The European PBS market is estimated to grow at a CAGR of around 10% during the forecast period. Major economies contributing to the PBS market in Europe include UK, Germany, France, and Italy, and others including the Netherlands. The key factor which is promoting the growth of the PBS market in Europe includes the established automotive market in the region which creates an increasing demand for PBS for the manufacturing of automotive interior. The major automotive players including Volkswagen, Daimler, BMW, Robert Bosch, Peugeot, Renault, Volvo, and Continental AG among various others have their headquarters in Europe. This is expected to further boost the market growth.
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Further, according to Eurostat, nearly 289,000 companies existed in the European Union that engaged in the manufacturing of food products in 2017. Moreover, the processing and packaging of food-related to meat, bakery items, and dairy products are expected to create significant opportunities for the growth of the market in the near future. This is expected to increase the demand for advanced packaging alternatives in the region, thereby promoting the growth of the PBS market over the forecast period.
The European PBS market is segmented on the basis of process and application. Based on the process, the market is segmented into trans-esterification and direct esterification. The direct esterification process had a significant share in the market in 2018. Direct esterification process is the most common process for preparing PBS and has several advantages such as the process that can be performed under atmospheric pressure and has a short reaction time. Whereas, the trans-esterification process is projected to grow at a considerable rate during the forecast period.
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European PBS Market Segmentation
By Process
· Trans-Esterification
· Direct Esterification
By Application
· Packaging/Disposables
· Agriculture
· Textile
· Automotive
· Others
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
