Feb 19, 2020   SOURCE: BusinessWire

Global Bio-Based Resins Market 2020-2024 | Rising Consumer Appeal Toward Eco-Friendly Packaging to Boost Market Growth | Technavio

The bio-based resins market is expected to grow by 11,289.75 thousand million tons during 2020-2024, according to the latest market research report by Technavio. Request a free sample report

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Technavio has announced its latest market research report titled global bio-based resins market 2020-2024 (Graphic: Business Wire)

Technavio has announced its latest market research report titled global bio-based resins market 2020-2024 (Graphic: Business Wire)

The rising consumer appeal towards eco-friendly packaging materials will drive the growth prospects for this market. The demand for bio-packaging materials made from bio-resins is increasing significantly, owing to factors such as the rising need for sustainable manufacturing processes, growing use of green products with functional benefits, and the increasing sale of natural products. The rising preference for eco-friendly packaging materials among consumers is encouraging plastics manufacturers and packaging vendors to shift towards the use of bio-packaging products. Furthermore, the increasing number of government regulations, and the inclination towards the green branding of products are factors that will further fuel the adoption of bio-based resins during the forecast period.

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As per Technavio, the growing adoption of green procurement policies will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.

Bio-Based Resins Market: Growing Adoption of Green Procurement Policies

Government measures toward purchasing sustainable and eco-friendly products are another factor driving the market for bio-based resins. Moreover, manufacturers are also increasingly striving toward developing sustainable solutions, which have minimum environmental hazards for their customers. For example, the Austrian federal government sought to impose a ban on non-biodegradable plastic bags from January 2020. This initiative is part of the plan that aims to reduce plastic packaging by 25% by 2025 in Austria. Such legislation policies have also become more frequent in recent times, especially in Europe, where environmental awareness is high. In addition to legislation curbing the use of traditional plastics, governments are also offering incentives such as tax exemptions and certifications to vendors that produce and promote green materials.

“Factors such as the surge in global plastic bottle production and sustainable production will have a positive impact on the growth of the bio-based resins market value during the forecast period,” says a senior analyst at Technavio.

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Bio-Based Resins Market: Segmentation Analysis

This market research report segments the bio-based resins market by type (non-biodegradable and biodegradable), application (packaging, automotive, construction, and others), and geography (APAC, Europe, MEA, North America and South America).

The European region led the bio-based resins market in 2019, followed by North America, APAC, South America and MEA. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the shift in focus toward sustainability awareness and improvements in sustainable manufacturing.

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Some of the key topics covered in the report include:

Type

  • Non-biodegradable
  • Biodegradable

Application

  • Packaging
  • Automotive
  • Construction
  • Others

Geographic segmentation

  • APAC
  • Europe
  • MEA
  • North America
  • South America

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

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