The Global Petroleum-Based Plastics and Bio-Based Plastics Market was valued at USD 712.5 Billion in 2023 and is projected to reach USD 989.3 Billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 4.8% during the forecast period (2024–2030). This growth is fueled by increasing consumer demand for sustainable packaging, stringent environmental regulations, and rapid advancements in biopolymer technologies across industries such as packaging, automotive, and electronics.

As the world grapples with plastic pollution and the carbon footprint of traditional materials, the industry is undergoing a significant transformation toward circular economies and renewable feedstocks. In this blog, we profile the Top 10 Companies in the Petroleum-Based Plastics and Bio-Based Plastics Industry—a dynamic mix of chemical giants, specialized bioplastics innovators, and sustainability leaders driving the market forward.

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🔟 1. BASF SE

Headquarters: Ludwigshafen, Germany
Key Offering: Petrochemical-based plastics (PS, PU, PA), Biodegradable polymers (ecovio®)

BASF is a global leader in the chemical industry, offering a vast portfolio of petroleum-based plastics while making substantial investments in bio-based and compostable alternatives. The company’s performance materials division serves sectors from automotive to consumer goods, with a strong focus on developing sustainable material solutions.

Sustainability Initiatives:

• Expanding production of certified compostable plastics (ecovio®)

• Partnerships for chemical recycling of plastic waste

• Target of €22 billion in sales from Accelerator products (sustainable solutions) by 2025

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9️⃣ 2. NatureWorks LLC

Headquarters: Minnetonka, Minnesota, USA
Key Offering: Ingeo™ biopolymers (PLA)

NatureWorks is a world-leading manufacturer of polylactic acid (PLA) biopolymers under the Ingeo™ brand. Derived from renewable plant sugars, Ingeo is used in a wide range of applications, including compostable food service ware, durable goods, and fibers.

Sustainability Initiatives:

• Pioneer in commercial-scale PLA production

• Commitment to achieving net-zero carbon emissions by 2035

• Development of next-generation advanced lactic acid production

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Petroleum-Based Plastics and Bio-Based Plastics Market – View in Detailed Research Report

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8️⃣ 3. TotalEnergies Corbion

Headquarters: Gorinchem, Netherlands
Key Offering: Luminy® PLA resins

A joint venture between TotalEnergies and Corbion, this company is a global leader in producing and marketing Luminy® PLA bioplastics. These high-performance polymers are used in applications ranging from rigid packaging and textiles to 3D printing filaments.

Sustainability Initiatives:

• Operates the world’s largest PLA biorefinery in Thailand (75,000 tons/year capacity)

• Focus on producing 100% biobased and recyclable PLA

• Lifecycle assessments showing significant carbon footprint reduction vs. conventional plastics

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7️⃣ 4. DuPont de Nemours, Inc.

Headquarters: Wilmington, Delaware, USA
Key Offering: Engineering plastics, Bio-based polymers (Sorona®)

DuPont is a major supplier of high-performance petroleum-based engineering plastics, but also a key innovator in bio-based polymers. Its flagship product, Sorona®, is partially derived from renewable plant-based ingredients and is used in fibers and thermoplastic resins.

Sustainability Initiatives:

• Development of polymers with up to 37% annually renewably sourced content by weight

• Commitment to incorporating circular economy principles into product design

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6️⃣ 5. Novamont S.p.A.

Headquarters: Novara, Italy
Key Offering: Mater-Bi® biodegradable bioplastics

Novamont is a leading developer and producer of bioplastics and biochemicals through the integration of chemistry, agriculture, and the environment. Its Mater-Bi® family of bioplastics is biodegradable and compostable, designed for applications like organic waste bags and flexible packaging.

