Bio-based Materials Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The bio-based material market size has grown exponentially in recent years. It will grow from $32.29 billion in 2023 to $40.65 billion in 2024 at a compound annual growth rate (CAGR) of 25.88%. The growth in the historic period can be attributed to government incentives, rising environmental awareness, volatility in fossil fuel prices, increasing demand for sustainable solutions, growing consumer preference for eco-friendly products.
The bio-based material market size is expected to see exponential growth in the next few years. It will grow to $101.36 billion in 2028 at a compound annual growth rate (CAGR) of 25.66%. The growth in the forecast period can be attributed to government incentives, rising environmental awareness, volatility in fossil fuel prices, increasing demand for sustainable solutions, growing consumer preference for eco-friendly products. Major trends in the forecast period include development of novel bio-based materials, adoption of bio-based packaging solutions, integration of bio-based materials in construction sector, rise of bio-based materials in medical applications, adoption of bio-based packaging solutions.
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Scope Of Bio-based Materials Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Bio-based Materials Market Overview
Market Drivers –
Increasing environmental awareness is expected to propel the growth of the bio-based materials market going forward. Environmental awareness refers to the understanding and recognition of environmental issues, including their causes, consequences, and potential solutions. the rise in environmental concerns has created a conducive environment for the growth of the bio-based material market, driven by a combination of regulatory support, consumer awareness, corporate responsibility, and advancements in sustainable technologies. Bio-based materials plays a pivotal role in increasing environmental awareness by promoting sustainable alternatives to traditional materials, reducing carbon emissions, and mitigating environmental degradation. For instance, in May 2023, according to a publication by the International Energy Agency (IEA), a France-based intergovernmental organization, global energy investment in clean energy witnessed a significant increase from 1408 billion USD in 2021 to 1740 billion USD in 2023. Therefore, increasing environmental awareness is driving the growth of the bio-based materials market.
Market Trends –
Major companies operating in the bio-based materials market are increasing their focus on developing advanced solutions and products, such as circular propylene glycol solutions, to gain a competitive edge in the market. Propylene glycol (PG) solutions are utilized in various industries for different purposes. For instance, in September 2023, The Dow Chemical Company (Dow), a US-based multinational corporation that provides raw materials and chemicals, launched new lower-carbon, bio-based, and circular propylene glycol (PG) solutions featuring innovative technologies. This platform leverages innovative technologies such as Decarbia, Ecolibrium, and Renuva to offer reduced carbon footprints, bio-based content, and circular economy benefits. This product represents a significant advancement in the bio-based materials market, providing sustainable alternatives that contribute to lower carbon emissions, promote renewable resources, and support the transition towards a circular economy.
The bio-based materials market covered in this report is segmented –
1) By Type: Bio-Based Polyurethane, Bio-Based Paraxylene, Bio-Based Polypropylene, Bio-Based Polyamides, Other Types
2) By Application: Rigid Packaging, Flexible Packaging, Electrics And Electronics, Consumer Goods, Automotive And Transport, Other Applications
3) By End Use: Food And Beverage, Pharmaceuticals, Automotive, Textiles, Agriculture, Other End Users
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Regional Insights –
Europe was the largest region in the bio-based materials market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the bio-based materials market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the bio-based materials market are China Petroleum & Chemical Corporation (Sinopec), BASF SE, Sumitomo Chemical, Evonik Industries AG, Covestro AG, Braskem, Toray Industries Inc., Mitsui Chemicals, DuPont de Nemours Inc., Arkema SA, Eastman Chemical Company, DSM, LANXESS, Huntsman Corporation, Tosoh Corporation, Lubrizol, Clariant AG, Plastipak Holdings Inc., Corbion N.V., Japan Polypropylene Corporation, RAMPF Holding GmbH & Co. KG, Manali Petrochemical, RadiciGroup, Biobased Technologies, Virent Inc., TSE Industries Inc., Avantium, Anellotech Inc., Gevo Inc.
Table of Contents
- Executive Summary
- Bio-based Materials Market Report Structure
- Bio-based Materials Market Trends And Strategies
- Bio-based Materials Market – Macro Economic Scenario
- Bio-based Materials Market Size And Growth
…..
- Bio-based Materials Market Competitor Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
- Appendix
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