Bio Based Resin Market Overview
As per MRFR analysis, the Bio Based Resin Market Size was estimated at 18.63 (USD Billion) in 2022.The Bio Based Resin Market Industry is expected to grow from 20.4(USD Billion) in 2023 to 46.1 (USD Billion) by 2032. The Bio Based Resin Market CAGR (growth rate) is expected to be around 9.48% during the forecast period (2024 - 2032).
Key Bio Based Resin Market Trends Highlighted
Key Market Drivers
The increasing demand for sustainable solutions and the growing awareness of environmental impact are major drivers of the bio based resin market. Government regulations and industry initiatives aimed at reducing carbon emissions and promoting renewable resources are also contributing to the market's growth.
Opportunities to be Explored or Captured
Emerging applications in industries such as automotive, construction, and packaging present significant opportunities for bio based resins. The need for lightweight and eco-friendly materials in these sectors is creating new avenues for growth. Additionally, advancements in biotechnology and the development of new bio based feedstocks are expected to unlock further opportunities.
Trends in Recent Times
Recent trends in the bio based resin market include a shift towards plant-based feedstocks, such as soybeans, corn, and sugarcane. Biodegradable resins are gaining popularity due to their ability to reduce landfill waste and environmental pollution. Innovations in bio based resin formulations are also emerging, leading to improved performance and durability. The market is also witnessing increased collaborations between bio resin manufacturers and end-user industries to optimize sustainable production and consumption.
Figure1: Bio Based Resin Market, 2018 - 2032 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Bio Based Resin Market Drivers
Growing Demand for Eco-Friendly Materials
The increased consumer awareness on environmental sustainability is driving the demand for bio-based resins. Consumers are increasingly becoming aware of their ecological footprints and demanding product types that align with their values. Bio-based resins are made from renewable plant materials as opposed to traditional resins, which are oil-based. In addition, the adoption of bio-based resins across different industries including automotive, packaging, and construction is a second market driver for the Bio Based Resin Market Industry.
Advancements in Bio-Based Resin Technology
Technological advancements are continuously enhancing the performance and functionality of bio-based resins. Ongoing research and development efforts are focused on improving the mechanical properties, thermal stability, and durability of these materials. As bio-based resins become more comparable to traditional resins in terms of performance, their adoption will expand across a wider range of applications. The continuous innovation and improvement of bio-based resin technology is a significant driving force for the Bio Based Resin Market Industry.
Government Regulations and Policies
Governments worldwide are implementing stringent regulations to reduce the environmental impact of industries. These regulations include mandates for the use of bio-based materials and restrictions on the use of hazardous substances. The increasing regulatory pressure on industries to adopt sustainable practices is creating a favorable environment for the growth of the bio-based resin market. Government initiatives, such as tax incentives and subsidies, further promote the adoption of bio-based resins, contributing to the overall market growth.
Bio Based Resin Market Segment Insights
Bio Based Resin Market Resin Type Insights
The Bio Based Resin Market is segmented by Resin Type into Biobased Epoxy Resins, Biobased Acrylic Resins, Biobased Polyester Resins, Biobased Polyurethane Resins, and Biobased Phenolic Resins. Biobased epoxy resins will result in high growth throughout the forecast period owing to their high-performance value and durable characteristics. Applications include coatings, adhesives, electrical lamination, composites, and others. Biobased epoxy resins are likely to see substantial market growth due to the increased demand for lightweight and eco-friendly products that are sustainable to use.Biobased acrylic resins will also result in a steady growth rate attributed to their attribute of being versatile and cost-efficient. Applications include paints, coatings, caulks, and sealants, moldings, and plastics. Growth by acrylic as the dominantly used BBR type will be due to the increasing utilization in the automotive and construction sectors and the development of the packaging industry throughout the forecast period. Biobased polyester resins will result in the majority of the revenue generated in the Bio Based Resin Market owing to the high demand in various types of applications because of its properties of withstanding chemicals and heat and its good mechanical properties.Applications include fiberglass reinforced plastics, automotive parts, boat hulls, and marine coats. Biobased polyurethane resins will also ensure moderate growth throughout the forecast period ascribed to its versatility in applications and high-performance value. Applications include foams, spray elastometers, coatings, sealants, and adhesives, and thermoplastic beads throughout the forecast period. Biobased phenolic resins will generate steady growth in revenue intake throughout the forecast period ascribed to high thermal stability, chemical resistance, low moisture absorption, and good mechanical properties.Applications include laminates, castings, insulations, adhesives, and molding compounds throughout the forecast period. The Bio Based Resin Market overall is expected to exhibit substantial growth throughout the forecast period.
