Global Bio-Based Resins Market 2017-2021
About Bio-Based Resins
Bio-based resins are synthetic compounds made from renewable raw materials. These resins are different from conventional resins and are used for the manufacturing of various products such as packaging materials, furniture, carpets, films, bottles, cups, and automotive parts. Raw materials required for the production of bio-based resins are sugar cane, wood pulp, soybean, coffee, castor plant seeds, corn, and many other plant-, marine-, and forestry-based materials.
Technavio’s analysts forecast the global bio-based resins market to grow at a CAGR of 16.19% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global bio-based resins market for 2017-2021. To calculate the market size, the report considers the retail selling price as the average selling price for the product.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global bio-based resins Market 2017-2021
Technavio recognizes the following companies as the key players in the global bio-based resins market: Arkema, Ashland, BASF, DuPont, and Huntsman International.
Other Prominent Vendors in the market are: Braskem, DSM, and ECOSPAN.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is sustainable production. There is pressure on manufacturers to use sustainable production methods. Although the majority of manufacturers are welcoming this, smaller manufacturers are finding it hard to keep up with the growing competition.”
According to the report, one of the major drivers for this market is fluctuating oil prices. As crude oil derivatives are major components for the production of virgin plastic, plastic products closely follow the price pattern of crude oil. As a result, the rise in crude oil prices increases the prices of conventional plastics in the market. This uncertainty in pricing is compelling end-user industries to switch to alternative materials such as bioplastics and papers, which will increase the global market demand for bio-based resins.
Further, the report states that one of the major factors hindering the growth of this market is cost-effectiveness of conventional resins over bio-based resins. The relatively higher price of bio-based resins compared with conventional resins is a major challenge faced by the market. The lack of adequate technology and the lack of availability of feedstock are increasing the prices of bio-based materials. Some of the bio-based resins products are approximately several times costlier when compared with conventional resins products. The rising prices of renewable raw materials such as corn used for the manufacturing of bioplastics are also hindering the market growth. The high price of bio-based resins will reduce the demand as consumers will switch to cheaper conventional resins.
Arkema, Ashland, BASF, DuPont, Huntsman International, Braskem, DSM, and ECOSPAN.
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