Bio-Based Resins Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global Bio-Based Resins Market grew at a CAGR of 7.9% between 2017-2021 and is estimated to be US$ 13,564.2Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 8.4% and is expected to reach a valuation of US$ 30,386.9Mn by 2032 end.
The primary driver of the market growth rate is the rising demand from the automotive sector, particularly for interior items. Growing food and beverage firms, packaging industry innovation, and rising demand for bio-based resin for stable timber construction are projected to restrain the market growth for bio-based resins during the forecast period.
These factors will pave the way for market expansion. Additionally, it is anticipated that increasing consumer interest in environmentally friendly and sustainable products will temper market expansion overall by reducing pollution and packaging waste. On the other hand, factors including the fluctuating cost of raw materials and the increasing price of bio-based resin are also anticipated to increase.
RISING DEMAND FROM THE AUTOMOTIVE SECTOR WILL DRIVE MARKET GROWTH
To become more environmentally friendly, the auto industry is evolving. To increase fuel efficiency and lower pollution and carbon footprint, designers and engineers are developing lighter, more aerodynamic car bodies, reduced rolling resistance tires, and creative methods of material procurement. The mass manufacture of sustainably sourced auto parts, which have smaller carbon footprints and are made with materials like bio-based resin for body panels, tires, seat fillers, and under-bonnet components, is booming in the United States.
For the UK-funded Elcomap project, which aims to build car body panels using bio-based composites, PES Performance, a design firm, developed several bio-derived components. It has created rear panels for a Porsche and front and back panels for a Subaru employing an unexpected new technology.
HIGH PRODUCTION COSTS ASSOCIATED WITH THE USE OF BIO-BASED RESINS ARE RESTRAINING MARKET GROWTH
The rising cost premium acceptability still presents a challenge since producing items using bio-based methods frequently exceeds the cost of producing goods using petrochemical methods. They must also function better than the petroleum-based resins they directly or indirectly replace, especially in comparison. Additionally, customer desire to pay more for more environmentally friendly bio-based products is still restricted, and there aren’t many compelling reasons to buy biomaterials.
Market Segments Covered in Report
By Region and Country:
Which product type is the most preferred?
The biggest revenue share was accounted for by bio-polyethylene terephthalate. Due to the global demand for environmentally friendly packaging and the fact that many suppliers are switching to this alternative, the packaging industry is concentrating on bio-based polyethylene packaging.
Bio-based polyethylene is suitable for people who want to reduce their overall energy consumption, reduce their global carbon emissions, and safeguard the environment. Additionally, many companies are now using this great plastic substitute because it helps packaging companies and consumers.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
With numerous major companies operating on both a global and regional scale, the market’s competitive landscape for bio-based resins is dispersed globally. Key players are working on product development and strategic alliances to increase their individual product portfolios and establish a solid foothold in the global market.
The recent developments in the Global Bio-Based Resins Market:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Product, Application, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Frequently Asked Questions
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 8.4%.
Rising demand from the automotive sector will drive market growth.
Major global Plant Based Ice Creams Market players are Arkema SA, Archer Daniels Midland Co., Ineos Group Ltd., BASF SE, Braskem SA, DuPont, Huntsman International LLC., Metabolix, Cereokast, UPC Technology Corporation, Ecospan.
High production costs associated with the use of bio-based resins are restraining market growth
North America is expected to account for the largest market revenue share in the Global Plant Based Ice Creams market.
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