In this article, we will look at the top 15 bioplastics companies in the world. If you want to skip our detailed analysis of the bioplastics market, you can go directly to the Top 5 Bioplastics Companies in the World.
Bioplastics: A Sustainable Choice for a Sustainable Future
Bioplastics are emerging as a promising alternative to traditional fossil fuel-based plastics. The rapidly growing consumer awareness of plastic pollution is driving businesses to adopt sustainable packaging thus leading to an increase in bioplastics production. On August 17, the Wall Street Journal cited the findings by nova-Institute, which states that bio-based plastics account for only 1% of global plastic production. Still, the production is expected to grow further with an annual growth rate of 14%, poised to reach up to 3% of global plastic production in the next five years. Bioplastics are gaining popularity more than recyclable plastics in some Asian countries like China and Japan according to Micheal Carus, Founder of nova-Institute. Bioplastics will be playing a major role as the world transitions to a sustainable future, reducing our reliance on conventional fossil fuel-based materials, said Carus.
Market Analysis of the Bioplastics Industry
According to a report by Grand View Research, the global bioplastics market was valued at $13.36 billion in 2022 and is expected to grow at a compound annual growth rate of 18.8% to reach $44.77 billion by 2030. The growth is attributed to the increased demand for sustainable bio-based products from sectors including consumer goods, food and beverages, and packaging solutions, among others.
Regionally, as of 2022, the market is dominated by Europe which had a revenue share of more than 43%. The market is expected to grow further due to increased consumer acceptability in the region. Industries in the region that are playing a crucial role in driving the use of bioplastics include consumer goods, automotive, packaging, and textiles among others. Another prominent region is North America, which is expected to experience growth in its bioplastics market due to rising demand for sustainable transition of businesses in the region. The bioplastics market in the US is expected to grow at a CAGR of 19.3%.
Segment wise, the global bioplastics market is dominated by the biodegradable plastics segment with a share of more than 52%, as of 2022. Starch-based plastics were the largest product segment of the bioplastics market. Application wise, bioplastics are heavily being used in packaging solutions and this application accounted for 63% of the total revenue in 2022. The packaging solutions application is expected to maintain a promising growth rate over the forecasted period due to increased consumer demand for sustainable alternatives for packaging.
Major Players in the Industry
The global bioplastics industry is dominated by market leaders including BASF SE (OTC:BASFY), Dow Inc (NYSE:DOW), and LyondellBasell Industries N.V. (NYSE:LYB).
BASF SE (OTC:BASFY) is among the leading companies in the market. On October 10, BASF SE (OTC:BASFY) announced that the company became the first-ever to produce metal-organic frameworks (MOFs) on a commercial scale of several hundred thousand tons per year for carbon capture. The company has completed its first project for Svante Technologies Inc., a leading carbon capture company in Canada. The collaborative venture will help significantly reduce carbon emissions in industrial sectors.
Dow Inc (NYSE:DOW) is a leading chemical company with a strong presence in the bioplastics market. On October 10, the company reported that it is back with its flagship award, Dow Packaging Innovation Awards 2023-24. The submissions for the award are open till March 8, 2024. The winners will be selected based on innovation and sustainability inclusion in their packaging nomination and will be notified on August 28, 2024, regarding the awards ceremony that is scheduled for October 2024.
On September 29, Dow Inc (NYSE:DOW) launched EcoSense 2470 Surfactant, a readily biodegradable solution. The product was launched with the collaborative efforts of Dow Inc (NYSE:DOW) and the carbon recycling company, LanzaTech Global, Inc. (NASDAQ:LNZA). The product will be officially launched at SEPAWA Congress that will be held in Germany from 25-27 October.
LyondellBasell Industries N.V. (NYSE:LYB) is one of the leading global chemical companies. On October 9, 2023, the company launched a new line of translucent polypropylene compounds, called Hifax and Hostacom. These compounds will offer innovative solutions for OEMs, especially automotive OEMs. These solutions will integrate with automotive paint, providing increased durability, outstanding visuals, and resistance against ultraviolet radiation.
Now that we have discussed the bioplastics industry and some major players in the market, let’s look at the top 15 bioplastics companies in the world.
Top 15 Bioplastics Companies in the World
Top 15 Bioplastics Companies in the World
Methodology
To compile our list of the top bioplastics companies in the world, we first conducted a thorough research of the industry and identified major players. We then used stock screeners from Finviz and Yahoo Finance to source the market caps of these companies, and also look for more companies operating in this space by screening for companies in the chemicals, specialty chemicals, and packaging and containers industries. We further narrowed down our selection to the 30 biggest companies by market cap and then checked each company's bioplastics products and offerings. Finally, we ranked the biggest bioplastics companies in the world in ascending order of their market caps, as of October 12.
Berry Global Group, Inc. (NYSE:BERY) is one of the leading global plastic manufacturing and packaging companies. It is ranked among the top bioplastics companies in the world due to its commitment to sustainability and the growing portion of its bioplastics offerings. The packaging products of Berry Global Group, Inc. (NYSE:BERY) utilize two categories of bio-based plastics, bio-based and compostable resins. As of October 12, Berry Global Group, Inc. (NYSE:BERY) is valued at $6.75 billion and is one of the top bioplastics companies in the world.
