Bio-Based Resins Market

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.

Market Dynamic

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 Product:

• Biodegradable Starch Blends
• Bio-polyethylene Terephthalate
• Polylactic Acid
• Biodegradable Polyesters
• Others

By Application:

• Packaging
• Automotive and Transportation
• Electronics Manufacturing/Semiconductor
• Building and Construction
• Others

By Region and Country:

• North America (U.S., Canada)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
• Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
• Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
• Africa (South Africa, Nigeria, Egypt, Rest of Africa)

Segment-Wise Analysis

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.

Region-Wise Analysis

The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.

• With a 35.4% market share, the North American market had the greatest revenue share in the global market due to growing collaborations between significant businesses and governmental organizations over resin manufacturing practices. Another important element influencing market growth is the existence of prominent industry players in this area.
• The Europe market is anticipated to expand throughout the forecast period at a consistent CAGR. Due to the availability of cutting-edge technology and the presence of research institutes engaged in this sector, financing, and R&D activities have increased in this area.

Competition Analysis

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:

• In October 2021, a variety of bio-based resins were introduced by the multinational chemical company SABIC. The company claims that its new line of ULTEM resins was developed to serve as a drop-in replacement for current ULTEM materials now utilized in consumer electronics, aerospace, automotive, and other industries.
• In January 2021, Polyfurfuryl Alcohol (PFA) and bio-epoxy systems were among the new family of bio-based resins that Bitrez Ltd., a UK-based polymers and chemicals manufacturer, created. These resins are REACH-compliant and designed for composite applications. PFA is a thermosetting bio-resin derived from agricultural biomass waste that resembles phenolic resin in characteristics but emits fewer volatile organic compounds (VOCs).

A list of some of the key suppliers present in the market are:

• Arkema SA
• Archer Daniels Midland Co.
• Ineos Group Ltd.
• BASF SE
• Braskem SA
• DuPont
• Huntsman International LLC.
• Metabolix
• Cereokast
• UPC Technology Corporation
• Ecospan

Report Coverage and Highlights

• Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
• Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
• The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
• Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
• Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
• Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
• Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
• Key drivers, restraints, opportunities, and emerging trends impacting the market growth.
• Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
• Strategic market analysis, recommendations, and future headways on crucial winning strategies.