Bio-based Materials Global Market Report 2024

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 expansion observed during the historical period can be attributed to several factors, including government incentives, heightened environmental awareness, fluctuations in fossil fuel prices, rising demand for sustainable solutions, and a growing consumer preference for eco-friendly products.

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%. Anticipated growth in the forecast period can be attributed to government incentives, heightened environmental awareness, fluctuations in fossil fuel prices, increasing demand for sustainable solutions, and a growing consumer preference for eco-friendly products. Major trends expected during this period encompass the development of novel bio-based materials, adoption of bio-based packaging solutions, integration of bio-based materials in the construction sector, the rise of bio-based materials in medical applications, and increased adoption of bio-based packaging solutions.

The surge in environmental consciousness is projected to drive the expansion of the bio-based materials market in the foreseeable future. Environmental awareness encompasses the understanding and acknowledgment of environmental issues, including their origins, repercussions, and potential resolutions. The escalating concerns regarding the environment have created a favorable landscape for the growth of the bio-based materials market, propelled by a combination of regulatory backing, consumer consciousness, corporate accountability, and advancements in sustainable technologies. Bio-based materials play a crucial role in bolstering environmental awareness by advocating for sustainable substitutes to conventional materials, curtailing carbon emissions, and addressing environmental degradation. For instance, as reported in May 2023 by the International Energy Agency (IEA), a France-based intergovernmental organization, global energy investments in clean energy experienced a notable surge from 1.4 trillion USD in 2021 to 1.74 trillion USD in 2023. Consequently, the escalating environmental consciousness is fueling the expansion of the bio-based materials market.

Prominent enterprises operating in the bio-based materials sector are intensifying their efforts to develop advanced solutions and products, such as circular propylene glycol solutions, to enhance their competitiveness in the market. Propylene glycol (PG) solutions find application across diverse industries for various purposes. For instance, in September 2023, The Dow Chemical Company (Dow), a US-based multinational corporation specializing in raw materials and chemicals, unveiled new lower-carbon, bio-based, and circular propylene glycol (PG) solutions featuring cutting-edge technologies. This platform leverages innovative technologies such as Decarbia, Ecolibrium, and Renuva to offer reduced carbon footprints, increased bio-based content, and benefits aligned with the circular economy. This product marks a significant advancement in the bio-based materials market, providing sustainable alternatives that contribute to carbon emissions reduction, advocate for renewable resources, and support the transition towards a circular economy.

In January 2023, Sumitomo Chemical Co. Ltd., a leading Japanese chemical products company, finalized the acquisition of FBSciences Holdings Inc. for an undisclosed sum. This strategic move bolsters Sumitomo's portfolio of bio-based materials, incorporating cutting-edge biostimulants and biopesticides. The integration of these advanced solutions is expected to promote sustainability across various sectors, including agriculture, public health, and forest health, while driving growth and innovation within the bio-based materials market. FBSciences Holdings Inc., headquartered in the US, specializes in providing climate-smart biorational solutions for agriculture, including bio-based materials such as biostimulants and biopesticides.

Major companies operating in the bio-based materials market report 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.

Europe was the largest region in the bio-based materials market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the bio-based materials market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the bio-based materials market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Bio-based materials are derived from renewable biomass sources such as plants, animals, or microorganisms, presenting an eco-friendly alternative to conventional petroleum-based materials. These materials play a crucial role in fostering sustainability and reducing carbon footprints across various industries.

Key types of bio-based materials include bio-based polyurethane, bio-based paraxylene, bio-based polypropylene, bio-based polyamides, and others. Bio-based polyurethane, for instance, is a sustainable polymer sourced from renewable resources such as plant oils or biomass. It finds diverse applications in foam production, coatings, and adhesives, serving sectors such as rigid packaging, flexible packaging, electrics and electronics, consumer goods, automotive and transport, among others. Industries such as food and beverage, pharmaceuticals, automotive, textiles, agriculture, among others, benefit from the utilization of bio-based polyurethane and other bio-based materials.

The bio-based materials market research report is one of a series of new reports that provides bio-based materials market statistics, including bio-based materials industry global market size, regional shares, competitors with bio-based materials market share, detailed bio-based materials market segments, market trends, and opportunities, and any further data you may need to thrive in the bio-based materials industry. This bio-based materials market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The bio-based materials market consists of sales of sustainable foam, renewable fibers, eco-friendly packaging, and green thermoplastics. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.