The market size of bioplastics & biopolymers is estimated at USD 6.95 billion in 2018 and is projected to reach USD 14.92 billion by 2023, at a CAGR of 16.5% from 2018 to 2023. Increasing use of bioplastics in the packaging industry, increase in waste management regulations in Europe, favorable government policies, increased focus on bio-based content rather than biodegradability, and growing concerns for human health are expected to drive the demand for bioplastics & biopolymers market during the forecast period.
The key players in the market include NatureWorks (US), Braskem (Brazil), Novamont (Italy), BASF (Germany), Total Corbion PLA (Netherlands), Biome Bioplastics (UK), Bio-On (Italy), Toray Industries (Japan), Plantic Technologies (Australia), and Mitsubishi Chemical Corporation (Japan). The bioplastics & biopolymers market report analyzes the key growth strategies adopted by leading market players, between 2014 and 2018, which include investment & expansion, new product launch, agreement, partnership & joint venture, and merger & acquisition.
NatureWorks is a major manufacturer of bioplastics & biopolymers. The company manufactures biodegradable biopolymers derived from renewable resources. The company offers Ingeo biopolymer, which is used in 3D printing, beauty and household, building & construction, food & beverage packaging, medical & hygiene, and other applications. The company has established a strong foothold in the bioplastics & biopolymers market through investments & expansions, joint ventures, and new product launches. In June 2017, NatureWorks signed a contract to license Plaxica's Optipure chemical processing technology for the production of D-lactic acid. This helped the company produce D-lactic acid at lower cost, for a further range of performance Ingeo PLA grades. This investment is a long-term strategy of the company to lead the market with cost-effective, functional biopolymers.
Braskem has majorly adopted new product launches, agreement & partnerships & joint ventures strategies to grow in the bioplastics & biopolymers market. In August 2018, Braskem launched a new sustainable PET food packaging initiative utilizing Braskems product, sugarcane I'm green biopolymer. Natural PET is expected to use 30.0% bioplastic packaging material into every bag in Mindful Meals dry dog food. This development is expected to help meet the demand for bioplastics & biopolymers, globally. In September 2018, Braskem and UNITED CAPS collaborated to deliver green bio-sourced plastic caps and closures. These products would be made from sugarcane as an addition to the UNITED CAPS product portfolio. This collaboration is expected to enable the delivery of more environmentally sustainable greener closure solutions to the caps and closure market, thereby strengthening the foothold of Braskem in the bioplastics & biopolymers market.
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