August 09, 2024 – TotalEnergies Corbion, a leading global producer of polylactic acid (PLA), is continuously driving the advancement of bioplastics infrastructure. This involves enhancing recycling and waste management systems, as well as establishing global standards. As market awareness and demand for bioplastics grow, the company forecasts a substantial increase in the bioplastics market over the next decade, predicting a market size of approximately $16.8 billion by 2034, with a compound annual growth rate of 19.3%.
In an interview with packaginginsights, Thomas Philipon, CEO of TotalEnergies Corbion, highlighted that despite the company’s current annual PLA production capacity of 75,000 tons, the bioplastics industry still faces numerous challenges. Among them, raising consumer and brand owner awareness of bioplastics tops the list. He emphasized that educating the public about the environmental benefits of bioplastics is a top priority.
According to the Color Masterbatch Industry Network, TotalEnergies Corbion is committed to fostering continuous innovation and collaboration within the industry to enhance the market competitiveness of bioplastics. As market adoption increases and production capacity expands, the price of PLA is expected to gradually decline and normalize. Additionally, PLA offers the advantage of low energy consumption during the recycling process, significantly reducing raw material consumption and contributing to environmental protection efforts.
When discussing the impact of government policies on the bioplastics industry, Philipon called on governments to establish stronger policies and regulatory frameworks to incentivize the widespread use of bioplastics and promote investment in necessary technologies. He believes that governments play a crucial role in advancing the bioplastics industry, reducing plastic pollution, and lowering carbon footprints.
Addressing concerns about the formation of microplastics from PLA, Philipon explained that PLA bioplastics do not contribute to microplastics pollution. They can effectively degrade into natural components such as carbon dioxide, water, and biomass in industrial composting facilities. Furthermore, PLA complies with global food contact regulations and has been safely used in the medical field for many years.
Regarding financial predictions for the bioplastics market, Philipon stated that with increasing environmental awareness, government regulatory support, and continuous advancements in bioplastics technology, the market is expected to experience significant growth over the next decade. For the company’s Luminy PLA brand, he plans to leverage this market opportunity to introduce more innovative solutions through value chain collaboration, aiming to achieve the goal of a circular economy.
Finally, when mentioning the impact of current geopolitical events on the company’s future, Philipon emphasized the importance of a resilient supply chain. He revealed that the company has implemented multiple strategies to ensure operational stability and sustainability. These include close collaboration with lactic acid supplier Corbion, optimizing the geographical location of production facilities, and establishing warehouses globally. These measures are designed to reduce the company’s vulnerability to global supply chain disruptions and ensure efficient and reliable service to customers worldwide.