Figure2: Bio Based Resin Market, By Resin Type, 2023 & 2032 (USD billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Bio Based Resin Market Application Insights
The Bio Based Resin Market is segmented by Application into Automotive, Construction, Electronics, Packaging, and Medical. The Automotive segment is expected to hold the largest market share in 2023 and is projected to reach USD 10.2 billion by 2032, growing at a CAGR of 9.8%. The growth of the Automotive segment can be attributed to the increasing demand for bio-based materials in the automotive industry due to their lightweight, durability, and environmental friendliness. The Construction segment is expected to be the second-largest segment in 2023 and is projected to reach USD 7.8 billion by 2032, growing at a CAGR of 9.6%.The growth of the Construction segment can be attributed to the increasing demand for bio-based resins in construction applications such as flooring, roofing, and insulation. The Electronics segment is expected to be the third-largest segment in 2023 and is projected to reach USD 6.2 billion by 2032, growing at a CAGR of 9.4%. The growth of the Electronics segment can be attributed to the increasing demand for bio-based resins in electronic applications such as printed circuit boards and electronic packaging. The Packaging segment is expected to be the fourth-largest segment in 2023 and is projected to reach USD 5.1 billion by 2032, growing at a CAGR of 9.2%.The growth of the Packaging segment can be attributed to the increasing demand for bio-based resins in packaging applications such as food packaging and beverage packaging. The Medical segment is expected to be the fifth-largest segment in 2023 and is projected to reach USD 4.8 billion by 2032, growing at a CAGR of 9.0%. The growth of the Medical segment can be attributed to the increasing demand for bio-based resins in medical applications such as medical devices and drug delivery systems.
Bio Based Resin Market Raw Material Insights
The Bio Based Resin Market is segmented by Raw Material into Plant-based Oils, Starch, Cellulose, Lignin, and Sugars. Plant-based Oils: Plant-based oils are the most common raw material used in the production of bio-based resins. They are typically derived from soybeans, corn, or palm oil. Plant-based oils are renewable and biodegradable, making them an environmentally friendly option. Starch: Starch is another common raw material used in the production of bio-based resins. It is typically derived from corn, wheat, or potatoes. Starch is a polysaccharide that is composed of glucose units.It is biodegradable and can be used to produce a variety of bio-based resins. Cellulose: Cellulose is a polysaccharide that is found in the cell walls of plants. It is the most abundant organic compound on Earth. Cellulose can be used to produce a variety of bio-based resins, including bio-based plastics. Lignin: Lignin is a complex organic polymer that is found in the cell walls of plants. It is a byproduct of the papermaking process. Lignin can be used to produce a variety of bio-based resins, including bio-based adhesives. Sugars: Sugars are a type of carbohydrate that is found in plants.They are typically derived from sugarcane or beet sugar. The market growth is driven by the increasing demand for sustainable and environmentally friendly materials.
Bio Based Resin Market End-Use Industry Insights
The end-use industry is expected to influence the Bio Based Resin Market segmentation growth. The Bio Based Resin Market is segmented into automotive, construction, electronics, consumer goods, and industrial machinery end-use industries. The automotive industry is expected to hold a significant share of the market due to increasing demand for lightweight and sustainable materials in vehicle manufacturing. The construction industry is also expected to contribute to market growth as bio-based resins offer improved durability and resistance to harsh environmental conditions.The electronics industry is anticipated to witness notable growth owing to the rising adoption of bio-based resins in printed circuit boards and electronic components. The consumer goods industry is expected to contribute to market growth as bio-based resins provide improved aesthetics and biodegradability in various consumer products. The industrial machinery industry is projected to grow due to the increasing use of bio-based resins in the production of machinery components and equipment.
Bio Based Resin Market Region Insights
The regional segmentation of the Bio Based Resin Market offers valuable insights into the market's geographical distribution and growth dynamics. North America is expected to dominate the market in 2023, with a revenue of 8.1 billion USD. Europe follows closely with a revenue of 5.9 billion USD, owing to increasing demand for bio-based products and stringent environmental regulations. Asia Pacific is projected to witness the fastest growth over the forecast period, driven by rising disposable incomes and growing awareness about sustainability.The Latin America and Middle East and Africa regions are expected to contribute steady growth to the market.
Bio Based Resin Market Regional Insights
The Bio Based Resin Market is segmented into North America, Europe, APAC, South America, and MEA. North America is the largest regional market, followed by Europe and APAC. The market in North America is driven by the growing demand for bio-based products from the automotive and packaging industries. The market in Europe is driven by the stringent environmental regulations and the increasing consumer awareness of the environmental impact of traditional plastics. The market in APAC is driven by the rapidly growing economies and the increasing demand for bio-based products from the construction and furniture industries.The market in South America is expected to grow at a significant rate due to the increasing demand for bio-based products from the agricultural and food processing industries. The market in MEA is expected to grow at a moderate rate due to the increasing demand for bio-based products from the construction and automotive industries.
