Bio-based Resins Market to Grow with a CAGR of 6.99% Globally through 2029
Environmental
concerns and increasing demand from end-use industries are factors driving the
Global Bio-based Resins market in the forecast period 2025-2029.
According to
TechSci Research report, “Bio-based Resins Market – Global Industry Size,
Share, Trends, Competition Forecast & Opportunities, 2029”, the
Global Bio-based Resins Market stood at USD
5499.37 Billion in 2023 and is anticipated to grow with a CAGR of 6.99% in the forecast
period, 2025-2029.
The global
Bio-based Resins market is experiencing substantial growth, with North America
emerging as a dominant player. The region's market leadership is driven by a convergence
of factors. Stringent environmental regulations and a strong commitment to
sustainability initiatives have propelled the adoption of bio-based resins
across various industries. North America's well-established industrial sectors,
including packaging, automotive, and consumer goods, have embraced these
eco-friendly alternatives, further driving market demand.
Consumer
awareness and preferences for sustainable products play a pivotal role in
shaping the market landscape. The desire for reduced environmental impact and
eco-friendly solutions has led industries to prioritize bio-based resins
derived from renewable sources. Notably, innovations such as BASF's
introduction of Bio-Based 2-Octyl Acrylate underscore the industry's commitment
to advancing sustainable technologies.
The strategic
collaboration between Corbion and TotalEnergies in constructing a PLA
bioplastics plant in France exemplifies the global industry's dedication to
expanding bio-based resin production capacities. As businesses worldwide seek
to reduce their carbon footprint and align with circular economy principles,
the market for bio-based resins is poised for continued growth. The emphasis on
sustainable practices, ongoing research and development, and collaborative
ventures position the global Bio-based Resins market as a key driver in the
transition towards more environmentally responsible and sustainable material
choices.
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"Global Bio-based Resins Market”
The
market is witnessing a notable trend towards sustainable practices, with a
growing demand for eco-friendly alternatives to traditional petrochemical-based
resins. Industries, particularly in North America, are increasingly adopting
bio-based resins in response to stringent environmental regulations and
consumer preferences for sustainable products. There is a continual emphasis on
research and development, leading to innovations such as BASF's Bio-Based
2-Octyl Acrylate, reflecting the industry's commitment to advancing sustainable
technologies. Additionally, collaborations, like the one between Corbion and
TotalEnergies to build a PLA bioplastics plant in France, showcase the
commitment to expanding production capacities for bio-based resins.
Despite the
positive trajectory, the market faces challenges. Cost competitiveness remains
a concern, with bio-based resins often struggling to match the economic appeal
of conventional resins. Limited feedstock availability and concerns about
performance variability also pose challenges, necessitating ongoing research
efforts to address these issues. Regulatory uncertainties and the need for
standardized certifications further contribute to the challenges faced by the
industry.
The COVID-19
pandemic has had a multifaceted impact on the Bio-based Resins market.
Disruptions in supply chains, changes in consumer behavior, and economic
uncertainties have influenced market dynamics. However, the crisis has also
accelerated the focus on sustainability, with businesses reevaluating their
practices and consumers showing an increased awareness of environmental issues.
The pandemic has underscored the importance of resilient and sustainable supply
chains, potentially driving further interest in bio-based resins as part of
broader sustainability initiatives.
The Global Bio-based
Resins Market is segmented into type, application, regional distribution, and
company.
Polylactic Acid
(PLA) has solidified its position as the dominant player in the global
Bio-based Resins market based on type, driven by several compelling reasons.
First and foremost, PLA's renewable sourcing from corn starch or sugarcane
aligns seamlessly with the increasing demand for sustainable alternatives to
conventional petrochemical-based resins. Its intrinsic biodegradability and
compostability address growing environmental concerns, particularly regarding
plastic pollution and end-of-life disposal. PLA's versatility in applications,
including packaging and single-use products, further contributes to its market
dominance. As industries increasingly prioritize eco-friendly options, PLA
stands out for its reduced carbon footprint and comparable performance to
traditional plastics. The continuous innovation in PLA production and its
compatibility with existing manufacturing processes underscore its viability
and attractiveness in the bio-based resins landscape. The consumer-driven shift
towards sustainability, coupled with PLA's inherent eco-friendly
characteristics, cements its dominance and reflects the broader global trend
towards embracing environmentally responsible materials in various industries.
Based on region,
North America is currently dominating the Global Bio-based Resins Market. North
America's dominance in the Global Bio-based Resins Market can be attributed to
a combination of strategic factors. Firstly, the region has been at the
forefront of embracing sustainable practices, driven by stringent environmental
regulations and a heightened awareness of the need for eco-friendly
alternatives. This commitment aligns with the global shift towards reducing the
environmental impact of industries.
Moreover, North
America boasts well-established industries, particularly in sectors like
packaging, automotive, and consumer goods, which have actively adopted
bio-based resins. The versatility of these resins and their compatibility with
existing manufacturing processes make them an attractive choice for various
applications within these industries.
Major companies
operating in Global Bio-based Resins Market are:
- BASF SE
- Arkema SA
- Corbion N.V.
- Covation Biomaterials
- Danimer Scientific, Inc
- Futerro S.A.
- NatureWorks LLC
- Novamont SpA
- Bitrez Ltd
- Braskem SA
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“The global
bio-based resins market is experiencing robust growth, driven by heightened
environmental concerns and a shift towards sustainable practices. Key drivers
include stringent regulations favoring eco-friendly materials, increased
consumer awareness, and advancements in biotechnology. Trends reflect a growing
demand for sustainable packaging and collaborative initiatives between
companies for research and development. However, challenges such as cost
competitiveness and limited feedstock availability persist. Major players like
BASF, Corbion, and TotalEnergies are actively contributing to market expansion
through innovations and strategic partnerships, further shaping the trajectory
of the bio-based resins industry.,” said Mr. Karan Chechi, Research Director
with TechSci Research, a research-based management consulting firm.
“Global Bio-based Resins Market
- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2019-2029F
Segmented By Type (Biodegradable Starch Blends, Polylactic Acid,
Bio-polyethylene Terephthalate, Bio-polyethylene, Others), By Application
(Packaging, Textile, Consumer Goods, Automotive and Transportation, Building
and Construction, Electrical and Electronics, Others), By Region and
Competition”, has evaluated the future growth potential of Global
Bio-based Resins Market and provides statistics & information on market
size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in Global Bio-based
Resins Market.
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