Technavio, a tech-focused market research firm, has published a new report on the global bio-based resins market, which is expected to grow at a CAGR of more than 16% during the forecast period 2017-2021.
Based on geographical segmentation, Technavio market researchers categorize the global bio-based resins market into the following key regions: APAC, Europe, North America, and ROW.
Top three contributors for the global bio-based resins market are elaborated below
Bio-based resins market in Europe: The key products available in the European market are compostable bio-based waste bags and loose-fill packaging materials. The legal framework and government strategies of European countries promote the use of bio-based or biodegradable resins through the provision of subsidies, thereby fueling the growth of the market in this region. For example, the flagship initiative of the European Commission for a resource-efficient Europe under the Europe 2020 Strategy supports the shift toward a resource-efficient low-carbon economy to achieve sustainable growth.
According to Ajay Adikhari, a lead analyst at Technavio, specializing in research on bio-chemicals and bio-materials, “Germany is the largest market for bio-based resins because of its strong performance in the automobile industry. Plastics and metals that are used in vehicle interiors can be replaced by bio-based PET, starch-based biopolymers, flax, and many others, because they are lighter in weight than metals and conventional plastics.”
Bio-based resins market in North America: The bio-based resins market in North America is anticipated to experience steady growth during the forecast period owing to the increased focus on sustainability, especially in the packaging industry. The BioPreferred Program of the US Department of Agriculture is a positive step toward the promotion of biopolymers at the federal procurement level. These factors are expected to promote consumption of bio-based resins in North America in the coming years.
Bio-based resins market in APAC: The demand for bio-based resins in APAC comes primarily from South Korea and Japan. The government of Australia has framed the Australian Packaging Covenant, in an intent to promote sustainable packaging, which is expected to have a positive impact on the growth of the bio-based resins market. Growing consumption of alcoholic and CSD beverages in China and India is also expected to contribute to the growth of the bio-based resins market in APAC over the next four years.
The leading vendors operating in the global bio-based resins market are:
- Huntsman International
Other prominent vendors in the market include Braskem, DSM, and ECOSPAN.
A more detailed analysis is available in the Technavio report titled, ‘Global Bio-based Resins Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Gelatin Market 2017-2021
- Global Liquid Applied Membrane Market for Construction Industry 2017-2021
- Global Biodegradable Packaging Materials Market 2017-2021
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