Global Bio Based Resin Market - Ashland, KY

Saturday, 19 September 2020
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City: Ashland, Kentucky
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Global Bio Based Resin Market was valued US$ 9.051 Bn in 2017 and is estimated to reach US$ 28.451 Bn by 2026 at a CAGR of 15.39%.

Increasing demand from sector such as aerospace, wind energy, packaging and paints and coatings is the primary growth driver for bio based resin market. In addition, government regulations on synthetic resins favors the market growth. Penetration of bio based resin upcoming application will create an opportunity for market. Robust growth of construction industry is fuelling the demand for paints and coatings thereby demanding the bio based resin. Bio based resin demand will be propelled by to the aerospace industry’s demand for epoxy resins as raw materials for manufacturing aircrafts. However, high production cost of bio resin act as a restraining factor for market growth.

Non-biodegradable segment accounts for the largest share and is expected to grow at a substantial rate in response to growing importance of sustainable packaging in countries, such as China and India. Polyethylene terephthalate, bio-polyol and polyurethane, bio-polyamides, bio-polytrimethylene terephthalate are various types of non-biodegradable bio-based resins. Among non-biodegradable segment, bio-based polyethylene terephthalate (PET) is increasingly used in the manufacture of bottle caps, mineral water bottles, carbonated soft drink (CSD) bottles, and dairy packaging thereby fuelling the market’s growth.

Europe held the largest market share and is expected to retain throughout the forecast period. Increasing penetration of compostable bio-based waste bags and government subsidies in promoting biodegradable resins is driving the market growth in Europe. In addition, growing research, aims at developing bio-based resins and fiber reinforcements to produce new sustainable thermoset composites for the demanding construction and automotive sectors, is also expected to augment the demand. The Asia Pacific region is estimated as dominant in terms of consumption of bio-based epoxy resins during the forecast period which can be attributed to the intense presence of end-use industries such as composites, electronics, coatings, etc.

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