According to a report published by TechSci Research, “Europe Biodegradable Plastics Market Forecast & Opportunities, 2019”, the biodegradable plastic market in Europe will witness a CAGR of around 12 percent during 2014-19.
The growth will be supported by various factors such as increasing environmental awareness among consumers, strict implementation of environment friendly laws and growing R&D investments in the bio-plastics sector.
The report forecasts that, European Union’s decision to reduce overall consumption of thin plastic bags in the region by about 80 percent by 2019 will create growth opportunities for biodegradable plastics manufacturers over the next five years.
Besides, the reduction in the usage of plastic bags will boost the consumption of biodegradable plastic bags in malls and retail outlets.
Presently, the average annual per capita consumption of plastic bags in Europe stands at 200 units. The general consumer acceptability and preference for biodegradable plastics is increasing across all European countries, driven by growing popularity.
In addition, biodegradable plastics dominate the market in Europe, accounting for more than 80 percent of the total market share in 2013. With significant technological advancements they have become cost-competitive and facilitated improvements in various properties over the recent years.
Moreover, use of biodegradable plastics is increasing in medical implants and drug delivery systems and several research studies are underway to improve the commercial viability of these applications.
In future, biodegradable plastics market in Europe is expected to be bright due to imposition of stringent laws in the region over the next five years, suggests the report.
The report has evaluated the future growth potential of biodegradable plastics market in Europe, and provides statistics and information on market structure as well as industry behavior trends.
editor@greentechlead.com