04-Aug-2022 | Facts and Factors
According to Facts and Factors, the bio-based materials market size was worth USD 21.30 billion in 2021 and is estimated to grow to USD 81.64 billion by 2028, with a compound annual growth rate (CAGR) of approximately 25.10% over the forecast period. The report analyzes the bio-based materials market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the bio-based materials market.
Bio-based materials are those that are created using components that come from living things. The materials are made from sustainable resources, including organic polymers that entirely dissolve in the environment and feed like corn and sugarcane. Compared to petrochemical-based materials, bio-based materials provide a number of advantages. Because resource variations are minimal, the pricing of the generated items is stable. Utilizing bio-based materials has many benefits over conventional ones, which seldom disintegrate in the environment and endanger the atmosphere. The stable pricing of agricultural feedstock compared to petrochemicals is one of the main driving forces behind the worldwide industry for bio-based materials. This is probably going to stabilize the cost of biobased goods, which will help the global biobased materials market flourish.
Browse the full “Bio-Based Materials Market Size, Share, Growth Analysis Report By Type (Bio-Polycarbonate, Bio-Based Polyethylene terephthalate (PET), Bio-Based Polyethylene (PE), and Others), By Application (Rigid Packaging, Flexible Packaging, Electrics and Electronics, Consumer Goods, Automotive and Transport, and Others), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" report at https://www.fnfresearch.com/bio-based-materials-market
The growing consumer adoption of sustainable products is driving up demand for bio-based materials across all market segments. Additionally, using sustainable bio-based materials will reduce chemical waste and discharge harmful by-products into the environment, which will increase consumer demand during the projected period. The global market for bio-based materials will also be heavily driven by the rising worries about greenhouse gases as well as the expanding usage of bioplastics as an alternative in the packaging and automotive industries.
Type and application are the key segments in the global market for bio-based materials. The market for bio-based materials is segmented into several categories, including bio-polycarbonate, bio-based polyethylene (PE), bio-based polyethylene terephthalate (PET), and others, based on type. During the anticipated time frame, the bio-based Polyethylene Terephthalate (PET) sector, which made up almost 60% of the total market share in 2021, is predicted to create enormous revenue. The market is divided into rigid packaging, electrics and electronics, automotive and transport, flexible packaging, consumer goods, and others on the basis of application. Throughout the projected period, the rigid packaging category is likely to significantly increase market revenue. The segment's expansion can be attributed to the rigid packaging industry's extensive usage of bio-based materials.
The European bio-based materials market is expected to generate enormous revenue, with Germany playing a significant role in the expansion of the local industry during the anticipated time frame. The biobased materials market is likely to experience growth during the forecast period as a result of the European Commission's inclusion of bio-based production as a key priority area intended for increasing industrial contribution to Europe's GDP from 15 to 20 percent. The increased emphasis on sustainable packaging among industry participants and the tight enforcement of GHG emission-related legislation by the European Commission are both responsible for the market expansion in Europe. A high degree of regional awareness about reducing GHG emissions during manufacturing activities in accordance with the Horizon 2020 policy will promote market expansion in the area.
On the other hand, a considerable demand is anticipated in the Asia Pacific as a result of its quick industrialization. The market in the area is primarily driven by customers' shifting preferences toward bio-based materials and the evolution of environmental protection legislation. Additionally, the growing use of bioplastics in China's numerous end-use sectors will accelerate the development of bio-based materials.
Market Size in 2021
USD 21.30 Billion
Projected Market Size in 2028
USD 81.64 Billion
CAGR Growth Rate
Key Market Players
BASF SE, DSM, Evonik Company, Anellotech Inc., Clariant AG, Arkema, Gevo Inc, LANXESS, Avantium, PespiCo Inc., and Others
By Type, Application, and Region
Major Regions Covered
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa
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Key players functioning in the global Dental Periodontics market include BASF SE, DSM, Evonik Company, Anellotech, Inc., Clariant AG, Arkema, Gevo, Inc, LANXESS, Avantium, and PespiCo Inc.
- BASF and Eni agreed to work together to create new technologies and create bio-propanol from glycerin, a by-product of the manufacturing of industrial biodiesel or fatty acid methyl ester. This agreement was made in august 2021.
- Archer Daniels Midland Company and LG Chem signed a joint development agreement in September 2019 to create bio-based acrylic acid, a fundamental component needed to create superabsorbent polymers (SAP), which are utilized in a variety of hygiene products.
The Global Bio-Based Materials Market is segmented as follows:
- Applied Ballistics
- Bio-Based Polyethylene terephthalate (PET)
- Bio-Based Polyethylene (PE)
- Rigid Packaging
- Flexible Packaging
- Electrics and Electronics
- Consumer Goods
- Automotive and Transport
- North America
- The UK
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
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