5 TRENDS IN EUROPEAN PLASTIC MARKETS

Plastic is a material that is utilized in practically every industry, and about 26 million tonnes of plastic trash are produced in Europe each year. It is safe to argue that it has altered our way of life and is now an essential component of contemporary living, making many of the activities we do today feasible. However, as the need for sustainable alternatives has grown, Europe has taken steps that will eventually alter how we use and create plastic.

To meet the need for plastic products, global plastics production has expanded substantially in recent decades, hitting an annual peak of 368 million metric tonnes in 2019. In the same year, Europe, a significant manufacturer of plastic, supplied 16% of global output, with only China and North America producing more. The European plastics industry's income fell slightly from the previous year, owing primarily to the COVID-19 crisis's effects.

1) Widespread usage of improved plastic packaging

Manufacturers are increasingly relying on improved plastic packaging to reduce quality degradation and contamination. European polymer manufacturers are working hard to improve the sustainability of their products. Currently, high energy costs are reducing business profitability just when the industry requires additional capital to conduct decarbonization expenditures

2) Increased biodegradable plastics production

Most biodegradable plastics are now made of plant-based ingredients, allowing for quick disintegration when discarded. The market for biodegradable plastics is expected to reach $12.4 billion by 2027. In 2019, marketing activities continued to raise awareness of the ever-increasing benefits of biodegradable plastics. Since January 1, 2021, the EU has charged member states €0.80 per kg of non-recycled plastic packaging waste. States are allowed to determine how to fund the levy. Greening up their operations is becoming increasingly popular.

3) Expansion of self-production

2019 saw the emergence of smart technology, dubbed the "Fourth Industrial Revolution," which enabled manufacturers to instal more autonomous machines, increasing productivity and lowering costs. Engineers can engage with 3D models in immersive, real-time environments. These new "smart factories" aid in the reduction of error rates and dangers.

4) An increase in the demand for reinforced plastics 

Reinforced polymers remained to be a reliable metal alternative in 2019. They are becoming increasingly popular in the medical, construction, and military industries. The reinforced plastics market was valued at $228.4 billion in 2019 and is expected to reach $295.6 billion by 2027, growing at a 4.1% CAGR between 2020 and 2027.

5) The increasing use of 3D printing (3DP) for manufacturing efficiency

The 3DP market has continued to expand rapidly, particularly for hardware producers. The market material is divided into three main categories: polymer (which is the largest in 2019), metal (which is expected to lead during the forecast period), and ceramic. With European plastics equipment suppliers, the picture is brighter. Thorsten Kühmann, Secretary-General of EUROMAP, Europe's Association for Plastics and rubber machinery makers, remarked in March for the K Conference Trend Report that member companies' order books were "full to the brim". Sales are predicted to climb by 5 to 10% this year.