Global Bio-Based Resins Market - Segmented by Product Type, End-User Industry and Region - Growth, Trends and Forecasts (2018 - 2023)
The bio-based resins market is expected to witness a strong CAGR of approximately 16.23% during the forecast period, 2018-2023. One of the major factors driving the market is increasing demand from the packaging sector. In addition, growing environmental regulations on synthetic resins is also expected to drive the market.
Increasing Demand from Packaging Industry Driving the Market
Growing consumer interest toward eco-friendly packaging materials is expected to drive the market during the forecast period. Factors, such as rising sales of green products (as they offer functional benefits), and need for sustainable manufacturing process, are expected to stimulate the demand for bio packaging materials made by bio resins. Also, these growing consumer preference for eco-friendly packaging is resulting in shifting interest among plastic manufacturers toward bio resin-based products, thereby driving the market.
“Non-Biodegradable” & “Packaging” - The Dominant Segments
The global bio-based resins market is segmented based on product type and end-user industry. Based on product type, non-biodegradable type accounts for the largest share and is expected to grow at a good rate in response to growing importance of sustainable packaging in countries, such as China and India. The various types of non-biodegradable bio-based resins include bio-polyethylene terephthalate, bio-polyol and polyurethane, bio-polyamides, bio-polytrimethylene terephthalate. Bio-based polyethylene terephthalate (PET) is increasingly used in the manufacture of bottles, thereby fuelling the market’s growth. Also, growing research activities by companies, like Arkema Covestro, on usage of non-biodegradable in construction is also expected to drive the market. Based on end-user industry, food & beverage has the largest market share, as bio-based resins are used in the production of bottle caps, mineral water bottles, carbonated soft drink (CSD) bottles, and dairy packaging. Demand for extended life of fresh food items is expected to boost the demand for bio-based resins in the packaging segment.
Growing Research Driving the European Market
Europe accounts for the largest market share and is expected to retain the largest share during the forecast period as well. This is because of increasing penetration of compostable bio-based waste bags and loose filled packaging materials. Government subsidies in promoting biodegradable resins is expected to fuel the market growth. In addition, growing research in this field, like the ECOXY, which aims at developing bio-based resins and fiber reinforcements to produce new sustainable thermoset composites for the demanding construction and automotive sectors, is also expected to augment the demand
Major Players: Archer Daniels Midland, Ashland Performance Materials, BASF, Braskem, Cargill Nature Works, DowDuPont, Tate and Lyle, and Metabolix. amongst others.
Reason to Purchase the Report
To understand the impact of various product types on the market.
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
To understand the dominating product type and end-user industry in the market
Countries expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet in excel
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