Sustainability Initiatives:

• Pioneer of the “bioeconomy” model in Europe

• Focus on creating systemic solutions for waste management and soil preservation

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5️⃣ 6. Mitsubishi Chemical Group

Headquarters: Tokyo, Japan
Key Offering: Petroleum-based resins (PP, PC), Bio-based/biodegradable plastics (BioPBS™)

Mitsubishi Chemical is a global chemical giant with a diversified portfolio that includes both conventional and bio-based plastics. The company produces BioPBS™ (Polybutylene Succinate), a compostable bioplastic, alongside its established petrochemical-based offerings.

Sustainability Initiatives:

• Expanding production capacity for bio-based engineering plastics

• Developing chemical recycling technologies for a circular economy

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Petroleum-Based Plastics and Bio-Based Plastics Market – View in Detailed Research Report

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4️⃣ 7. Braskem

Headquarters: São Paulo, Brazil
Key Offering: Green ethylene, I’m green™ bio-based PE

Braskem is the largest producer of thermoplastics in the Americas and a global leader in bio-based polymers. Its flagship I’m green™ polyethylene is made from sugarcane ethanol and is a drop-in solution with identical properties to fossil-fuel-based PE.

Sustainability Initiatives:

• World’s first industrial-scale producer of bio-based polyethylene

• Commitment to carbon neutrality by 2050

• Investment in chemical recycling and renewable feedstock research

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3️⃣ 8. SK Chemicals

Headquarters: Seongnam, South Korea
Key Offering: ECOZEN® copolyesters, PET, PCR materials

SK Chemicals is a leading South Korean chemical company with a strong focus on sustainable materials. It produces a range of bio-based and recycled plastics, including its ECOZEN® line of biodegradable/compostable copolyesters.

Sustainability Initiatives:

• Development of chemically recycled PET with high levels of recycled content

• Strategic partnerships to build a circular ecosystem for plastics

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2️⃣ 9. Arkema

Headquarters: Colombes, France
Key Offering: High-performance polymers, Rilsan® Polyamide 11 (bio-based)

Arkema is a global specialty chemicals company offering a wide array of materials, including high-performance bio-based polyamides. Its Rilsan® Polyamide 11 is 100% derived from castor beans and offers superior performance in demanding applications like automotive and electronics.

Sustainability Initiatives:

• Pioneer in developing advanced materials from renewable castor oil

• Target to reach 65% of revenue from specialty materials aligned with sustainable development by 2024

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1️⃣ 10. LyondellBasell Industries

Headquarters: Houston, Texas, USA
Key Offering: Polyolefins, Polypropylene, Circulen® recycled & renewable polymers

As one of the world’s largest plastics, chemicals, and refining companies, LyondellBasell is a dominant player in petroleum-based plastics. However, it is aggressively expanding its Circulen® portfolio, which includes polymers made from renewable and recycled feedstocks.

Sustainability Initiatives:

• Large-scale investment in advanced recycling technologies (MoReTec)

• Goal to produce and market 2 million metric tons of recycled and renewable-based polymers annually by 2030

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Petroleum-Based Plastics and Bio-Based Plastics Market – View in Detailed Research Report

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🌍 Outlook: The Future of Plastics Is Circular and Renewable

The global plastics market is at a pivotal juncture. While petroleum-based plastics continue to meet the bulk of global demand due to their cost-effectiveness and established infrastructure, the bio-based plastics segment is growing at a much faster rate, driven by environmental imperatives and regulatory pressures.

📈 Key Trends Shaping the Market:

• Accelerated regulatory push for Extended Producer Responsibility (EPR) and plastic bans on single-use items

• Rising consumer preference for sustainable and compostable packaging solutions

• Technological breakthroughs in biodegradable polymers and chemical recycling processes

• Strategic collaborations between brand owners, chemical companies, and waste management firms to close the loop on plastic waste

Read Full Report:
Petroleum-Based Plastics and Bio-Based Plastics Market – View in Detailed Research Report

The companies listed above are not only supplying materials for today’s economy—they are actively engineering the sustainable material landscape of tomorrow. Their innovations in both traditional and bio-based plastics are critical for achieving a true circular economy and reducing the environmental impact of one of the world’s most versatile material classes.