According to the report, global bio-based materials market was valued at approximately USD 11,000.0 million in 2017 and is expected to generate revenue of around USD 94,150.0 million by end of 2026, growing at a CAGR of around 27.1% between 2018 and 2026.
New York, NY, Aug. 10, 2018 (GLOBE NEWSWIRE) — Zion Market Research has published a new report titled “Bio-Based Materials Market by Type (Bio-Based Polyethylene terephthalate (PET), Bio-Based Polyethylene (PE), Bio-Polycarbonate, Bio-Polyamide, and Bio-Polypropylene (PP)) and by Applications (Rigid Packaging, Flexible Packaging, Textiles, Automotive and Transport, Consumer Goods, Building and Construction, Electrics and Electronics, and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2026”. According to the report, global bio-based materials market was valued at approximately USD 11,000.0 million in 2017 and is expected to generate revenue of around USD 94,150.0 million by end of 2026, growing at a CAGR of around 27.1% between 2018 and 2026.
Biobased materials are derived from renewable sources such as feedstock like sugarcane, corn, or other organic polymers which degrade in the environment within one year. There are numerous advantages of using biobased materials such as the stable price of the sources from agricultural feedstocks as compared to petrochemicals. Low fluctuations of the source will lead to the stable price of biobased products. Moreover, the rapid degradation of biobased materials will help to reduce the waste plastics problem at a significant rate (out of the 8.3 trillion tons of plastics produced, 6.3 trillion is considered as waste).
Browse through 49 Tables & 29 Figures spread over 110 Pages and in-depth TOC on “Global Bio-Based Materials Market: By Types, Size, Share, Industry Trends, Growth and Forecast, 2017 – 2026”.
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The demand for bio-based materials in every market segment is rising owing to the increasing adoption of sustainable products by consumers. Moreover, the rising awareness for eco-friendly products and reduction in the chemical waste and the release of toxic byproducts into the environment by using sustainable bio-based chemical products will fuel the market demand during the forecast period. Furthermore, the growing concerns about greenhouse gasses coupled with the increasing use of bioplastics as an option in the packaging and automotive industry will significantly drive the global bio-based materials market.
The bio-based materials market is segmented on the basis of type into bio-based polyethylene terephthalate (PET), bio-based polyethylene (PE), bio-polycarbonate, bio-polyamide, and bio-polypropylene (PP). The bio-based polyethylene terephthalate (pet) segment is expected to contribute for the largest share in global bio-based materials market. Moreover, the segment is also projected to have the highest CAGR during the forecast period. Growing focus on sustainable packaging is expected to be a key factor for bio-based PET demand over the forecast period. The bio-based polyethylene (PE) segment is expected to hold the second largest share owing to affordable PE prices and ease of availability.
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Rigid packaging, flexible packaging, textiles, automotive and transport, consumer goods, building and construction, electrics and electronics, and others are the key application segments of the global bio-based materials market. The rigid packaging segment dominated the market in terms of revenue in 2017, owing to rising applications of bio-based materials in the packaging industry. Growing concerns about greenhouse gas emissions have fuelled the demand for an eco-friendly substitute, which is expected to boost bio-based PET market growth in the near future.
Europe dominates the bio-based materials market due to favorable government framework, high adoption of bio-based materials in automotive and transport sectors along with rigid packaging applications. Furthermore, Germany is expected to dominate the European bio-based materials market throughout the forecast period owing to the maximum focus on the issue of sustainable packaging in the region. Moreover, the stringent European Commission regulations are likely to restrict GHG emissions, which will increase the bio-based materials market in the region.
Browse the full “Bio-Based Materials Market by Type (Bio-Based Polyethylene terephthalate (PET), Bio-Based Polyethylene (PE), Bio-Polycarbonate, Bio-Polyamide, and Bio-Polypropylene (PP)) and by Applications (Rigid Packaging, Flexible Packaging, Textiles, Automotive and Transport, Consumer Goods, Building and Construction, Electrics and Electronics, and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2026” report at https://www.zionmarketresearch.com/report/bio-based-materials-market
North America is the second leading regional market and is expected to show significant growth in the years to come due to increasing awareness related to biobased products and adoption of sustainable products. The U.S. is expected to dominate the North America market, owing to the adoption of Montreal Protocol in the U.S. and Canada is anticipated to fuel bio-based materials demand as an eco-friendly packaging product in North America region.
The Latin America and Asia Pacific market is projected to have the highest CAGR during the forecast period. Market growth is expected in India, China, Brazil, and other emerging countries where the market penetration of biobased materials is anticipated to be highest due to rising bio-based thermoplastics demand in automotive and electronic applications. Moreover, the unstable prices of petrochemicals and the fixed supply of feedstock will lead the market players to switch to bio-based materials.
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The Middle East and Africa held the least growth rate in comparison to other regions, due to lack of reimbursement policies in this region.
Some of the key players in bio-based materials market include Anellotech, Inc., Arkema, Avantium, BASF SE, Braskem, Clariant, Corbion, DSM, Dupont, Eastman Chemical Company, Evonik Company, Genomatica, Gevo, LANXESS, M&G Chemicals, PepsiCo Inc., Plastipak Holdings, Inc, Roquette, Solvay, Teijin Limited, The Coca-Cola Company, Toray Industries, Inc., and Toyota Tsusho Corporation.
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This report segments the global bio-based materials market as follows:
Global Bio-Based Materials Market: Type Segment Analysis
- Bio-Based Polyethylene terephthalate (PET)
- Bio-Based Polyethylene (PE)
- Bio-Polypropylene (PP)
Global Bio-Based Materials Market: Applications Segment Analysis
- Automotive and Transport
- Electrics and Electronics
- Flexible Packaging
- Building and Construction
- Consumer Goods
- Rigid Packaging
- Others (glass components, interior, and exterior decor)
Global Bio-Based Materials Market: Regional Segment Analysis
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa
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