North America and Europe Bioplastics Market Share, Size, Revenue, Latest Trends, CAGR Status, Growth Opportunities and Forecast 2028
The North America and Europe bioplastics market size is projected to reach USD 11,321.8 million by 2028. The implementation of strict government norms in these regions to reduce the use of plastics has compelled producers to shift rapidly towards the development of bio-based plastics for numerous applications. In September 2020, for instance, NatureWorks announced its plan to enhance the efficiency of lactide monomer purification in Blair, Nebraska. It will help the company to surge the production of Ingeo™ (PLA) biomaterials portfolio by 10%. This information is given by Fortune Business Insights™ in a new study, titled, “North America and Europe Bioplastics Market, 2021-2028.” As per the study, the market stood at USD 5,178.9 million in 2020 and is expected to show a CAGR of 10.6% during the forecast period between 2021-2028.
COVID-19 Pandemic: Reduction in Manufacturing and Lack of Manpower to Obstruct Growth
The COVID-19 pandemic has impacted the transportation and production of bioplastics in North America and Europe owing to supply chain disruptions. The unavailability of material and lack of manpower have also enforced manufacturers to reduce manufacturing activities. These factors are expected to hamper the North America and Europe bioplastics industry. Our research reports will provide a clear picture of the current market scenario.
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Rigid Packaging Segment Generated Share of 17.5% in 2020: Fortune Business Insights™
Based on the type, this industry is bifurcated into biodegradable and non-biodegradable. By applications, it is divided into rigid packaging, flexible packaging, and others. Out of these, the rigid packaging segment held 17.5% in terms of the North America and Europe bioplastics market share in 2020. This growth is attributable to the rising demand for sturdy and sustainable packaging products from shipping companies.
The research report includes an authentic analysis of multiple countries. It was curated by our analysts after studying various factors that determine regional growth, such as political, technological, social, economic, and environmental status. The competitive landscape section was specially created to help our clients better understand the acquisition and partnership strategies that organizations are focusing on to compete with their rivals.
Drivers & Restraints-
Increasing Demand from Electronics and Automotive Component Industries to Aid Growth
Bioplastics are extensively used in the packaging industry because of their ability to provide similar properties to conventional plastics. Also, the high demand from a wide range of industries, such as consumer goods, foods, electronics, and automotive components would propel the North America and Europe bioplastics market growth in the forthcoming years. However, separate disposable streams are required to eliminate bioplastics from the environment smoothly. Lack of these may hinder this industry.
Expansion of Automotive Industry to Help Europe Dominate in Upcoming Years
Geographically, Europe stood at USD 3,460.8 million in 2020 in terms of revenue. It is expected to remain at the forefront because of the expansion of the automotive industry. Coupled with this, the surging usage of bio-based packaging products and investments in R&D activities would accelerate growth. In North America, Mexico, Canada, and the U.S. are anticipated to majorly contribute to growth backed by the high demand for food and retail packaging.
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Key Players Focus on Capacity Expansions to Strengthen Their Positions in Market
The North America and Europe bioplastics industry contains numerous companies that are presently focusing on broadening their production capacities to cater to the high demand from customers. Below is one of the latest industry developments:
- September 2020: Total Corbion PLA announced its plan to construct its second PLA plant by expanding the capacity to 100,000 tons per annum. It would strengthen the position of the company by making it the global market leader. It will be able to fulfil the high demand for Luminy® PLA resins. The new plant will be developed in France and is expected to operate by 2024.
A list of reputed manufacturers in the market for North America and Europe bioplastics:
- 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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