Biodegradable Plastics Market

The biodegradable plastics market size is projected to grow from USD 9.64 billion in 2024 to USD 30.05 billion by 2029, registering a CAGR of 25.5% 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.

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 which provides 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, namely, Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition & Care, and Agricultural Solutions. The company provides biodegradable plastics under the materials business segment. In materials segment the company produces advanced materials and precursors for the plastics and plastic processing industries. The company’s research is divided into three global divisions: Process Research & Chemical Engineering, Advanced Materials & Systems Research, and Bioscience Research. It sells its products and services to 90,000 customers. The company currently leads one of the top three market positions in about 80 percent of the business areas in which it is active. BASF SE operates in regions such as North America, South America, Europe, Middle East & Africa, and Asia Pacific.

NatureWorks LLC is one of the leading manufacturers of biodegradable plastics. The company is jointly owned by one of the Thailand’s largest chemical producers PTT Global Chemical and Cargill, which provides food, financial, agriculture and industrial products and services in the world. NatureWorks LLC, provides biodegradable plastics under 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 that can range 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 industry. The company has a manufacturing facility in Blair, US, and has offices in the Netherlands, Japan, and Bangkok, Thailand. The company is operating in around 10 countries with its operations in regions like North America, South America, Europe, and Asia Pacific.

Novamont is one of the world leaders in the production of biodegradable plastics, developing innovative and sustainable products that support a circular bioeconomy based on chemistry, environment, and agriculture. Biodegradable and compostable bioplastics are some of the products from Novamont's portfolio, which contributes to environmental protection through improved quality of soil and water. The solutions offered by Novamont relate specifically to ecological problems, among which there are organic waste management and pollution reduction. With four production sites and research centers in Italy and sales offices in Germany, France, Spain, and US, Novamont has a global presence by a network of distributors in over 40 countries. Novamont has pioneered five proprietary technologies and holds around 1,400 patents-the result of a lot of investment in R&D activities, equal to USD 54 million in 2021.

TotalEnergies Corbion is the world's top supplier of biodegradable plastics. A joint venture between TotalEnergies and Corbion, a precursor to a sustainable production of Poly Lactic Acid, a popular bioplastic type, the company is ready for the market with its product line: Luminy PLA. This product line has diverse applications in multiple 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 has committed itself to ten principles related to human rights, labor, environment, and anti-corruption. 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 SDG's. The company operates a 75,000 tons-per-year PLA production facility in Rayong and Thailand. The company operates in more than 130 countries and regions like 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 aimed at replacing oil-based polymers. The company is a wholly owned subsidiary of Biome Technologies PLC. Their products are suitable for 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 has sales offices in Europe and North America.

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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