Bio-Based Resins Market Size, Share, Opportunities, And Trends By Type (Biodegradable Starch Blends, Polylactic Acid, Bio-Polyethylene Terephthalate, Polyhydroxyalkanoate (Pha), Bio-Polyethylene, Biodegradable Polyesters), By Application (Packaging, Textile, Consumer Goods, Automotive and Transportation, Agriculture and Horticulture, Building and Construction, Electrical and Electronics, Others), And By Geography - Forecasts From 2023 To 2028

A resin is bio-based when certain or all of its constituent monomers come from biological sources. These sources could come from plants and include byproducts from the processing of biodiesel fuel, such as corn, soybeans, potatoes, lignocellulose, whey, sugar beets, sugar cane, sugar beets, and algae. Biodegradable starch blends, polylactic acid, bio-polyethylene terephthalate, polyhydroxyalkanoate (Pha), bio-polyethylene, and biodegradable polyesters are some of the most common types of bio-based resins used across a wide range of industries including packaging, consumer goods, textile, retail, agriculture, automotive, and several others. The spread of awareness about environmental-friendly raw materials and sustainable production activities is expected to significantly promote the growth of bio-based resins over the forecast period.

Market Drivers

The increase in demand for textile industry products

The rising demand for the textile industry offers an opportunity for the development of the bio-based resin market. The initiatives taken by different governments and companies in the textile industry to promote the use of sustainable materials are resulting in the adoption of bio-based resins in fabric production. For instance, in August 2022, Toray Industries, a Japanese textile company announced the successful generation of nylon 6.6 fabric fully using bio-based adipic acid obtained from sugar present in inedible biomass using genetic engineering technology. Nylon 6.6 is a common material used in fabric and resin production and leading companies have been actively investing to develop eco-friendly methods to produce it. Consequently, Toray Industries collaborated with the National Institute of Advanced Industrial Science and Technology on a research project to develop this new production technique. In addition, Pontex SRL, an Italian textile company is adopting bio-based resins to promote the environmental friendliness of the textile industry by using approximately 70% bio-based resin membranes generated from rapeseed and corn on all types of fabrics produced by it. Further, DuPont Materials and Welspun India formed a collaboration agreement to develop and fortify sustainable textile production. Therefore, the rising demand for environmental-friendly and sustainable textile and fabric production is expected to result in the growth of the bio-based resin market over the forecast period.

Favorable government and organizational initiatives

The international effort to lower carbon emissions and global warming is resulting in the substitution of plastic with biodegradable materials. The World Air Quality report published by IQair revealed the presence of PM2.5 in India at 58.1 micrograms per cubic meter on an annual basis in 2021. The increase in fatal diseases and rising global temperatures are forcing international organizations and governments to curb worldwide pollution levels. For instance, the Ministry of Environment, Forest and Climate Change of India imposed a ban on single-use plastics across different states in India in July 2022. In addition, the US Government imposed a ban in March 2020 on the majority of the single-use plastics used in retail and grocery stores. The ban on plastic is promoting the development of bio-based resins in the manufacture of packaging materials. For example, Beiersdorf AG introduced bio-based packaging for its Nivea cosmetic jars in July 2021 by following its International Sustainability & Carbon Certification scheme. In addition, Paccor, a German-based packaging provider introduced bio-based PP to be used for packaging purposes. Therefore, the joint efforts by different stakeholders to substitute plastic with bio-based resins across different industries are a significant factor driving the demand for the bio-based resins market.

The high cost of using bio-based resins could restrict the growth of the bio-based resins market.

The cost of using bio-based resins as a raw material result in double production expenses for companies in comparison with the majority of the traditional plastics such as PET and PE which could inhibit its adoption across an enormous number of companies resulting in the limited growth of bio-based resins. However, active investments in the development and enhancement of bio-based resin production technology could lower the cost over the next few years.

Key Developments

In March 2023, Kolon Industries and Stora Enso announced their collaboration to create a new type of bio-based polyester in an attempt to fortify the bioplastics ecosystem and generate sustainable technologies to generate sustainable forms of polyesters to be used across different applications.

In July 2022, Green Dot Bioplastics introduced nine different types of biodegradable starch blend compostable resins to its existing Terratek BD product line produced at its Kansas factory.

In December 2021, Plantics B.V., a Netherlands-based bio-based material production company applied the latest innovation of the University of Amsterdam to create new forms of bio-based thermosetting resins manufactured purely using the waste generated by plants.

Asia Pacific holds a noteworthy portion of the bio-based resins market and is expected to grow in the forecast period.