Investors seeking exposure to the bioplastics market can consider researching stocks of BASF SE (OTC:BASFY), Dow Inc (NYSE:DOW), and LyondellBasell Industries N.V. (NYSE:LYB).
14. Evonik Industries AG (OTC:EVKIF)
Market Cap as of October 12: $8.49 billion
Evonik Industries AG (OTC:EVKIF) is among the largest chemical companies in Germany. The German company is leading the bioplastics market with its wide range of bio-based products including Vestamid, a bio-based plastic fiber used in trekking pants, and Resomer, a wide range of bio-based polymers for medical applications. As of October 12, Evonik Industries AG (OTC:EVKIF) has a market cap of $8.49 billion and is ranked 14 on our list of the top 15 bioplastics companies in the world.
Eastman Chemical Company (NYSE:EMN) is a leading American chemical company. Eastman TREVA is the leading bioplastic product of Eastman Chemical Company (NYSE:EMN). It has applications in eyewear and non-medical housings. As of October 12, Eastman Chemical Company (NYSE:EMN) boasts a market cap of $8.72 billion and is ranked 13 on our list of the top 15 bioplastics companies in the world.
12. Asahi Kasei Corporation (OTC:AHKSY)
Market Cap as of October 12: $8.73 billion
Asahi Kasei Corporation (OTC:AHKSY) is a multinational chemical company in Japan. The company is also a member of European Bioplastics (EUBP), an association of companies working on sustainable transition towards bioplastics. Asahi Kasei Corporation (OTC:AHKSY) is committed to working on biomass-engineered plastics with a goal of producing 2 million tons of bioplastics by 2030. As of October 12, Asahi Kasei Corporation (OTC:AHKSY) is valued at $8.73 billion and is ranked 12 on our list of the top bioplastics companies in the world.
11. Mitsubishi Chemical Group Corporation (OTC:MTLHF)
Market Cap as of October 12: $8.77 billion
Mitsubishi Chemical Group Corporation (OTC:MTLHF) is a Japanese company that is diversified in three business domains including health care, industrial materials, and performance products. Mitsubishi Chemical Group Corporation's (OTC:MTLHF) bio-based plastic product called BioPBS is made from a renewable plant source and has applications such as agriculture mulch film, cups, straws, bags, and coffee capsules. Mitsubishi Chemical Group Corporation (OTC:MTLHF) boasts a market cap of $8.77 billion, as of October 12. The company is ranked 11 on our list of the top bioplastics companies in the world.
10. Wacker Chemie AG (OTC:WKCMF)
Market Cap as of October 12: $8.83 billion
Wacker Chemie AG (OTC:WKCMF) is a German company with production sites in Asia, Europe, and the USA. The company produces bioplastics additives that enhance the functionality of bioplastics making them suitable for packaging and other applications of traditional thermal plastics. Wacker Chemie AG (OTC:WKCMF) boasts a market cap of $8.83 billion, as of October 12, and is one of the top bioplastics companies in the world.
9. Covestro AG (OTC:CVVTF)
Market Cap as of October 12: $10.56 billion
Covestro AG (OTC:CVVTF) is a German materials company that produces polyurethane and polycarbonate raw materials. The company is producing bioplastics made from plant-based raw materials and waste. Covestro AG (OTC:CVVTF) is valued at $10.56 billion, as of October 12, and is ranked among the best bioplastics companies in the world.
8. Solvay SA (OTC:SLVYY)
Market Cap as of October 12: $11.31 billion
Solvay SA (OTC:SLVYY) is a multinational chemical company based in Belgium. The company launched its first bio-based plastic called Ocalio in 2013. Solvay SA (OTC:SLVYY) is continuously working toward bio-based solutions with its wide range of products. Solvay SA (OTC:SLVYY) boasts a market cap of $11.31 billion as of October 12. It is ranked 8 on our list of the top 15 bioplastics companies in the world.
7. Novozymes A/S (OTC:NVZMY)
Market Cap as of October 12: $11.56 billion
Novozymes A/S (OTC:NVZMY) is a global biotechnology company headquartered in Denmark. The company initiated its efforts toward bioplastics production in 2019. The company collaborated with Carbios SAS (OTC:COOSF) to develop bioplastics. Novozymes A/S (OTC:NVZMY) is ranked 7th on our list and boasts a market cap of $11.56 billion.
Amcor plc (NYSE:AMCR) is a global packaging company. The company produces bio-based packaging material including bioplastics packaging. Amcor plc (NYSE:AMCR) partners with companies to provide them with bio-based packaging. As of October 12, Amcor plc (NYSE:AMCR) has a market cap of $12.56 billion and is one of the best bioplastics companies in the world.
BASF SE (OTC:BASFY), Dow Inc (NYSE:DOW), and LyondellBasell Industries N.V. (NYSE:LYB) are among the top companies leading the global bioplastics market.
