The global bio-based resins market to grow at a CAGR of 16.19% during the period 2017-2021.
The report covers the present scenario and the growth prospects of the global bio-based resins market for 2017-2021. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market. To calculate the market size, the report considers the retail selling price as the average selling price for the product.
The latest trend gaining momentum in the market is sustainable production. There is pressure on manufacturers to use sustainable production methods. Although the majority of manufacturers are welcoming this, smaller manufacturers are finding it hard to keep up with the growing competition.
According to the report, one of the major drivers for this market is fluctuating oil prices. As crude oil derivatives are major components for the production of virgin plastic, plastic products closely follow the ice pattern of crude oil. As a result, the rise in crude oil ices increases the ices of conventional plastics in the market. This uncertainty in icing is compelling end-user industries to switch to alternative materials such as bioplastics and papers, which will increase the global market demand for bio-based resins.
Further, the report states that one of the major factors hindering the growth of this market is cost-effectiveness of conventional resins over bio-based resins. The relatively higher ice of bio-based resins compared with conventional resins is a major challenge faced by the market. The lack of adequate technology and the lack of availability of feedstock are increasing the ices of bio-based materials. Some of the bio-based resins products are approximately several times costlier when compared with conventional resins products. The rising ices of renewable raw materials such as corn used for the manufacturing of bioplastics are also hindering the market growth. The high ice of bio-based resins will reduce the demand as consumers will switch to cheaper conventional resins.