330+ Billion Bio-Based Resins Markets - Global Forecast to 2030 - Increased Demand from the Automotive Industry
Dublin, April 27, 2023 (GLOBE NEWSWIRE) -- The "Bio-Based Resins Market Size, Share, Trends, By Product Type, By Application, and By Region Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
According to the market synopsis, the global market size for bio-based resins is expected to reach USD 332.4 Billion by 2030, with a revenue CAGR of 16.3%
This growth is being driven by several factors, including increasing demand for bio-based resins in the packaging and coating industry, as well as their application in the automotive sector. Bio-based resins are considered environmentally friendly because they are made from plant-based materials rather than petrochemical-based ones. Corn and soybean by-products are commonly used as plant sources for bio resins.
The market is expected to grow further due to innovations in the packaging industry and rising consumer interest in sustainable and environmentally friendly products. There has been a significant increase in the study and manufacture of bio-based resins in recent years due to growing ecological and economic issues. Bio-based resins can replace traditional petrochemical resins and are made from sustainable agro-based, aquatic, and biomass resources. They are used in various applications, including paints and coatings.
Creating healthier resin manufacturing techniques and incorporating cleaner additives and building blocks into polymer goods used to create coatings is crucial. Several sectors, such as coatings, adhesives, composites, laminates, and electronic materials, are using bio-based epoxies, contributing to revenue growth in the market.
The media has also contributed to the increasing demand for bio-based resins, with a lot of attention being given to their environmentally friendly properties. The American Composites Manufacturers Association (ACMA) has launched 12 Composite Growth Initiatives under the direction of the Green Composites Council (CGIs) to promote the use of bio-based resins in various applications.
The growth of the market will be propelled by an increased demand from the automotive industry
To become more environmentally friendly, the automobile industry is undergoing a transformation. To increase fuel efficiency and reduce pollution and carbon footprint, designers and engineers are creating lightweight, more aerodynamic automobile bodywork, innovative ways to procure materials, and reduced rolling resistance tires.
In the U.S., mass production of sustainably sourced vehicle parts is flourishing, which provide lower carbon footprints and use materials such as bio-based resins for automobile body exterior parts, including body panels, tires, seat fillers, and under-bonnet components.
PES Performance, a design company, has created several bio-derived components for the UK-funded Elcomap project, which aims to manufacture car body panels from bio-based composites.
It has developed front and back panels for a Subaru and rear panels for a Porsche using a new material, an epoxy resin with 30% cashew nut oil, which is becoming increasingly popular as a precursor for creating 'green' resins.
Manufacturers are focusing on replacing petroleum-based resins with biological sources to meet industrial demand for eco-friendly technologies and goods that support sustainable growth.
For instance, Volkswagen (VW) was modified for racing and is fueled by low-emission rapeseed biodiesel. It combines cutting-edge methods for lightweight construction in the transportation sector based on resource-saving components such as natural fiber reinforced composites, bio-based resins, and bio-based polymers.
Restraining force: The high production costs associated with the use of bio-based resins are hindering market growth
Currently, the cost of producing goods using bio-based methods often exceeds the cost of producing goods using petrochemical methods, and the rising cost premium acceptance still poses a challenge.
Additionally, they must offer improved performance, particularly when compared to the petroleum-based resins they directly or indirectly replace. Furthermore, consumers' willingness to spend more on greener bio-based products is still limited, and motivations to purchase biomaterials in this instance are not very strong.
The competitive landscape of the global market for bio-based resins is fragmented, with many key players operating on both global and regional levels.
These players are focused on product development and strategic alliances to expand their respective product portfolios and gain a strong foothold in the global market.
The major players in the market include Arkema SA, Archer Daniels Midland Co., Ineos Group Ltd., BASF SE, Braskem SA, DuPont, Huntsman International LLC., Metabolix, Cereokast, UPC Technology Corporation, and Ecospan.
Bio-Based Resin Market Segmentation & Impact Analysis
Market drivers' analysis
Rising demand for bio-based resins in the coating and packaging industry
Increasing applications in the automotive sector
Growing sustainable and environment-friendly resin manufacturing techniques
Market restraints analysis
High production cost associated with use of bio-based resins
Stringent government regulations associated with use of chemicals
Price Trend Analysis
Covid-19 Impact Analysis
Global Recession Influence
Archer Daniels Midland Co.
Ineos Group Ltd.
Huntsman International LLC.
UPC Technology Corporation
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