The rising demand for packaging across different sectors such as the food & beverage and retail sector in the Asia Pacific fueled by the increased consumption of food and beverage products and the rising retail expenditure is expected to result in increased adoption of bio-based resin in packaging materials. The Indian Brand Equity Foundation established that approximately 3% of India’s GDP can be accounted for its food and beverage industry. The rise in online food delivery applications such as Swiggy and Zomato in India is resulting in increased consumption of packaging across different Indian cities. The rising packaging needs across several sectors of Asian economies fueled by the growth in consumption activities and increasing population in major economies like China and India with the simultaneous need for sustainable packaging materials will result in the expansion of the bio-based resins market in the Asia Pacific region.

Key Market Segments:

• BY TYPE

• • Biodegradable Starch Blends
  • Polylactic Acid
  • Bio-Polyethylene Terephthalate
  • Polyhydroxyalkanoate (Pha)
  • Bio-Polyethylene
  • Biodegradable Polyesters
• BY APPLICATION
• • Packaging
  • Textile
  • Consumer Goods
  • Automotive and Transportation
  • Agriculture and Horticulture
  • Building and Construction
  • Electrical and Electronics
  • Others
• BY GEOGRAPHY

• North America

• • USA
  • Canada
  • Mexico

• South America

• • Brazil
  • Argentina
  • Others

• Europe

• • Germany
  • France
  • United Kingdom
  • Spain
  • Others

• Middle East And Africa

• • Saudi Arabia
  • UAE
  • Israel
  • Others

• Asia Pacific

• • China
  • India
  • South Korea
  • Indonesia
  • Thailand
  • Taiwan
  • Others

1.    INTRODUCTION

1.1.  Market Overview

1.2.  Market Definition

1.3.  Scope of the Study

1.4.  Market Segmentation

1.5.  Currency

1.6.  Assumptions

1.7.  Base, and Forecast Years Timeline

2.    RESEARCH METHODOLOGY 

2.1.  Research Data

2.2.  Assumptions

3.    EXECUTIVE SUMMARY

3.1.  Research Highlights

4.    MARKET DYNAMICS

4.1.  Market Drivers

4.2.  Market Restraints

4.3.  Porter’s Five Force Analysis

4.3.1.    Bargaining Power of Suppliers

4.3.2.    Bargaining Power of Buyers

4.3.3.    Threat of New Entrants

4.3.4.    Threat of Substitutes

4.3.5.    Competitive Rivalry in the Industry

4.4.  Industry Value Chain Analysis

5.    BIO-BASED RESINS MARKET ANALYSIS, BY TYPE

5.1.  Introduction

5.2.  Biodegradable Starch Blends

5.3.  Polylactic Acid

5.4.  Bio-Polyethylene Terephthalate

5.5.  Polyhydroxyalkanoate (Pha)

5.6.  Bio-Polyethylene

5.7.   Biodegradable Polyesters

6.    BIO-BASED RESINS MARKET ANALYSIS, BY APPLICATION

6.1.   Introduction

6.2.  Packaging

6.3.  Textile

6.4.  Consumer Goods

6.5.  Automotive and Transportation

6.6.  Agriculture and Horticulture

6.7.  Building and Construction

6.8.  Electrical and Electronics

6.9.  Others

7.    BIO-BASED RESINS MARKET, BY GEOGRAPHY

7.1.  Introduction

7.2.  North America

7.2.1.    USA

7.2.2.    Canada

7.2.3.    Mexico

7.3.  South America

7.3.1.    Brazil

7.3.2.    Argentina

7.3.3.    Others

7.4.  Europe

7.4.1.    Germany

7.4.2.    France

7.4.3.    United Kingdom

7.4.4.    Spain

7.4.5.    Others

7.5.  Middle East And Africa

7.5.1.    Saudi Arabia

7.5.2.    UAE

7.5.3.    Israel

7.5.4.    Others

7.6.  Asia Pacific

7.6.1.    China

7.6.2.    Japan

7.6.3.    India

7.6.4.    South Korea

7.6.5.    Indonesia

7.6.6.    Thailand

7.6.7.    Taiwan

7.6.8.    Others

8.    COMPETITIVE ENVIRONMENT AND ANALYSIS

8.1.  Major Players and Strategy Analysis

8.2.  Emerging Players and Market Lucrativeness

8.3.  Mergers, Acquisitions, Agreements, and Collaborations

8.4.  Vendor Competitiveness Matrix

9.    COMPANY PROFILES

9.1.  Ashland Inc.

9.2.  BASF SE

9.3.  Dow Chemical

9.4.  DuPont

9.5.  Arkema

9.6.  UPC Technology Corporation

9.7.  Braskem

9.8.  Sicomin Epoxy Systems

9.9.  Entropy Resins

9.10. Wessex Resins

Ashland Inc.

BASF SE

Dow Chemical

DuPont 

Arkema

UPC Technology Corporation

Braskem

Sicomin Epoxy Systems

Entropy Resins

Wessex Resins