LONDON--(BUSINESS WIRE)--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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