Global Bio-based Resins Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Bio-based Resins Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Market Overview:

The latest research study on the global Bio-based Resins market finds that the global Bio-based Resins market reached a value of USD 14140.58 million in 2022. It’s expected that the market will achieve USD 27731.77 million by 2028, exhibiting a CAGR of 11.88% during the forecast period.

Influence of COVID-19 Outbreak on Bio-based Resins Industry Development

More than four million lives have been lost to COVID-19 since the start of the year and the toll continues to rise. Many more have suffered serious illness. Close to 90 million people are expected to fall into extreme deprivation this year. Compared with the IMF report released in June, the global economic contraction in 2020 will not be as severe as previously predicted. This revision reflects a better-than-expected economic recovery in the second quarter. Global growth is projected at 5.2 percent in 2021, a little lower than in the June 2020 WEO Update, reflecting the more moderate downturn projected for 2020 and consistent with expectations of persistent social distancing.

Affected by the popularity of COVID-19, bio-based resin is a capital-intensive and talent-intensive industry. Due to irresistible factors, the downstream industry of bio-based resins in most areas has shown a trend of continuous decline or slow growth in sales. With the rapid development of the automobile and machinery industries, this popularity will undoubtedly accelerate the market's demand for bio-based resins. COVID-19 will have less impact on large companies that adopt current strategies and focus on improving profitability. The most affected will be small and medium enterprises, especially during the tightening period after the epidemic.

Strength

In the face of a potential fossil fuel crisis, exploring and expanding new chemical/material alternatives is essential to reduce human dependence on fossil fuel energy. And bio-based resins are some alternatives to petroleum-based products. In addition, bio-based resins are still new, but they are constantly evolving. Therefore, with the coming years, bio-based resins tend to increase.

The bio-based resins market is driven by the growth of passenger vehicle production, especially hybrid commercial vehicles. The focus of pollution control measures and the increase in the number of environmental regulations are increasing the demand for hybrid electric vehicles driven by a combination of internal combustion engines and electric motors. In addition to the benefits, these vehicles have also received help from global government agencies because they reduce the consumption of traditional fuels and do not cause noise and air pollution. In addition to making vehicles energy-efficient, manufacturers are also focusing on using bio-based resins as raw materials in their internal and external technical components.

Weakness

Traditional resins are usually synthesized using products from the petrochemical industry as raw materials. Due to the continuous consumption of fossil energy and the potential biological toxicity of petrochemical raw materials, the development of bio-based renewable alternatives has become a hot research topic. Although some bio-based resins have been commercially produced, they still have poor overall performance and a large gap with traditional petroleum-based resins.

In recent years, researchers have designed and synthesized a variety of bio-based compounds with heterocyclic, aliphatic and aromatic rings to replace petroleum-based bisphenol A for the preparation of epoxy resins. However, the current bio-based epoxy resins are still difficult to compare with bisphenol an epoxy resin. Therefore, through innovative technical solutions, the design and synthesis of bio-based epoxy resins that can meet the high-performance, functional, and green requirements of the new material industry will be a huge challenge for the development of bio-based resins.

Region Overview:

From 2023-2028, Asia Pacific is estimated to witness robust growth prospects.

Company Overview:

Arkema SA, BASF SE, Biotec, Braskem and Corbion are the five key players in the global Bio-based Resins market. These companies have shown consistent growth in revenue, larger volumes of sales and a prominent presence in terms of share in the global Bio-based Resins market in the past 5 years.

Arkema SA manufactures and markets a wide range of chemicals. The Company manufactures both industrial chemicals and performance products including acrylics, polymethyl methacrylate (PMMA), hydrogen peroxide, technical polymers, specialty chemicals, and functional additives.

Novamont is an Italian company, international leader in the bioplastics sector and in the development of biochemicals. Novamont SPA produces chemical products. The company provides biodegradable thermoplastic materials for the agriculture, catering and industrial sectors. Novamont serves international clients.

Segmentation Overview:

Among different product types, Polyurethane Resin segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Consumer Goods segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Bio-based Resins market covered in Chapter 3:

Biotec
Natureworks LLC
Arkema SA
Minima
Danimer Scientific
Corbion
Trinseo
BASF SE
Braskem
Novamont SpA
Futerro
DuPont
Allnex
Anycubic

In Chapter 4 and Chapter 14.2, on the basis of types, the Bio-based Resins market from 2018 to 2029 is primarily split into:

Polyurethane Resin
Epoxy Resin
Polylactic acid

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Bio-based Resins market from 2018 to 2029 covers:

Packaging
Automotive
Construction
Consumer Goods
Textiles
Electrical and Electronics
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)