Market Leader - Biodegradable Polymers Market
The European biodegradable polymers market for extrusion coating is estimated 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 market is witnessing significant growth across Europe due to the increasing awareness and stringent government regulations about the use of non-biodegradable plastics. The increasing demand from the packaging industry for rigid packaging, flexible packaging, and liquid packaging applications is expected to boost the demand for biodegradable polymers used in extrusion coating.
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) are the leading biodegradable polymer manufacturers for extrusion coating in Europe. These companies adopted expansion, new product development, joint venture, and merger & acquisition as their key growth strategies between 2013 and 2019 to earn a competitive advantage in the biodegradable polymers market for extrusion coating.
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NatureWorks LLC (US) is one of the leading players in the biodegradable polymers market for extrusion coating. The company has been focusing on organic strategies, such as expansion and new product development, to maintain its leading position in the market. For example, in October 2016, the company, in collaboration with Natur-Tec, a business unit of Northern Technologies International Corporation (US), jointly developed a technology platform to lower the cost of compostable service ware from Ingeo Biopolymer while increasing its performance. In April 2015, the company launched new ABS replacement formulation for high-performance extrusion formulation and added to the Ingeo polymer platform. This Ingeo formulation will help to maintain excellent impact performance and high stiffness opportunities for down gauging and materials savings.
BASF SE (Germany) is another major player in the biodegradable polymers market for extrusion coating. In March 2014, BASF SE and Corbion Purac (Netherlands) formed a joint venture Succinity GmbH in Montmelo, Spain. The facility was set up for commercialization and production of bio-based succinic acid for global market with an annual capacity of 10,000 metric tons. This expansion will support BASF SE’s future growth path in the country and improve the availability of biodegradable polymers for extrusion coating in the European region.
Related Reports:
Biodegradable Polymers Market for Extrusion Coating, By Type (PLA, Starch, PBS, PHA), Substrate (Paper & Paperboard, Cellulose Films), Application (Rigid Packaging, Flexible Packaging, Liquid Packaging) Country - Forecast to 2024
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