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: