Bio-based Resins Market – Trends and Forecasts by Technavio

LONDON–(BUSINESS WIRE)–#Biochemicals–Technavio’s latest report on the global
bio-based resins market provides an analysis of the most
important trends expected to impact the market outlook from 2017-2021. Technavio
defines an emerging trend as a factor that has the potential to
significantly impact the market and contribute to its growth or decline.

Ajay Adhikari, a lead analyst from Technavio, specializing in research on
bio-chemicals
and bio-materials sector, says, “Bio-based
resins are known to have a minimum or no effects on the
environment. Degradation of these resins leaves behind byproducts such
as water, carbon dioxide, and hydrocarbons. The sustainable nature of
bio-based resins is pushing many government and environmental agencies
to encourage their use.”

Currently, the packaging industry is driving the global bio-based
resins market. The use of bio-based products, an eco-friendly
initiative, is strongly encouraged by many supermarket chains and food
suppliers. An increase in the demand for degradable and recyclable
bio-based resins is also aiding the market growth.

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The top three emerging trends driving the global bio-based resins market
according to Technavio research analysts are:

Sustainable production

With the increase in focus on sustainability and favorable government
regulations for green procurement policies, the global bio-based resins
market will experience significant opportunities in the packaging and
construction industries.

“Packaging applications are expected to experience a significant
growth with biodegradable mulch films, compostable waste bags, catering
products, film packaging, and rigid packaging,” according to Ajay.

Surge in global plastic bottle production

Applications involving bottling are propelling the global demand for
bottle production. The net worth of the bottling industry was estimated
at USD 900-USD 950 million in 2015. A sharp increase in the consumption
of beverages, both alcoholic and non-alcoholic, is providing huge
opportunities in the packaging sector.

The growth in disposable income is evident from the GDP per capita
growth expected in developing countries during the forecast period.
Another factor that will increase the consumption of beverages is
increasing health awareness among consumers.

Automotive manufacturers are focusing on bio-based resins

The automotive sector is set for a steady growth between 4% and 6%
during the forecast period. The market is driven by the growth in the
production of passenger vehicles, especially hybrid commercial vehicles.
The focus on pollution control measures and the increase in the number
of environmental regulations are raising the demand for of hybrid
electric vehicles that are driven by a combination of internal
combustion engines and electric motors.

In addition to the benefits, these vehicles are being aided by
government agencies globally as they reduce the consumption of
conventional fuels and do not cause noise and air pollution. Along with
making the vehicles energy-efficient, manufacturers are focusing on
using bio-based resins as a raw material in their internal and external
technical parts.

The key vendors are as follows:

• Arkema
• Ashland
• BASF
• DuPont
• Huntsman International

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Technavio
is a leading global technology research and advisory company. The
company develops over 2000 pieces of research every year, covering more
than 500 technologies across 80 countries. Technavio has about 300
analysts globally who specialize in customized consulting and business
research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research
techniques to ascertain the size and vendor landscape in a range of
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and top-down approaches, besides using in-house market modeling tools
and proprietary databases. They corroborate this data with the data
obtained from various market participants and stakeholders across the
value chain, including vendors, service providers, distributors,
re-sellers, and end-users.

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