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Increasing demand from various packaging applications is expected to drive the biodegradable polymers market for extrusion coating.
The European biodegradable polymers market for extrusion coating size is expected to grow from USD 403 million in 2019 to USD 829 million by 2024, at a CAGR of 15.5% during the forecast period. The biodegradable polymers market for extrusion coating is driven by various factors, such as high demand from various packaging applications, such as rigid packaging, flexible packaging, and liquid packaging. The growth of these applications is likely to propel the market. However, the high cost of biodegradable polymers as compared to other polymers is likely to hinder the growth of the market.
The PLA segment is estimated to drive the European market during the forecast period.
The biodegradable polymers market for extrusion coating has been segmented based on type into PLA, starch, PBS, PHA and others. Among these types, the PLA segment accounted for the largest share of the market in 2018 and is likely to witness significant growth during the forecast period. PLA can be safely used for the packaging of hot soup, coffee, and other hot beverages. It is often blended with starch to increase its biodegradability and reduce its cost. The key applications of PLA used for extrusion coating are dairy containers, disposable tableware, agricultural mulch films, milk & juice cartons, and planter boxes. PLA is being adopted rapidly as it is easily available and economical to manufacture as compared with other biodegradable polymers.
The paper & paperboard substrate segment is estimated to drive the = market during the forecast period.
The biodegradable polymers market for extrusion coating has been segmented based on substrate into paper & paperboard, cellulose films, and others. Among these, the paper & paperboard segment accounted for the largest share of the market in 2018 and is likely to witness significant growth during the forecast period. Paper & paperboard is lightweight, recyclable, low-cost, and has an added advantage of improving the visual appearance of a product. The market in this segment is expected to grow in the coming years due to the increasing demand from the packaging industry.
The flexible packaging application is projected to register the highest CAGR during the forecast period.
The flexible packaging segment of the biodegradable polymers market for extrusion coating is the fastest-growing application. It is used in various industrial and consumer products. Many brands are shifting from rigid packaging to flexible packaging as it offers various advantages, such as longer shelf-life, low cost, consumer-friendliness, the capability of retaining the freshness of products, requirement of less energy, eco-friendliness, and others. In Europe, the demand for flexible packaging is expected to be driven by the food industry, specifically bakery and cereals segments of the industry.
The biodegradable polymers market for extrusion coating in Italy is expected to record the highest growth during the forecast period.
Italy is projected to be the fastest-growing country for biodegradable polymers market for extrusion coating and is expected to offer significant growth opportunities to the overall market during the forecast period. The demand in the country is driven by the use of flexible packaging for various products, such as biscuits, snacks, noodles, and pasta, among others. In addition, Italy also provided expansion opportunities for the major players in the market. Bio-On (Italy) has started a new biodegradable and bioplastic production facility at Castel San Pietro Terme, Bologna (Italy). The new plant has been established to produce 100% natural and biodegradable special PHA bioplastics to be used in niche applications. In addition, Novamont S.P.A. (Italy) has started manufacturing compostable biopolymers in the Mater-Biopolymer plant (Italy), which will increase the production capacity by 40,000 tons to cater to the growth in demand for compostable and biodegradable products.
In-depth interviews were conducted with chief executive officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the biodegradable polymers market for extrusion coating market.
- By Company Type - Tier 1: 55%, Tier 2: 30%, and Tier 3: 15%
- By Designation - C Level: 21%, Director level: 23%, Others: 56%
The biodegradable polymers market for extrusion coating comprises major solution providers, such as NatureWorks LLC (US), BASF SE (Germany), Total Corbion PLA (Netherlands), Mitsubishi Chemical Holdings Corporation (Japan), Biotech (Germany), Novamont S.P.A. (Italy), Biome Bioplastics (UK), Toray Industries (Japan), Bio-On (Italy), and Plantic Technologies (Australia). The study includes an in-depth competitive analysis of these key players in the biodegradable polymers market for extrusion coating, with their company profiles, recent developments, and key market strategies.
The report covers the European biodegradable polymers market for extrusion coating based on type, substrate, application, and region. This study aims at estimating the size and future growth potential of the market across various segmentation types. It also includes an in-depth competitive analysis of the key market players, along with their profiles and key growth strategies.
Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the European biodegradable polymers market for extrusion coating and the sub-segments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses in a better way and plan suitable go-to-market strategies. The report will also help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.