Figure3: Bio Based Resin Market, By Regional, 2023 & 2032 (USD billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Bio Based Resin Market Key Players And Competitive Insights
Bio Based Resin Market players are constantly innovating and launching new products as per market requirements. Leading players are investing in research and development, and adopting merger and acquisition strategies to expand their product portfolio. The overall competition in the Bio Based Resin Market is expected to intensify with an increase in product extensions, technological innovations, and mergers and acquisitions. The leading market players are exploring new sectors in developing economies and maintaining a wider product portfolio and developing a strong distribution network to cater to the multifunctional product requirements in the Bio Based Resin Market.
DSM is a leading developer, producer, and supplier of bio-based resins present worldwide. The company’s product portfolio includes epoxy resins, acrylic resins, and polyester resins. DSM’s bio-based resins find applications in various industries such as automotive, packaging, construction, and others. The company is focused on sustainability and reducing its environmental footprint. DSM has increased its focus on the application for bio-based resins in the automotive industry. Its partnership with BioMarine has helped the company develop bio-based resins for the automotive industry.
BASF is another prominent player in the Bio Based Resin Market industry. The company has a wide range of bio-based resins products such as epoxy resins, acrylic resins, and polyurethane resins among others. BASF’s bio-based resins are used in various industries such as automotive, packaging, construction, and others. The company has focused on developing new products to expand its market in the Bio-based Resin Market.
Key Companies in the Bio Based Resin Market Include
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Henry Schein
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Cardinal Health
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Owens Minor
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Halyard Health
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McKesson
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AmerisourceBergen
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Halyard Health
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Patterson Companies
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Medline Industries
Bio Based Resin Market Industry Developments
The bio-based resin market is projected to grow from USD 20.4 billion in 2023 to USD 46.1 billion by 2032, exhibiting a CAGR of 9.48% during the forecast period. Rising environmental concerns and increasing demand for sustainable materials are driving the market growth. Government regulations promoting the use of bio-based materials and technological advancements in bio-resin production are further contributing to market expansion. Recent developments include the launch of bio-based epoxy resins by companies like Covestro and the development of bio-based polyurethanes for automotive applications. Key players in the market include BASF, Arkema, and Lanxess.
Bio Based Resin Market Segmentation Insights
Bio Based Resin Market Resin Type Outlook
- Biobased Epoxy Resins
- Biobased Acrylic Resins
- Biobased Polyester Resins
- Biobased Polyurethane Resins
- Biobased Phenolic Resins
Bio Based Resin Market Application Outlook
- Automotive
- Construction
- Electronics
- Packaging
- Medical
Bio Based Resin Market Raw Material Outlook
- Plant-based Oils
- Starch
- Cellulose
- Lignin
- Sugars
Bio Based Resin Market End-Use Industry Outlook
- Automotive
- Construction
- Electronics
- Consumer Goods
- Industrial Machinery
Bio Based Resin Market Region Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Bio Based Resin Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
18.63(USD Billion) |
| Market Size 2023 |
20.4(USD Billion) |
| Market Size 2032 |
46.1(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
9.48% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Henry Schein ,Cardinal Health ,Owens Minor ,Halyard Health ,McKesson ,AmerisourceBergen ,Halyard Health ,Patterson Companies ,Medline Industries |
| Segments Covered |
Resin Type ,Application ,Raw Material ,End-Use Industry ,Region ,Regional |
| Key Market Opportunities |
Increasing demand for sustainable materials Growing use in automotive and aerospace industries Applications in consumer electronics Innovation in biobased epoxy resins Expanding applications in packaging |
| Key Market Dynamics |
Rising environmental concerns Technological advancements Growing demand for sustainable materials Increasing government regulations Expanding applications in various industries |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Bio Based Resin Market is expected to reach a valuation of 20.4 Billion USD in 2023.
The Bio Based Resin Market is projected to grow at a CAGR of 9.48% from 2023 to 2032.
The key regions driving the growth of the Bio Based Resin Market are Asia-Pacific, North America, and Europe.
Major applications of Bio Based Resins include automotive, packaging, coatings, and adhesives.
Key competitors in the Bio Based Resin Market include BASF, Arkema, DSM, and Covestro.
Challenges faced by the Bio Based Resin Market include high production costs and limited availability of raw materials.
Opportunities for growth in the Bio Based Resin Market include increasing demand for sustainable materials and government regulations promoting the use of bio-based products.
Key trends shaping the Bio Based Resin Market include the development of new bio-based resin technologies and the increasing adoption of bio-based resins in various industries.
The COVID-19 pandemic had a negative impact on the Bio Based Resin Market due to disruptions in supply chains and reduced demand from key end-use industries.
The outlook for the Bio Based Resin Market is positive, driven by increasing demand for sustainable materials and government regulations promoting the use of bio-based products.
