[FURL=https://www.industryarc.com/Research/Bio-based-Resins-Market-Research-503023?utm_source=briefingwire&utm_medium=pressrelease&utm_campaign=paidpressrelease]Bio-Based Resin market[/FURL] size is forecast to reach $126.08 million by 2026, after growing at a CAGR of 15% during 2021-2026. Biobased resins are thermosets and are plastic materials made partly or entirely of recycled raw materials that cannot be melted after a single hardening stage. With rise in demand for packaging, the bio-based resin market is witnessing an increase in demand. For an instance, polylactic acid is one of the bio-based and biodegradable polymeric packaging materials, that process high performance and high elasticity. Whereas the growing public interest towards sustainable and environment-friendly products to avoid pollution or disposal of packaging materials will further enhance the overall market demand for bio-based resin industry during the forecast period.Key Takeaways
Asia-Pacific dominates the bio-based resin market owing to increasing demand from end use industries such as packaging, construction and others.
The growing demand for bio-based resin for stable timber construction, is likely to aid in the market growth of bio-based resin.
The emergence of bio-based resin as an alternative for petroleum-derived polymers is expected to drive the market for bio-based resin in the upcoming years.
Higher cost of biobased resin will create hurdles for the bio-based resin in the near future.
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Bio-Based Resin Market Segment Analysis - By Geography
APAC dominated the Bio-Based Resin market in the year 2020 holding share of 41% during the forecast period. China and India are the major countries in this region, owing to the great demand automotive, packaging and other industries. Bio-based resin are used in automotive sector for manufacturing of non-structural interior components, including wood trim, seat fillers, seat backs, headliners, interior panels, dashboards and thermoacoustic insulation.
So, with the growing manufacturing of automotive around the world the demand for bio-based resin is expected to grow in this sector. According to the OICA’s (International Organization of Motor Vehicle Manufacturers), sales statistics, the automotive production in Asia/Oceania/Middle East region has increased by 1.34% from 2015 to 2019. However, China was the largest producer of automotive in the world, while India was the 5th largest of automotive in the year 2019.
Bio-Based Resin Market Drivers
Emergence of Electric Vehicle
Alternative for Petroleum-Based Products
Bio-Based Resin Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Bio-Based Resin market. Major players in the Bio-Based Resin Market are Absecon Mill, Agri-Fibers Inc, Archer Daniel Midland, Ashland Performance Material, BASF SE, Braskem, Cargill Nature Work, Cereplast, Dowdupont, Etech Surf, John Deere, among others.
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