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Bio-based Materials Market Opportunities Analysis And Forecast 2024-2033
Bio-based Materials Market Opportunities
As per the report, the bio-based material market size has grown exponentially in recent years. It will grow from $32.29 billion in 2023 to $40.65 billion in 2024 at a compound annual growth rate (CAGR) of 25.88%. The bio-based material market size is expected to see exponential growth in the next few years. It will grow to $101.36 billion in 2028 at a compound annual growth rate (CAGR) of 25.66%.
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Environmental Awakening Fuels Bio-Based Materials Market Surge
Increasing environmental awareness is expected to propel the growth of the bio-based materials market going forward. Environmental awareness refers to the understanding and recognition of environmental issues, including their causes, consequences, and potential solutions. the rise in environmental concerns has created a conducive environment for the growth of the bio-based material market, driven by a combination of regulatory support, consumer awareness, corporate responsibility, and advancements in sustainable technologies. Bio-based materials plays a pivotal role in increasing environmental awareness by promoting sustainable alternatives to traditional materials, reducing carbon emissions, and mitigating environmental degradation. For instance, in May 2023, according to a publication by the International Energy Agency (IEA), a France-based intergovernmental organization, global energy investment in clean energy witnessed a significant increase from 1408 billion USD in 2021 to 1740 billion USD in 2023. Therefore, increasing environmental awareness is driving the growth of the bio-based materials market.
Innovative Solutions Driving Bio-Based Materials Market Competition
Major companies operating in the bio-based materials market are increasing their focus on developing advanced solutions and products, such as circular propylene glycol solutions, to gain a competitive edge in the market. Propylene glycol (PG) solutions are utilized in various industries for different purposes. For instance, in September 2023, The Dow Chemical Company (Dow), a US-based multinational corporation that provides raw materials and chemicals, launched new lower-carbon, bio-based, and circular propylene glycol (PG) solutions featuring innovative technologies. This platform leverages innovative technologies such as Decarbia, Ecolibrium, and Renuva to offer reduced carbon footprints, bio-based content, and circular economy benefits. This product represents a significant advancement in the bio-based materials market, providing sustainable alternatives that contribute to lower carbon emissions, promote renewable resources, and support the transition towards a circular economy.
The bio-based materials market covered in this report is segmented -
1) By Type: Bio-Based Polyurethane, Bio-Based Paraxylene, Bio-Based Polypropylene, Bio-Based Polyamides, Other Types
2) By Application: Rigid Packaging, Flexible Packaging, Electrics And Electronics, Consumer Goods, Automotive And Transport, Other Applications
3) By End Use: Food And Beverage, Pharmaceuticals, Automotive, Textiles, Agriculture, Other End Users
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Major companies operating in the bio-based materials market are China Petroleum & Chemical Corporation (Sinopec), BASF SE, Sumitomo Chemical, Evonik Industries AG, Covestro AG, Braskem, Toray Industries Inc., Mitsui Chemicals, DuPont de Nemours Inc., Arkema SA, Eastman Chemical Company, DSM, LANXESS, Huntsman Corporation, Tosoh Corporation, Lubrizol, Clariant AG, Plastipak Holdings Inc., Corbion N.V., Japan Polypropylene Corporation, RAMPF Holding GmbH & Co. KG, Manali Petrochemical, RadiciGroup, Biobased Technologies, Virent Inc., TSE Industries Inc., Avantium, Anellotech Inc., Gevo Inc.
Contents of the report:
1. Executive Summary
2. Bio-based Materials Market Report Structure
3. Bio-based Materials Market Trends And Strategies
4. Bio-based Materials Market - Macro Economic Scenario
5. Bio-based Materials Market Size And Growth
…..
27. Bio-based Materials Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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