Versalis acquires renewable chemicals leader Novamont for bioplastics expansion
02 May 2023 --- Italian energy company Eni’s chemical subsidiary Versalis is acquiring Novamont, one of the leading international players in the renewables chemical market, particularly in biodegradable and compostable bioplastics.
Together with Mater-Bi, a 64% shareholder of Novamont, Versalis, a 36% shareholder of Novamont, is currently finalizing the acquisition by Versalis of Novamont’s entire share package.
Versalis says it is the first Italian chemical company and a global leader in the sector, aiming at portfolio specialization through chemistry from renewables.
Innova Market Insights recently listed “Renewable rebellion” as a top trend for 2023, noting geopolitical and economic uncertainties drive interest in bio-based packaging materials.
“Fluctuations in the prices of oil and gas, which act as substrates for manufacturing polymers, is likely to provide an impetus for companies to further explore bioplastics and packaging solutions made from renewable sources such as paper,” explained Akhil Aiyar, a project leader for the market analyst.
Together with Mater-Bi, Versalis is finalizing the acquisition by Versalis of Novamont’s entire share package.On Earth Day, PackagingInsights reported that the trend toward bio-based solutions had been highlighted by other emerging companies like Danimer Scientific, which produces bioplastics and bio-based fuel in the US.
Furthermore, Tetra Pak found that collaborations to boost collection and recycling rates in Asian markets can change the status quo.
US President Joe Biden recently announced that his administration is setting a goal to replace 90% of plastics with biomaterials within the next 20 years. According to research, bio-based processes could generate US$4 trillion in annual US economic impact over the next ten to 20 years.
Bio-boom
In March, UK Research and Innovation (UKRI) awarded 17 projects, a total of £3.2 million (US$4 million), to scale up novel solutions to plastic waste prevention and management. The winners fell into three target areas: alternative materials producers, reuse and refill initiatives, and improved recycling and geographic mapping technologies.
Notable winners of the UKRI grant included Xampla, a spin-off company from the University of Cambridge, UK, which developed plant protein-based biomaterial to replace synthetic materials and virgin polymers.
Researchers behind the project told us how they mimicked the composition of spider silk – one of nature’s strongest natural materials – to create a viable plastic alternative.
Another winner, PlantSea, developed seaweed-based film capsules that can be used for liquid and powder concentrates for personal care products, such as shampoos, conditioners and creams. The project will assess the feasibility and accelerate the scaling-up of the capsules and refill-at-home system for cosmetics, cleaning, laundry and F&B products.
Edited by Natalie Schwertheim
