Bio-Based Materials Market Set For Rapid Growth, To Reach Value $320.88 Bn By 2032

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), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2024-2032”. According to the report, global bio-based materials market was valued at approximately USD 41.37 billion in 2023 and is expected to generate revenue of around USD 320.88 billion by end of 2032, growing at a CAGR of around 25.60 between 2024 and 2032.

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 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), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2024-2032" report at https://www.zionmarketresearch.com/report/bio-based-materials-market

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.

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

North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa are the major regional segments of the global bio-based materials market. Europe is anticipated to remain in the leading position over the forecast period. The European Commission has included bio-based production as a key precedence area planned for escalating industry share in Europe’s GDP from 15% to 20%, which consequently is expected to offer new opportunities for the biobased materials market during the forecast period.

Due to increasing industrialization and raising awareness of sustainable bio-based materials, the market for bio-based materials is growing significantly in the Asia Pacific region. Developing nations such as China and India are the most prominent markets owing to the rapidly growing electronic gadgets usage.

Bio-Based Materials Market: Competitive Analysis

The global bio-based materials market is led by players like:

• 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
• Toyota Tsusho Corporation

 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-Polycarbonate
• Bio-Polyamide
• Bio-Polypropylene (PP)

Global Bio-Based Materials Market: Applications Segment Analysis

• Automotive and Transport
• Electrics and Electronics
• Flexible Packaging
• Textiles
• 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.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• The Middle East and Africa

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