Bio-Based Materials Market to Rear Excessive Growth During 2018-2026
Global Bio-Based Materials Market: Brief Overview
The global bio-based materials market is going to witness a heavy demand during the forecast period 2018 – 2026, owing to growing concerns regard environment throughout the world. Bio-based products have recently gained an immense popularity owing to the growing environmental concerned population. Bio-based materials are extracted from renewable sources like that of feedstock, which comprises of corn, sugarcane, or other polymers which will degrade in the environment within a span of one year. There are numerous advantages associated with using bio-based material over conventional materials which hardly degrades in the environment, thus threatening the atmosphere. One of the major factor pushing the global bio-based materials market is the steady price of agricultural feedstock with comparison to petrochemicals. This is likely to make the price of biobased products stable, thus favoring the growth of the global bio-based materials market.
Global Bio-Based Materials Market: Trends and Opportunities
The major reason that is boosting the growth of the global bio-based materials market is the rising awareness regarding safeguarding the environment. Increase in temperature of earth due to rise in emission of carbon dioxide gas is considered to be affecting the environment adversely. This has made the environmental concerned people to uptake sustainable products, which can be degraded naturally by the earth itself without any extra help. Recent years have seen day to day products release chemical waste such as harmful byproducts into the environment, in order to descend exposure to such chemicals and bring down the emission of toxic byproducts, people are inclining towards the consumption of sustainable bio-based products.
It has been noticed that the use of plastics in various industries such as automotive industry, food and beverage industry, and healthcare for numerous purposes has adversely impacted environment, as these plastics are non-degradable. It has taken numerous marine lives. In order to replace the use of plastics, bioplastics have come into play. They are efficient in packaging products for both automotive and food and beverage industries. These bioplastics can be easily degraded, thus making it better option for packaging in an eco-friendly way.
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Global Bio-Based Materials Market: Regional Outlook
On the basis of geography, the global bio-based materials market is segmented into Europe, Latin America, Asia Pacific, the Middle East and Africa, and North America. Of these, Europe is likely to dominate the global bio-based materials market during the assessed period. European countries have agreed to have bio-based production to boosts their industry share. However, on the other hand, Asia Pacific is predicted to witness a strong demand due to rapid industrialization. India and China are likely to become the major contributor from this region.
Global Bio-Based Materials Market: Companies Mentioned
Some of the major players in the global bio-based materials market are BASF SE, DSM, Evonik Company, Anellotech, Inc., Clariant, Arkema, Gevo, LANXESS, and PespiCo Inc.
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