Investors are pouring billions into the bioplastics industry, foreseeing a massive business opportunity in a sector at a time when plastic pollution has become a major global concern. Bioplastics are plastics made from natural resources such as oils and starches.
According to data from market intelligence provider i3 Connect, $500 million was invested in bioplastic manufacturing in the first quarter of 2022, up from $350 million in the last quarter of 2021. Georgia-based Danimer Scientific is making a big bet in the industry, investing more than $700 million into expanding its manufacturing operations in the state.
A new facility is scheduled to come up by 2023 that will manufacture a type of bioplastic called polyhydroxyalkanoates (PHA), which is created by using microorganisms that ferment with canola oil. Founded in 2007, Danimer Scientific is one of the largest PHA manufacturers in the world….