The global market size for Bioplastics & Biopolymers is estimated at USD 11.5 billion in 2022 and is projected to reach USD 27.3 billion by 2027, at a CAGR of 18.9% between 2022 and 2027. The key drivers of the bioplastics & biopolymers market are the increased use of bioplastics in the packaging end-use industry, stringent waste management regulations in Europe, increased focus of government on green procurement policies and regulations, increased focus on bio-based content rather than biodegradability, and shift in consumer preference toward eco-friendly plastic products.
NatureWorks LLC (US), Braskem (Brazil), BASF SE (Germany), TotalEnergies Corbion (Netherlands), Novamont S.P.A (Italy), Biome Bioplastics Limited (UK), Mitsubishi Chemical Group Corporation (Japan), Biotec Biologische Naturverpackungen GmbH & Co. (Germany), Plantic Technologies Limited (Australia), and Toray Industries, Inc. (Japan) are the top players in the bioplastics & biopolymers market. These players have adopted various growth strategies to expand their presence in the market. Acquisition & mergers and investment & expansion have been the leading strategies adopted by the major players in the last five years to strengthen their competitiveness and broaden their customer base in the global Bioplastics & Biopolymers market.
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NatureWorks LLC is a global-leading biopolymers supplier and innovator. It is jointly owned by Cargill & PTT Global Chemical. It manufactures biopolymers derived from renewable resources such as corn, starch, and vegetable oils. The company’s product line includes 2 series for extrusion/ thermoforming, 3 series for injection molding, 4 series for films & cards, 6 series for fibers & nonwovens, and 3D series for 3D printing. The company serves beauty & household, building & construction, food service ware, electronics & appliances, food & beverage, landscape & agriculture, medical, and hygiene industry. The company operates in North America, Europe, Japan, and Asia Pacific. The manufacturing facilities are in Blair, Nebraska, and the USA and have capacity of 150,000 metric tons of Ingeo biopolymer.
BASF SE is a leading chemical company. The company operates under 6 business segments: Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition & Care, and Agricultural Solutions. It offers biodegradable plastics through the functional materials business segment. The company’s research is divided into three global divisions: Process Research & Chemical Engineering, Advanced Materials & Systems Research and Bioscience Research. It supplies products and services to 90,000 customers. The company holds one of the top three market positions in around 80% of the business areas in which it is active. The company operates 6 Verbund sites and 232 additional production sites across Europe, Asia Pacific, North America, South America, Central America, Middle East & Africa.
Another important player in the Bioplastics & Biopolymers market is TotalEnergies Corbion. TotalEnergies Corbion is a global leader in the PLA and lactide monomers market. The company was established as a 50/50 joint venture between TotalEnergies and Corbion in 2017. TotalEnergies Corbion offers Luminy PLA portfolio which includes products in four categories that can be used in various conversion technologies. The company offers various products and solutions to packaging, automotive, consumer goods, and textile sectors. The company operates a 75,000 tons per year PLA production facility in Rayong and Thailand. The company operates in North America, Asia Pacific, and Europe.
Bioplastics & Biopolymers Market by Type (Biodegradable, Non-Biodegradable/ Bio-Based), End-Use Industry (Packaging, Consumer Goods, Textiles, Agriculture & Horticulture, Automotive & Transport, Coatings & Adhesives), & Region - Global Forecast to 2027
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