Market Research Report
EUROPE POLYLACTIC ACID MARKET FORECAST 2019-2028
|EUROPE POLYLACTIC ACID MARKET FORECAST 2019-2028|
Published: June 21, 2020
Content info: 133 Pages
Delivery time: 2-3 business days
The Europe polylactic acid market is estimated to register a CAGR of 13.27% in terms of volume during the forecast period, 2019-2028. In terms of revenue, the market is evaluated to reach a CAGR of 11.37%. The European Union is the second-largest consumer of bioplastics. The wide range of applications of polylactic acid in key industries, such as automotive and packaging, is augmenting market growth in the region.
The Europe polylactic acid market growth evaluation entails the assessment of Belgium, the UK, Russia, France, Poland, Germany, Italy, and the rest of Europe. In Russia, easy storage and increased shelf-life of packaged food make them more popular. Packaged food is expected to see slightly stronger growth in terms of retail volume and current value. The surge in the production of electric vehicles will drive the automotive market in Russia. The Belgian food processing industry is well-developed, and competition in the beer segment is increasing, with the emergence of many new local breweries. Belgium's steady demand in the food & beverage market, and the automotive sector's shift towards EV cars, are stimulating market growth in the country.
Poland's food & beverage market is expected to record strong growth, owing to the growing population, surging disposable incomes, along with changing trends and product innovations. Changing lifestyle and the increasing demand for processed and convenience food is driving Poland's packaged food market growth. The automotive industry is an important part of the country's economy. In the rest of Europe, polylactic acid is predicted to witness the highest demand from the packaging industry, majorly because of the increasing adoption of sustainable packaging.
Some of the premier companies functioning in the market are ThyssenKrupp AG, Futerro SA, BASF SE, Mitsubishi Chemical Corporation, Innovia Films, etc.
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