Bio-based Chemicals Market is Anticipated to Grow at CAGR of 10.10% During the Forecast Period
Research Reports
Mar 24, 2022
Bio-based Chemicals Market Overview
The Bio-based Chemicals market size is projected to be worth USD 141,881.66 million by 2028, registering a CAGR of 10.10% during the forecast period (2020–2028). The market was valued at USD 67,982.91 million in 2020. Bio-based chemicals, simply put, are chemicals produced through renewable sources like lignocellulosic biomass, cassava, grains, wheat, vegetable oil, sugar beet, sugarcane, corn, and other cereals. These chemicals do not cause pollution nor release toxic emissions as they are eco-friendly in nature.
Various factors are adding to the global Bio-based Chemicals Market share. These factors, as stated by the new MRFR report, comprise a rising focus on production cost optimization through innovations in technology, an increase in lignocellulosic biorefineries, growing demand for bio-based lubricants in transportation and automotive sectors, and increasing use of bio-based alcohol in the food & beverage sector.
On the contrary, food safety issues and high cost of bio-based chemicals are factors that may limit the bio-based chemicals market growth over the forecast period.
Key Players
Eminent leaders profiled in the global bio-based chemicals market report include Royal DSM NV (The Netherlands), Mitsubishi Chemical Corporation (Japan), GFBiochemicals Ltd (UK), Itaconix PLC (UK), Cargill, Incorporated (US), Toray Industries Inc (Japan), Evonik Industries (Germany), Braskem SA (Brazil), DowDuPont (US), Archer Daniels Midland Company (US), BioAmber Inc (US), TOTAL (France), AGAE Technologies, LLC (US), Vertec BioSolvents (US), and BASF SE (Germany).
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Market Segmentation
The MRFR report provides an inclusive segmental analysis of the global bio-based chemicals market based on application and type.
By type, the global bio-based chemicals market is segmented into bio-alcohols, bio-based acids, bio-surfactants, bio-solvents, bio-lubricants, bioplastics, and others. Of these, the bio-alcohols segment will lead the market over the forecast period for its large-scale use in potable and industrial applications. Some of its industrial applications include manufacturing of cosmetics & personal care formulations, pharmaceutical formulations, and flavors & aromas. This segment is predicted to touch USD 39,507.9 million at CAGR 9.89% by forecast.
By application, the global bio-based chemicals market is segmented into paint dispersion, pharmaceuticals, adhesives and sealants, paints and coating, detergents and cleaners, packaging, food and beverage, personal care, automotive, agriculture, and others. Of these, the food and beverage segment will dominate the market over the forecast period for the wide application of bio-based chemicals in the food and beverage industry. It is likely to develop at CAGR 8.79% by 2023.
Regional Analysis
Based on the region, the global bio-based chemicals market report covers the recent trends and growth opportunities across Europe, North America, the Asia Pacific (APAC), and the Middle East and Africa (MEA). Of these, Europe will lead the market over the forecast period for the strict environmental regulatory policies, increasing cost of crude oil, depletion of natural resources, and growing development of value chains having bio-based feedstock, that is, biochemical and bio-refinery production. The region is predicted to grow at a 10.85?GR by 2023. Germany is the major contributor in the region, which is likely to grow at a CAGR 12.34%.
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The global bio-based chemicals market in the APAC region is predicted to hold the second-largest share over the forecast period. It is likely to develop at an 11.32?GR by 2023. Factors fuelling market growth include favorable regulatory policies, technological advances, availability of raw materials, and rapid industrial growth. Besides, increased use of eco-friendly products, escape cost volatility in petroleum-based products, government policies to favor sustainability, and the highest consumption and production of the product in the region are also adding market growth. Japan, China, & India are the major contributors in the region.
The global bio-based chemicals market in North America is predicted to grow at a high CAGR over the forecast period for the implementation of different government policies, shifting focus towards the use of products that are eco-friendly, and availability of abundant & low-cost feedstock.
The global bio-based chemicals market in Latin America is predicted to have healthy growth over the forecast period for the high production of bio-based chemicals in Brazil, coupled with exports to European countries. Government policies, climatic factors, and production of sugarcane-based bioethanol is adding market growth.
The global bio-based chemicals market in the MEA will have steady growth over the forecast period.
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Table of Content
1 EXECUTIVE SUMMARY
1.1 MARKET ATTRACTIVENESS ANALYSIS
1.1.1 GLOBAL BIO-BASED CHEMICALS MARKET, BY TYPE
1.1.2 GLOBAL BIO-BASED CHEMICALS MARKET, BY APPLICATION
1.1.3 GLOBAL BIO-BASED CHEMICALS MARKET, BY REGION
2 MARKET INTRODUCTION
2.1 DEFINITION
2.2 SCOPE OF THE STUDY
2.3 MARKET STRUCTURE
3 RESEARCH METHODOLOGY
3.1 RESEARCH PROCESS
3.2 PRIMARY RESEARCH
3.3 SECONDARY RESEARCH
3.4 MARKET SIZE ESTIMATION
3.5 TOP-DOWN AND BOTTOM-UP APPROACH
3.6 FORECAST MODEL
3.7 LIST OF ASSUMPTIONS & LIMITATIONS
4 MARKET DYNAMICS
4.1 INTRODUCTION
4.2 DRIVERS
4.2.1 GROWING DEMAND FOR BIO-BASED LUBRICANTS
4.2.2 INCREASING ADOPTION OF BIOPLASTICS
4.2.3 INCREASING APPLICATION OF BIO-BASED ALCOHOLS
4.3 RESTRAINTS
4.3.1 VOLATILE RAW MATERIAL PRICES
4.3.2 DISADVANTAGES RELATED TO BIO-BASED LUBRICANTS AND BIOPLASTICS
4.4 OPPORTUNITIES
4.4.1 INCREASING NUMBER OF LIGNOCELLULOSIC BIOREFINERIES
4.4.2 RESEARCH & DEVELOPMENT RELATED TO BIO-BASED CHEMICALS
4.5 TREND
4.5.1 INCREASING FOCUS ON PRODUCTION COST OPTIMIZATION THROUGH TECHNOLOGICAL INNOVATION
4.6 MACROECONOMIC INDICATORS
4.6.1 GDP GROWTH
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