The global bio-based resin market size was USD 5.29 billion in 2022. The market is poised to grow from USD 5.82 billion in 2023 to USD 11.95 billion by 2030 at a CAGR of 10.8% over the forecast period. The expansion is on account of the growing adoption of the product due to its eco-friendly nature. The resins are manufactured by using sugar beet, algae, potatoes, algae, whey, soybean, and others. Fortune Business Insights™ provides this information in its research report, titled “Bio-based Resin Market, 2023-2030”.
Segmentation:
Starch Blends Segment to Exhibit Appreciable Growth Driven by Excellent Properties
Based on type, the market is segregated into bio-polyethylene, polylactic acid, bio-polyethylene terephthalate, starch blends, polyhydroxyalkanoate, and others. The starch blends segment is anticipated to register a substantial surge, dominating the market over the projected period. The expansion is propelled by the escalating degradable resin demand.
Packaging Segment to Depict Notable Expansion Owing to Soaring Demand for Non-Toxic Packaging
On the basis of application, the market for Bio-based Resins is fragmented into agriculture, consumer goods, packaging, textiles, automotive, and others. The packaging segment is estimated to record remarkable expansion throughout the forecast period. The growth is due to the soaring demand for safe and non-toxic packaging.
By geography, the market for Bio-based Resins has been analyzed across Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa.
Report Coverage:
The report gives an account of the major trends impelling the global business landscape over the forthcoming years. It further offers an overview of the vital trends boosting the market scenario over the estimated period. Other steps include the significant initiatives undertaken by major market participants for strengthening their industry footing.
Drivers and Restraints:
Industry Value to Rise with Growing Bio-based Resin Adoption
Bio-based Resin market growth is being propelled by the surging adoption of bio-based resins in the automotive sector. The industry has recorded an increasing adoption of eco-friendly substitutes for practicing sustainability.
However, the high market expansion could be hampered by the high cost of manufacturing these resins.
Source- https://www.fortunebusinessinsights.com/natural-bio-based-resin-market-107639
Regional Insights:
Europe to Dominate Owing to Growing Inclination Toward Sustainability
Europe Bio-based Resin market share is estimated to dominate the market over the forecast period. The surge is propelled by the escalating demand for sustainable and bio-based packaging materials.
The Asia Pacific region is expected to register a notable surge throughout the projected period. The growth is due to the surging consumer goods demand in the region.
The North American market is slated to exhibit appreciable expansion over the estimated period. The rise is on account of a rise in sustainability-focused government initiatives.
Competitive Landscape:
Major Players Ink Collaborations to Enable Footprint Expansion
Leading companies are focused on adopting an array of initiatives for expanding their geographical footprint. These include partnership agreements, collaborations, and the rollout of new products. Additional steps include a rise in research and development activities.
Key Industry Development:
November 2021 – Total Corbion and Danimer Scientific entered a long-term agreement for supplying Luminy PLA. The polymer is used for manufacturing compostable products. The deal increases Danimer’s ability to fulfill consumer needs for resins requiring a blend of PHA- and PLA-based inputs.
List of Key Players Mentioned in the Report:
SABIC (U.K.)
BASF (Germany)
Braskem (Brazil)
Arkema (France)
Ashland Performance Materials (U.S.)
Danimer Scientific (U.S.)
Minima (Taiwan)
NatureWorks LLC (U.S.)
Avantium (Netherlands)
Market Scope of the Report:
The market estimates presented in the report result from a comprehensive research approach involving various research channels such as primary research, secondary research, and subject-matter expert consultations. These market estimates consider the influence of existing market dynamics and a range of economic, social, and political factors on the Natural Resin Market. Additionally, the market data is shaped by regulations, government expenditures, and advancements in research and development. Both positive and negative market changes are factored into these estimations.
Market Segmentation:
The study offers detailed segmentation of the global Natural Resin market based on Type, End User, and region. The report provides in-depth discussions of these segments and their sub-divisions, supported by tables and figures. Market players and investors can strategize their approaches based on the high-revenue and rapidly growing segments highlighted in the report.
Research Approach:
The report incorporates primary information collected directly from key stakeholders through quantitative and qualitative analyses utilizing the Porter Five Force model’s parameters. The report emphasizes macroeconomic indicators, trends within the parent market, and growth drivers. A comprehensive understanding of the market is achieved through both primary and secondary research. Rigorous checks were performed on the data used in the report to ensure its authenticity and quality. The credibility of evaluations and market segments is established using both bottom-up and top-down methodologies.
Key Inquiries Addressed in the Natural Resin Market:
What is the global market size for the Natural Resin market?
Which screen size is most preferred by Natural Resin consumers?
What distribution channel is preferred by Natural Resin manufacturers?
Which age group is the target for Natural Resin manufacturers?
What factors drive or hinder market growth, and how do these factors impact the market?
How do regulations affect the growth of the Natural Resin market?
Which region or country leads in market growth?