Resins are a wide class of synthetics used in construction, automotive and plastic industries. Natural resins are yellow to brown in colour, flammable and are formed naturally by plant secretions. They are mostly extracted from trees and are formed as a result of wind, fire, air. Synthetic resins are similar to natural resins, but differ in their chemical properties. Resins are synonymously used with plastics. In the modern days, synthetic resins have almost fully replaced natural resins. Upon heating, these synthetic resins can react in two ways- remain as plastics or become infusible and insoluble. Resins are found in almost everything- from water bottles to airplanes. Many resins are derived from oil and natural gas. Bio- based resins are used due to various reasons. The mass consumptions of commodities and the increasing carbon footprints have led to the exploitation of water, oil, land resources and hence the need to shift to renewable resources have led to the emergence of bio- based resins.
The Bio- Based Resins Industry report gives a detailed analysis about the market for bio- based resins in the European countries specifically in Germany, Russia, UK, France, and Italy. The global players who have been leading the market are BASF, DuPont, Dow Chemical, Arkema, Ashland, DSM, Huntsman International, Braskem, Metabolix, Cereplast and Ecospan. One of the key concepts used by industries is using the circular economy concept to leverage on the market share. Germany is one of the largest markets for bio- based resins due to the well- accomplished automotive industry. All the supplements used in these automotive industries like metals and plastics can be replaced by bio- based resins for more sustainable options.
Bio- based resins are used for a sustainable choice. The drivers of the market are the current volatile in the global oil market, government regulations for compulsory production of minimal bio- based quantity of outputs and tax incentives for adopting renewable means and also for the companies to differentiate and gain market share. All these factors have contributed to shift to bio- based resins. In the European market especially, the governmental support and initiatives like Europe 2020 Strategy has helped in making a smooth shift towards renewable world and sustainable growth.
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Ankur Gupta, Head Marketing & Communications