Facts and Factors 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 Application (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, 2018 – 2027”.
According to the report, the global bio-based materials market was valued at approximately USD 13,861 million in 2018 and is expected to reach a value of around USD 1,19,667 million by 2027, at a CAGR of around 27.1% between 2019 and 2027.
Bio-based materials are obtained from renewable sources like feedstock consisting of organic polymers, corn, starch, and sugarcane that degrade in the environment within a span of a year. The steady cost of agricultural feedstock as compared to petrochemical products is likely to enhance the use as well as the popularity of the bio-based materials across the globe.
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Packaging sector to drive the growth of bio-based materials market
Bio-based materials find lucrative applications in the packaging of bottles and carry bags. Apart from this, the products are eco-friendly as they can be recycled and do not contribute to GHG emissions in the atmosphere. All these aforementioned aspects are likely to steer the growth of the bio-based materials market in the forecast timespan.
Moreover, the bio-based materials help in minimizing oil dependence and its biodegradable feature helps in reducing the toxic filtrates as well as waste disposal in the atmosphere. Apart from this, new biopolymers like Polylactic acid and Polyhydroxyalkanoate help in the massive usage of bio-based materials like biodegradable plastics. This, in turn, will further spur the market landscape.
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Bio-based Polyethylene terephthalate (PET) to dominate the type segment
Bio-based Polyethylene terephthalate (PET) segment, which contributed nearly 60% of the overall market share in 2017, is likely to generate huge revenue during the forecast timeline. The growth of the segment can be credited to the increased focus by the plastic manufacturers on sustainable packaging.
Rigid packaging segment to dominate the application landscape in terms of value
The rigid packaging segment is likely to make major contributions to the overall market revenue during the forecast timeline. The growth of the segment can be credited to large-scale use of the bio-based materials in the rigid packaging sector.
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Automotive & Transport segment to record the highest CAGR during the forecast period
The automotive & transport segment accounted for nearly USD 1,100 million in 2018 and is expected to record a good growth rate during the forecast timeframe. The growth of this segment can be attributed to the massive use of bioplastics as eco-friendly packaging products in the automotive sector due to the degradable nature of bioplastics.
Europe to dominate the overall market growth in terms of earnings
European bio-based materials market is projected to produce huge revenue during the forecast timeline with Germany contributing majorly towards the regional market growth. The growth of the market in Europe can be attributed to the increased focus of the industry players on sustainable packaging along with the strict implementation of laws by the European Commission pertaining to GHG emissions. High awareness about minimizing GHG emissions during the manufacturing activities as per Horizon 2020 strategy on the regional level will boost the growth of the market in the region.
Some of the key players in bio-based materials market include The Coca-Cola Company, Plastipak Holdings, Inc., Anellotech, Inc., LANXESS, Arkema, Avantium, Toray Industries, Inc., BASF SE, Teijin Limited, Braskem, Clariant, Corbion, DSM, Evonik Company, Dupont, Eastman Chemical Company, Genomatica, Gevo, M&G Chemicals, PepsiCo Inc., Roquette, Solvay, and Toyota Tsusho Corporation.
This report segments the bio-based materials market as follows:
Global Bio-Based Materials Market: By Type Segment Analysis
- Bio-Based Polyethylene terephthalate (PET)
- Bio-Based Polyethylene (PE)
- Bio-Polypropylene (PP)
Global Bio-Based Materials Market: By Application Segment Analysis
- Automotive and Transport
- Electrics and Electronics
- Flexible Packaging
- Building and Construction
- Consumer Goods
- Rigid Packaging
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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