Europe Bio-based Chemicals Market Forecast 2019-2028
The Europe bio-based chemicals market is predicted to grow with a CAGR of 14.18%, over the forecast years of 2019 to 2028. The region’s market growth is primarily accredited to factors such as the stringent regulations put forth by the European Union, concerning the emission standards of synthetic petroleum-based chemicals.
The Europe bio-based chemicals market growth is assessed by analyzing the United Kingdom, Belgium, France, Russia, Poland, Italy, Germany, and the rest of Europe. According to the French government, presently, around 12 billion traditional or non-biodegradable plastic bags are utilized in packaging vegetables and fruits. Likewise, nearly 5 billion plastic bags are distributed in plastic tills. Thus, the ban levied on them since July 2018, has created lucrative opportunities for adopting bio-plastic bags. It also includes the use of single-use plastic bags, in addition to traditional plastic packing bags, used by private institutions and organizations, such as, petrol stations, pharmacies, open-air markets, and bakeries. However, bags thicker than 50 microns will be permitted, on account of their reusable characteristics.
On the other hand, Italy accounts for one of the major markets that produces biopolymers. With an added emphasis on using greener materials and products, the nation actively engages in diverse fields, such as, research and development, as well as innovation of greener products. Moreover, Italy leads the bio-plastics manufacturing market in Europe, with numerous small-and-medium-sized industries involved in their production. Hence, such factors are anticipated to drive the bio-based chemicals market growth.
Prominent enterprises operating in the market are, BASF SE, Novozymes A/S, Danimer Scientific Inc, Royal DSM NV, etc.
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