An impressive growth rate will be charted by global bio-based resins market over the next few years owing to a string of trends and drivers, whose interplay is set to keep the market moving upward and forward. One of the most notable driving factors of the market is demand arising from the packaging sector.
As the millennial populace – woke and picky – asks for eco-friendly products, demand for bio-based resins increase. The demand is a result of people, new-age consumers, being careful of their choices and how they impact the environment. In a recent study, it was noted that this demographic is also ready to pay a premium price for sustainable products.
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North America and Europe will be dominant regions, holding a sizeable chunk of the overall growth in bio-based resins market over the next few years. Germany will be at the forefront of growth in the latter owing to factors such as increasing demand from agriculture industry, packaging industry, consumer goods industry, and electronics. It is quite pertinent to note here that while in this country, packaging industry is growing at a fast pace, the electronics industry is biggest of its kind in the region and fifth largest in the world. Growth in construction sector is also set to contribute positively to growth in Germany’s bio-based resins market.
The vendor landscape of global bio-based resins market boasts of a large number of players operating in the field. Some of the top tier players include Arkema SA, Archer Daniels Midland Co., Ashland LLC, BASF SE, Braskem SA, Corbion NV, DuPont de Nemours Inc., Huntsman International LLC, Koninklijke DSM NV, and Trinseo SA, among others. In order to stay ahead of competitors in this fragmented landscape, a variety of growth strategies are put to use. These include a wide variety, ranging from mergers and acquisitions and partnerships and collaborations to product development and reliance on innovation.
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