Press release
Leading Companies Fueling Growth and Innovation in the Bio-based Materials Market
Bio-based Materials Market
Projected Expansion and Market Size of Bio-based Materials
The bio-based materials market is anticipated to expand significantly, reaching a valuation of $126.12 billion by 2030. This growth corresponds to an impressive compound annual growth rate (CAGR) of 21.5%. The surge is largely fueled by tighter carbon emission regulations, accelerated adoption of electric vehicles, heightened demand for biodegradable materials, ongoing investments in biorefineries, and the broader growth of green manufacturing practices. Key trends shaping this growth include increased use of renewable polymer materials, expanding applications in sustainable packaging, rising preference for materials with low carbon footprints, broader incorporation of bio-based plastics in automotive parts, and a growing emphasis on circular economy approaches.
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Leading Companies Influencing the Bio-based Materials Market
Several prominent corporations are at the forefront of the bio-based materials industry, including 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., and Gevo Inc.
Strategic Acquisition Enhancing Market Innovation
In January 2023, Sumitomo Chemical Co. Ltd., a Japanese chemical manufacturer, acquired FBSciences Holdings Inc., a US-based company specializing in climate-smart biorationals for agriculture, including biostimulants and biopesticides. Although the financial details were not disclosed, this acquisition strengthens Sumitomo's portfolio in bio-based materials, fostering sustainable agricultural solutions and supporting innovation in the bio-based materials space across agriculture, public health, and forest health sectors.
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Driving Forces Behind Market Advancements
Key players in the bio-based materials sector are intensifying efforts to develop cutting-edge products and solutions that provide competitive advantages. A notable example is the growing emphasis on circular propylene glycol solutions that cater to diverse industrial needs.
In September 2023, Dow Chemical Company, a major US multinational, introduced a new line of lower-carbon, bio-based, and circular propylene glycol products. These solutions incorporate advanced technologies such as Decarbia, Ecolibrium, and Renuva, which enhance sustainability by reducing carbon emissions and promoting renewable resource usage. This launch marks a significant step forward in the bio-based materials market, offering alternatives that align with global efforts to transition toward a circular economy and lower environmental impact.
Segment Breakdown and Detailed Insights into the Bio-based Materials Market
This market analysis categorizes bio-based materials by type, application, and end use, providing a comprehensive understanding of market segments:
By Type:
- Bio-Based Polyurethane
- Bio-Based Paraxylene
- Bio-Based Polypropylene
- Bio-Based Polyamides
- Other Types
By Application:
- Rigid Packaging
- Flexible Packaging
- Consumer Goods
- Automotive and Transport
- Other Applications
By End Use:
- Food and Beverage
- Automotive
- Textiles
- Agriculture
- Other End Users
Further subsegments provide deeper detail such as:
- Bio-Based Polyurethane: Rigid Polyurethane Foam, Flexible Polyurethane Foam, Coatings, Adhesives, Sealants, and Elastomers (CASE)
- Bio-Based Paraxylene: Bio-PET (Polyethylene Terephthalate), Bio-Polyester Resins
- Bio-Based Polypropylene: Bio-Polypropylene Homopolymer, Bio-Polypropylene Copolymer
- Bio-Based Polyamides: Bio-Based Nylon 6, Bio-Based Nylon 6,6
- Other Types: Bio-Based Polyethylene, Bio-Based Polylactic Acid (PLA)
This comprehensive segmentation highlights the diverse applications and material innovations that are propelling the bio-based materials market forward on a global scale.
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