The government's increased efforts to reduce global warming are expected to boost bioplastic industry growth. The growing desire to reduce dependency on fossil fuels, along with the ease of access to bio-based raw materials, is projected to drive bioplastic market growth. Moreover, increasing consumer preferences towards non-petroleum-based plastics will increase demand for plastic throughout the projected period. Increasing demand for green goods, better lifestyles, and environmental sustainability are expected to drive bioplastic market growth. The growing need for organic-based materials for food packaging is also increasing demand for bioplastic. Furthermore, customers are prepared to pay a premium for eco-friendly packaging in order to lessen their environmental effect. As a result, rising demand for green products is likely to drive bioplastic market growth. The premium price of bioplastic owing to high manufacturing costs is impacting bioplastic consumption. Moreover, the restricted performance of bioplastic is likely to stymie market expansion throughout the projection period. Despite its many benefits, most bioplastic grades require very complex industrial composting methods to dissolve, and only a small number of nations have the infrastructure to produce these goods. As a result, they may end up in landfills or pollute recycling feedback, causing environmental damage. As a result, a separate system is required to dispose of such plastic, resulting in greater product costs.
According to Coherent Market Insights, Global Bioplastics Market was valued at US$ 1,020.00 Million in 2021 in terms of revenue, exhibiting a CAGR of 14.8 % during the forecast period (2022 to 2030).
Prominent Players in the Bioplastic Industry:
1. BASF SE
BASF SE operates as a chemical company worldwide. It operates through six segments: Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition & Care, and Agricultural Solutions. The Chemicals segment provides petrochemicals and intermediates. BASF SE was founded in 1865 and is headquartered in Ludwigshafen am Rhein, Germany. In February 2020, BASF, a German-based multinational chemical company and the largest chemical producer in the world and Fabbri Group, an Italian company engaged in manufacturing of amusement rides have partnered to develop a new cling film for fresh food packaging. As part of the partnership, Fabbri Group has developed the stretch film Nature Fresh using certified compostable and biobased bioplastic BASF’s ecovio.
2. Braskem S.A.
Braskem S.A., together with its subsidiaries, produces and sells thermoplastic resins. The company operates through three segments: Brazil, United States and Europe, and Mexico. Braskem S.A. was founded in 1972 and is headquartered in Camaçari, Brazil.
3. Koninklijke DSM N.V.
Koninklijke DSM N.V., a science-based company, engages in health and nutrition businesses in the Netherlands, Switzerland, rest of Europe, North America, Latin America, China, rest of Asia, and internationally. It operates through Animal Nutrition & Health (ANH); Health, Nutrition & Care (HNC); and Food & Beverage segments. The company was founded in 1902 and is headquartered in Heerlen, the Netherlands.
4. Arkema S.A.
Arkema S.A. manufactures and sells specialty chemicals and advanced materials worldwide. The company operates through Adhesive Solutions, Advanced Materials, Coating Solutions, and Intermediates segments. Arkema S.A. was incorporated in 2003 and is headquartered in Colombes, France.
5. Innovia Films. Ltd.
Innovia Films is a leading global manufacturer of two ‘families’ of speciality products supplied into the packaging, labels, tobacco overwrap and securities markets - Biaxially Oriented Polypropylene (BOPP) and Cellulose based films. Their films are sold to converters, brand-owners and end-users across the globe. They become part of the Packaging, labelling or overwrap solution for some of the world’s best known brands across a wide variety of everyday consumer goods. These include chocolates, perfume, cheese, teabags, shampoo, cigarettes, beer and biscuits. The company was founded in 2004, headquartered in U.K. On Dec 19, 2016 CCL Industries acquired Innovia Films
6. NatureWorks, LLC
NatureWorks LLC is a company dedicated to meeting the world's needs today without compromising the earth's ability to meet the needs of tomorrow. NatureWorks LLC is the first company to offer a family of commercially available low carbon footprint biopolymers derived from 100 percent annually renewable resources with performance and economics that compete with oil-based plastics and fibers. NatureWorks production of Ingeo uses significantly less non-renewable energy, and generates significantly lower CO2 emissions than all traditional oil based polymers. NatureWorks remains wholly owned by Cargill pending regulatory approval of the agreement. The company was founded in 1997, headquartered in Minnesota, U.S.
7. Novamont S.p.A.
Novamet Specialty Products manufactures and supplies nickel powder, metallic flake, coated materials, and specialty nickel oxide products. The company was founded in 1976, headquartered in U.S. In January 2021, Novamont acquired the Biobag Group, a Norway based company producing low impact solutions for packaging. This acquisition will allow Novamont expand its packaging market and offer more suitable and wider range of packaging solutions in the market in untapped regions.
8. The Dow Chemical Company
Dow Inc., through its subsidiaries, engages in the provision of various materials science solutions for packaging, infrastructure, mobility, and consumer applications in the United States, Canada, Europe, the Middle East, Africa, India, the Asia Pacific, and Latin America. It operates through Packaging & Specialty Plastics, Industrial Intermediates & Infrastructure, and Performance Materials & Coatings segments. Dow Inc. was incorporated in 2018 and is headquartered in Midland, Michigan.
*Definition- Bioplastics are made from renewable resources including sugarcane, maize, cellulose, and cereals. They are environmentally friendly and are in high demand across a wide range of sectors. Bioplastic is widely utilised in applications such as food packaging, disposables, containers, pouches, shopping bags, and so on.
