New York, United States , July 23, 2024 (GLOBE NEWSWIRE) -- The Global Bio-Based Materials Market Size is Expected to Grow from USD 41.20 Billion in 2023 to USD 396.01 Billion by 2033, at a CAGR of 25.40% during the forecast period 2023-2033.
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Bio-based materials are produced from renewable biological resources like plants, animals, and microorganisms. The components are created from environmentally friendly substances including corn and sugarcane, as well as organic polymers that break down completely in the environment. Bio-based products are being used to replace petrochemical plastics and other fossil fuel-derived substances. Bio-based materials, which are manufactured from biogenic carbon feedstock, do not require mining or the release of fossil carbon. Bio-based materials include bioplastics, biofuels, bio-based chemicals, natural fibers (such as cotton and hemp), biodegradable packaging materials, and biomaterials for medicinal applications. Several reasons contribute to the rapid expansion of the bio-based materials sector. Environmental sustainability challenges, such as climate change and resource depletion, are motivating industries and consumers to choose renewable materials over fossil fuel-based alternatives. Government policies and legislation around the world use incentives and requirements to encourage the use of bio-based materials. Technological improvements have increased production efficiency and lowered costs, hence broadening the spectrum of bio-based materials available. Consumer desire for natural and eco-friendly products is also a critical driver, driving businesses to incorporate bio-based materials into their offers to suit market expectations. However, its growth is hampered by several factors, including cost competitiveness against fossil fuel-derived materials, performance limitations in specific applications, infrastructure and supply chain challenges, low market awareness, feedstock availability issues, and ongoing technological barriers.
Browse key industry insights spread across 210 pages with 115 Market data tables and figures & charts from the Report on the" Global Bio-Based Materials Market Size, Share, and COVID-19 Impact Analysis, By Type (Bio-Polycarbonate, Bio-Based Polyethylene Terephthalate (PET), Bio-Based Polyethylene (PE), and Others), By Application (Automotive and Transport, Electrics and Electronics, Flexible Packaging, Rigid Packaging, Building and Construction, Consumer Goods, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The polyethylene terephthalate (PET) segment is predicted to hold the largest market share through the forecast period.
Based on the type, the bio-based materials market is classified into bio-polycarbonate, bio-based polyethylene terephthalate (PET), bio-based polyethylene (PE), and others. Among these, the polyethylene terephthalate (PET) segment is predicted to hold the largest market share through the forecast period. PET's importance in many industries stems from its versatility, recyclability, and compatibility with current industrial infrastructure. As the demand for environmentally friendly alternatives to traditional plastics rises, bio-based PET stands out for its capacity to meet both environmental and market demands.
The rigid packaging segment is anticipated to hold the highest market share during the projected timeframe.
Based on the application, the bio-based materials market is divided into automotive and transport, electrics and electronics, flexible packaging, rigid packaging, building and construction, consumer goods, and others. Among these, the rigid packaging segment is anticipated to hold the highest market share during the projected timeframe. Technological advancements have improved bio-based materials' performance and cost-effectiveness, allowing them to be used in a variety of industries. Companies are using bio-based rigid packaging to improve their brand reputation and differentiate themselves in the market.
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Europe is estimated to hold the largest share of the bio-based materials market over the forecast period.
Europe is estimated to hold the largest share of the bio-based materials market over the forecast period. The region's environmental leadership, as well as stringent legislation supporting the use of renewable resources, are crucial in promoting the development of biobased materials. Government rules, subsidies, and funding efforts encourage companies to develop and invest in bio-based technologies. Furthermore, Europe's robust industrial base, particularly in the automotive, packaging, and textile sectors, creates a sizable market for bio-based materials. Technological advancements and ongoing research in biotechnology increase the competitiveness and diversity of bio-based products available.
Asia Pacific is predicted to have the highest CAGR growth in the bio-based materials market over the forecast period. The Asia Pacific region's growing environmental consciousness and worries about the sustainability of traditional materials have fueled demand for bio-based alternatives in industries such as packaging, automotive, construction, and consumer products. Governments in countries like China, India, Japan, and South Korea actively promote this expansion through laws, incentives, and investments in biotechnology and industrial technologies.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major key players in the bio-based materials market include Anellotech Inc., Clariant, DSM, Dupont, Eastman Chemical Company, Evonik Company, BASF SE, Avantium, Arkema, PepsiCo Inc., Solvay, LANXESS, Corbion, and Others.
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Recent Developments
- In March 2024, UPM Biochemicals announced the debut of UPM Solargo, a new line of bio-based plant stimulants. This launch marks UPM's entry into the enormous and valuable agrochemicals business, offering a new, sustainable alternative to products based on fossil raw materials
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the bio-based materials market based on the below-mentioned segments:
Global Bio-Based Materials Market, By Type
- Bio-Polycarbonate
- Bio-Based Polyethylene Terephthalate (PET)
- Bio-Based Polyethylene (PE)
- Others
Global Bio-Based Materials Market, By Application
- Automotive and Transport
- Electrics and Electronics
- Flexible Packaging
- Rigid Packaging
- Building and Construction
- Consumer Goods
- Others
Global Bio-Based Materials Market, By Regional Analysis
- North America
- US
- Canada
- Mexico]
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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