Global Bio-Based Materials Market Is Projected to Reach USD 94,150.0 Million by 2026: Zion Market Research

Sarasota, FL -- (SBWire) -- 04/17/2019 --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): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 - 2026". According to the report, global bio-based materials market was valued at approximately USD 11,000.0 million in 2017 and is expected to generate revenue of around USD 94,150.0 million by end of 2026, growing at a CAGR of around 27.1% between 2018 and 2026.

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).

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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.

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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.

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Some of the key players in bio-based materials market include 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., and 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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