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Biodegradable Plastics Market

Biodegradable Plastics Companies: Market Leaders in Biodegradable Plastics Market

The biodegradable plastics market size is projected to grow from USD 12.92 billion in 2024 to USD 33.52 billion by 2029, registering a CAGR of 21.3% during the forecast period. The global demand for biodegradable plastics is on the rise due to expanding applications in end use industries, particularly in emerging economies. Moreover, the escalating use of biodegradable plastics in end use industries like packaging, consumer goods, textiles, agriculture & horticulture and others increases the need for biodegradable plastics.

Biodegradable Plastics Companies

The market for biodegradable plastics is expected to continue growing in the next few years due to various reasons. Market leaders in the industry are focusing on producing new and unique products to cater to the growing demand. They are also expanding their geographic presence by reaching out to emerging market players. To ensure long-term growth and strengthen their market position, several measures have been taken. These strategies would enable organizations to respond sensitively towards the growing demand for type as well as end-use industry. Also, companies operating in this market, such as NatureWork LLC (US), BASF SE (Germany), TotalEnergies Corbion (Netherlands), Mitsubishi Chemical Group Corporation. (Japan), Biome Bioplastics (UK), Plantic (Australia), FKuR (Germany), Danimer Scientific (US), TORAY INDUSTRIES, INC. (Japan), and Novamont (Italy) adopt acquisitions, new brand launches, agreements, expansions, collaborations, and partnerships to increase their market shares and expand their geographic presence.

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BASF SE is one of the leading chemical companies that produces biodegradable plastics. It operates in 234 production sites worldwide; it manages 49 global and regional business units and develops strategies for 70 strategic business units. The company has 11 divisions, which are grouped into 6 segments: chemicals, materials, industrial solutions, surface technologies, nutrition & care, and agricultural solutions. It provides biodegradable plastics under the materials business segment. In the materials segment, the company produces advanced materials and precursors for the plastics and plastic processing industries under two divisions that are performance materials and monomers, for various applications like transportation, consumer goods, construction, packaging, and others. 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. BASF SE operates globally in regions like North America, South America, Europe, the Middle East & Africa, and Asia Pacific.

NatureWorks LLC is one of the leading manufacturers of biodegradable plastics. It is jointly owned by one of Thailand’s largest chemical producers, PTT Global Chemical and Cargill, which provides food, financial, agriculture, and industrial products and services worldwide. NatureWorks LLC provides biodegradable plastics under the Ingeo portfolio of naturally advanced materials made from renewable, abundant feedstocks with performance and economics that compete with oil-based intermediates, plastics, and fibers. The company offers a product line ranging from two series of extrusion/thermoforming, three series of injection molding, four series of films & cards, and six series of fibers & nonwovens. The 3D series for 3D printing is also offered. It caters to the beauty & household, building & construction, food service ware, electronics & appliances, food & beverage, landscape & agriculture, medical, and hygiene industries. The company has a manufacturing facility in Blair, US which has name plate capacity of 330 million pounds (150,000 metric tons) of Ingeo biopolymer, and has offices in the Netherlands, Japan, and Thailand. The company operates in around 10 countries, with its operations in regions like North America, South America, Europe, and Asia Pacific.

Novamont is one of the leading providers of biodegradable plastics. The company focuses on developing innovative, sustainable products that promote a circular bioeconomy, integrating chemistry, environment, and agriculture. Novamont's product offerings include biodegradable and compostable bioplastics that contribute to environmental protection by enhancing soil and water quality. Their solutions are designed to address specific ecological concerns, such as organic waste management and pollution reduction. With four production sites and research centers in Italy, along with sales offices in Germany, France, Spain, and the United States, Novamont has a global presence supported by a network of distributors in over 40 countries. The company has pioneered five proprietary technologies and holds approximately 1,400 patents, reflecting its commitment to research and innovation, which accounted for an investment of USD 54 million in 2021 alone.

TotalEnergies Corbion is one of the leading global providers of biodegradable plastics. TotalEnergies Corbion is a pioneering joint venture between TotalEnergies and Corbion dedicated to advancing the sustainable production of Poly Lactic Acid (PLA) bioplastics. The company's flagship product line, Luminy PLA, is designed for diverse applications across various industries, including fresh food packaging, consumer goods, fibers, food serviceware, automotive components, and 3D printing. The company has also signed up for the United Nations Global Compact initiative and committed itself to ten human rights, labor, environment, and anti-corruption principles. The UN Global Compact is set up to align businesses with sustainability principles and to help expedite the achievement of the UN's Sustainable Development Goals, or SDGs. The company offers products with an approximately 75% lower carbon footprint than traditional plastics. The company operates a 75,000 tons-per-year PLA production facility in Rayong and Thailand. The company operates in over 130 countries and regions, such as North America, Asia Pacific, and Europe.

Biome Bioplastics is one of the leading providers of biodegradable plastics. The company is one of the leading UK developers specializing in intelligent, natural plastics to replace oil-based polymers. It is a wholly owned subsidiary of Biome Technologies PLC. The company caters it products to various applications such as packaging, food service, electronics, cosmetics, automotive, and industrial. The company’s 100% biodegradable and compostable bioplastics are suitable for a wide array of plastic processing, including injection molding, sheet extrusion for thermoforming and vacuum forming, blown film, lamination, extrusion coating, and monofilaments. The company products are biodegradable and compostable according to EN 13432 and ASTM D6400 standards as the products contains feedstocks such as potato starch, corn starch and cellulose. The product range is also approved by both EU and FDA food contact agencies.

Related Reports:

Biodegradable Plastics Market by Type (PLA, Starch Blends, PBAT, PHA, PBS), End-Use Industry (Packaging, Consumer Goods, Textiles, Agriculture & Horticulture), and Region- Global Forecast to 2029

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Biodegradable Plastics Market Size,  Share & Growth Report
Report Code
CH 2736
RI Published ON
10/25/2024
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