in the North America and Europe bioplastics industry. Theyare 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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