European Plastics Marketis anticipated to grow at a CAGR of 6.5% during the forecast period (2021-2027) and is estimated to reach around $127.7 billion in 2027. The market growth is driven by the presence of various players operating in the European plastics market. Some of the major companies operating in the region include Albea Services S.A.S., MPack Poland sp. z o.o. sp.k., Scandolara S.p.A., C.T.L. Packaging, Hoffmann Neopac AG, HuhtamäkiOyj, Linhardt GmbH & Co KG and others. Albea Services S.A.S. is a French company that produces printed laminate tubes for the oral care and personal care sector. The huge negative impact of the COVID-19 pandemic has been witnessed in the plastic industry in Europe. The demand for plastic material has increased significantly in the healthcare sector due to the exponential rise in the usage of PPE kits, and gloves; however, it cannot be compensated by the downfall in the other sector.
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Growing Demand for Plastics Market
A significant government role in the plastic industry will be foreseen in the region during the forecast period to reduce plastic waste and to increase plastic recycling. European Union (EU) is focusing on a more ‘circular’ approach. In 2015, the European Commission adopted the Circular Economy Action Plan. It will cover all prospects of the plastic industry starting from production to waste management. A revised legislative framework on waste came into force in July 2018, with a target to reduce waste in the region. As per the revised proposal, by 2035, 65% of the municipal wastage should be recycled, 70% of the packaging waste should be recycled by 2030, and municipal waste landfill should be limit to a maximum of 10% by 2035 in the region. It will lead plastic manufacturers to develop more eco-friendly products which can be recycled easily.
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Scope of the European Plastics Market
Market Coverage
- The market number available for 2020-2027
- Base year- 2020
- Forecast period- 2021-2027
- Segment Covered- By Type and Application
- Competitive Landscape- Arkema Group, BASF SE, Saudi Basic Industries Corp. (SABIC), INEOS AG, Asahi Kasei Corp.
Recent Strategic Initiatives in the European Plastics Market
- In October 2020, Avoury, the new brand launched by Melitta Single Portions, is working with SABIC’s TRUCIRCLE portfolio of solutions and services to create its pioneering new premium organic tea capsules, produced from certified circular polypropylene that uses feedstock made from used plastic.
- In June 2020, INEOS announced to acquire BP’s global Aromatics and Acetyls business for $5 billion. Aromatics offer the building blocks for the global polyester industry, which is key to fibers, films, and packaging. Acetyls enables a broad range of downstream industries in food flavoring and preservation, pharmaceuticals, paints, adhesives, and packaging. The acquisition of BP’s global Aromatics and Acetyls business is a development of its current petrochemicals business, expanding its interest in acetyls and integrate aromatics business, encouraging the global polyester industry.
European Plastics Market- Segmentation
By Type
- Thermosets
- Thermoplastics
By Application
- Packaging
- Building & Construction
- Automotive
- Electrical & Electronics
- Household, Leisure & Sports
- Agriculture
- Others
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
