PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1304632
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1304632
Bio Based Materials Market size was valued at USD 15,008.9 Million in 2022, expanding at a CAGR of 28.7% from 2023 to 2030.
Due to the increasing awareness and growing number of people who are worried about the environment, bio-based products have recently become extremely popular. Bio-based materials are produced using renewable resources like feedstock, which is made of corn, sugarcane, or other polymers that break down in the environment in a year. Utilizing bio-based materials has many benefits over conventional ones, which rarely degrade in the environment and endanger the atmosphere. The stable price of agricultural feedstock in comparison to petrochemicals is one of the main factors driving the global market for bio-based materials. This is probably going to stabilise the cost of biobased goods, which will help the global biobased materials market grow.
The growing awareness of the need of protecting the environment is the primary factor driving the growth of the global market for bio-based materials. The environment is said to be negatively impacted by the rise in global carbon dioxide emissions that has caused the earth's temperature to rise. This has led those who care about the environment to adopt sustainable products, which can naturally degrade by the earth itself without any additional help. People are gravitating toward the consumption of sustainable bio-based products as a result of the release of chemical waste from everyday products, such as harmful byproducts, into the environment in recent years. This is done to reduce exposure to these chemicals and the emission of toxic byproducts.
Europe has a significant share of the global market. To increase their market share, European nations have agreed to produce bio-based products. The European packaging market is expanding as a result of both the growing focus on sustainable packaging among industry participants and the strict enforcement of GHG emission-related legislation by the European Commission. The region's market would increase if there was high knowledge about decreasing GHG emissions during manufacturing activities in compliance with the regional Horizon 2020 policy. On the other hand, a considerable demand is anticipated in Asia Pacific as a result of its quick industrialisation. China and India are most likely to take the lead in providing contributions from this area.
The Bio Based Materials market is fragmented into the type and applications segments. Based on the type, the Bio-Polycarbonate segment of the market is projected to grow at the highest rate (CAGR) during the forecast period. Based on the application, the rigid packaging segment dominates the market during the forecast period.
The Bio Based Materials market is highly competitive in nature as it has presence of local & international players. For example, in August 2022, Gucci announced that they will be continuing their efforts towards sustainability with a new class of watches named dive made from bio-based materials. Moreover, in July 2022 Insempra a Biotech firm nnounced a strategic investment in another firm Solena Materials, which is a producer of synthetic proteins for high-performance clothing fibers.
The scope of this report covers the market by its major segments, which include as follows: