Top 15 Bioplastic Companies, Worldwide 2024: MarketsandMarkets 360 Quadrant Revealed

MarketsandMarkets has released 360 Quadrant for Top 15 Bioplastic Companies, Worldwide 2024 to help businesses make quicker and more informed decisions. Companies' market presence and product footprint are used to build quadrants, which will be revised annually.

In 2022, the global market size for bioplastics amounted to USD 11.5 billion. It is anticipated to experience substantial growth, reaching USD 27.3 billion by 2027, with a CAGR of 18.9% during this timeframe. Some of the driving factors for the bioplastics market include the growing utilization of bioplastics in packaging, stringent waste management regulations in Europe, heightened governmental emphasis on green procurement policies, a shift towards bio-based content over biodegradability, and an increasing consumer preference for environmentally friendly plastic products. The dynamics of the bioplastics industry are advancing at a rapid pace. Bioplastic companies are modifying their bioplastics portfolio in order to meet the ever-evolving demand of various applications.

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Unveiling the Market Leaders: Honoring Excellence in Bioplastics Markets

• Braskem has solidified its position as a market leader in the Bioplastics sector through a strategic combination of innovation, sustainability, and a robust product portfolio. As a global frontrunner in biopolymer production, Braskem leads the industry with its production of bio-based resins. These resins play a pivotal role in manufacturing a diverse array of products, including packaging, bags, toys, housewares, industrial cables and wires, packaging films, hockey fields, and reusable water bottles. A key contributor to the company's success is its production of biopolymer, I'm green Polyethylene, derived from sugarcane, which is crushed in order to produce sugar and bio-ethanol. Some of the products offered by the products offered by the company include Bio-Based PE, Bio-Based EVA, Bio-Based PE WAX, etc. Braskem remains committed to furthering its impact by expanding its portfolio of bio-based and recyclable plastics. With ambitious plans, the company aims to quintuple its current bio-based capacity by the close of the decade, reinforcing its dedication to sustainable solutions and contributing to a more eco-conscious future.

• NatureWorks has solidified its position as a market leader in bioplastics by pioneering innovative solutions that address the environmental challenges associated with traditional plastics. The company's commitment to sustainability is evident in its flagship product, Ingeo, a versatile bioplastic derived from renewable resources, primarily plant-based sugars. These materials find applications in various industries, including packaging, textiles, and consumer goods. For instance, its product Ingeo Biopolymer 2 Series is a PLA-based thermoplastic resin which is used in fresh food packaging and food service ware applications. NatureWorks has strategically positioned itself with a global market presence, fostering collaborations and partnerships that amplify its visibility. The company continues to innovate by developing new grades and formulations of Ingeo targeting high-performance segments like automotive and electronics. With its globally recognized brand, large production scale, and strategic global partnerships, NatureWorks has solidified its status as a pioneer and market leader in the bioplastics industry with its innovative biopolymer technology and extensive market presence.

• TotalEnergies Corbion has firmly established itself as a market leader in the Bioplastics sector by combining strategic initiatives with a robust commitment to sustainability. With a notable market presence, the company has positioned itself as a key player in the Bioplastics market. The company's flagship product, PLA (Polylactic Acid), stands as a testament to their commitment to environmentally friendly solutions, being derived from renewable resources like sugarcane. TotalEnergies Corbion's robust market presence is evident in its global reach, facilitated by a strong network of partnerships and collaborations. The company's Luminy PLA product line, featuring diverse grades, including high heat and standard PLA, incorporates recycled content and presents a noteworthy reduction in carbon emissions compared to traditional plastics. This innovative material is utilized across various industries, including packaging, automotive, consumer goods, and textiles. Through its sustainable practices and forward-thinking approach, TotalEnergies Corbion continues to shape the Bioplastics market and reinforce its position as a leader in the field.

• BASF has emerged as a market leader in bioplastics through a strategic combination of wide market presence, innovative research, sustainable practices, and a comprehensive product portfolio. Leveraging its extensive expertise in chemistry, materials science, and polymer technology, BASF has developed a diverse range of bioplastic products that cater to various industries. The bioplastics from BASF are a premium compostable polymer, comprising the ecoflex biodegradable polymer and polylactic acid (PLA) derived from sugar-based renewable resources. Its Ecovio, a versatile and high-quality bioplastic developed by BASF, holds certifications for compostability and partial bio-based composition. Its primary applications include the production of plastic films utilized in organic waste bags, fruit and vegetable bags, dual-use carrier bags, as well as agricultural films. Leveraging its expertise in polymer chemistry, BASF continues to invest in research and development to advance bioplastic technologies, ensuring its position at the forefront of the evolving market. Through strategic initiatives and a focus on sustainability, BASF continues to shape the Bioplastics landscape, setting new standards for eco-friendly solutions in the industry.

• Versalis (Novamont), the chemical subsidiary of Eni, acquired bioplastics company Novamont in October 2023 to increase its presence in the bioplastics market. Through this acquisition, Versalis has gained Novamont's the company gained MATER-BI, Novamont's innovative family of biodegradable and compostable bioplastics. Mater-Bi represents a groundbreaking collection of biodegradable and compostable bioplastics. While possessing properties and characteristics akin to traditional plastics, Mater-Bi distinguishes itself by its inherent compostability and biodegradability. These unique attributes not only mirror the performance of conventional plastics but also contribute significantly to minimizing environmental impact. These materials find applications in various industries such as packaging, agriculture, and disposable products. By acquiring Novamont and integrating its bioplastics business, Versalis has firmly established itself as a leading producer of sustainable bioplastics through increased production scale, an expanded product range, and strategic positioning across diverse value chains. The Novamont acquisition reinforces Versalis' capabilities and market leadership in next-generation bioplastics solutions.

• Mitsubishi Chemical has secured its position as a market leader in bioplastics by consistently driving innovation and sustainability in the industry. The company's prominence in the bioplastics sector is anchored in its development of advanced biodegradable and eco-friendly materials. Mitsubishi Chemical's market leadership is underscored by a strong global presence and strategic collaborations that bolster the adoption of its environmentally conscious products. With a diverse product portfolio catering to various industries, including packaging, automotive, and consumer goods, Mitsubishi Chemical continues to shape the bioplastics landscape. Its products, such as DuraBIO and BioPBS, exemplify a dedication to reducing environmental impact while offering versatile solutions. By addressing the growing demand for sustainable alternatives, Mitsubishi Chemical solidifies its position as a key player in the bioplastics market, meeting the evolving needs of environmentally conscious consumers and industries worldwide.

Categorization Of Bioplastic Companies On 360 Quadrants

Bioplastic Companies' evaluation was conducted for 150 companies, of which the top 15 were categorized and placed in a quadrant under Market Leaders, Contenders, Innovators, and Emerging Companies.

Positioned in the upper-right quadrant, Market Leaders exemplify a combination of an expansive product offering and a formidable market presence. These organizations not only deliver comprehensive solutions but also boast a well-established and influential position in the market. Market Leaders are recognized for their reliability, consistent innovation, and widespread acceptance among customers. Their dominance in both product capabilities and market influence solidifies their status as leaders in their respective industries. These companies include BASF, NatureWorks, TotalEnergies Corbion, Braskem, Versalis (Novamont), and Mitsubishi Chemical.

LyondellBasell and LOTTE Chemical have been recognized as Contenders. Nestled in the upper-left quadrant, Contenders possesses a substantial market presence but may encounter challenges in terms of product innovation or differentiation. These companies have already secured a notable customer base and market recognition, positioning them as contenders. While their current offerings are competitive, Contenders have the potential to evolve and enhance their product capabilities to become more visionary and competitive in the future.

Situated in the lower-right quadrant, Innovators are distinguished by their exceptional product innovation and uniqueness. While they may not match the market presence of Market Leaders, Innovators challenge industry norms by introducing cutting-edge solutions. These companies push industry boundaries with forward-thinking approaches and have the potential to become major players despite lower corporate growth strategies. Toray, SABIC, Avantium, and Plantic Technologies have been identified as the innovators in the quadrant.

Residing in the lower-left quadrant, Emerging Companies showcase a promising product footprint but are in the early stages of establishing their market presence. These companies may excel in specific niche areas or offer unique features that differentiate them, but their impact on the overall market is still evolving. Emerging Companies are considered niche players with significant growth potential as they expand their reach and recognition in the market. This segment of the quadrant has identified FKuR, Biome Bioplastics, and Biotec as emerging companies.

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Evaluation Criteria

The 360 Quadrant maps the Bioplastic Companies based on criteria such as revenue, geographic presence, growth strategies, investments, and sales strategies for the market presence of the Bioplastics' quadrant. While the top criteria for product footprint evaluation included Product Type (Biodegradable (PBAT, PBS, PLA, PHA, Starch Blends, Cellulose Films, Others), Non-biodegradable (Bio-PE, Bio-PA, Bio-PET, PTT, PEF, Bio-PP, Others)), Grades, Raw Material (Sugarcane, Potato, Cornstarch, Switchgrass, Vegetable Oil, Cassava, Wheat, Others), End-use Industry (Packaging, Textile, Consumer Goods, Automotive & Transport, Agriculture & Horticulture, Building & Construction, Coating Adhesives, Electrical & Electronics, Others).

360 Quadrants Scoring Methodology

360 Quadrants employs a comprehensive and transparent scoring methodology to evaluate companies. It identifies relevant evaluation criteria, collects and validates data from multiple sources, and employs an algorithm that considers parameter weights to generate scores. Normalization ensures fair comparisons, and the aggregated scores categorize solutions into quadrants such as Market Leaders, Contenders, Innovators, and Emerging Companies. This unbiased approach equips users with accurate information, empowering them to make well-informed decisions and select solutions that best suit their needs and objectives.

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This release was published on openPR.