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Bio-Based Chemicals are primarily used in the manufacturing of make eco-friendly products that neither release toxic emissions nor cause pollution once disposed of. Due to the rising ecological concerns over the past few years, Bio-Based Chemicals are witnessing augmenting demand worldwide. Resultantly, the Global Bio-Based Chemicals Market is garnering huge traction year by year. Moreover, stringent government regulations to control synthetic chemical usages play a causal role in the development of the market.A leading research firm, Market Research Future (MRFR), in its, resent COVID 19 Analysis, asserts that Global Bio-Based Chemicals Market would generate revenues over USD 97.2 BN by 2023, growing at 10.47% CAGR during the forecast period (2018 – 2023). Digital transformation has received a boost across the Bio-Based Chemicals Industry in the past few months, states An MRFR expert while discussing COVID 19 impacts on the market.
Growing production of renewable chemicals is a key growth driver, the researcher continues. Additionally, the growing applications of Bio-Based Alcohols in the F&B industry exponentially drive the growth of the market. Besides, the rising demand for bio-based lubricants in the automotive & transportation sectors boosts the consumption of the product. Moreover, increasing usages in the production of renewable chemicals create huge market demand.
Rising numbers of lignocellulosic bio-refineries are expected to create lucrative opportunities for market players during the forecast period. On the other hand, volatility in raw material prices is a major factor estimated to hamper the growth of the market in the years to come. Nevertheless, the prevailing market trend of achieving production cost optimization through technological innovation would support market growth throughout the predicted period.
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Major Players:
Players active in the Global Bio-Based Chemicals Market include Vertec BioSolvents (US), BASF SE (Germany), AGAE Technologies, LLC (US), BioAmber Inc (US), TOTAL (France), Archer Daniels Midland Company (US), Braskem SA (Brazil), DowDuPont (US), Evonik Industries (Germany), Cargill, Incorporated (US), Toray Industries Inc (Japan), Itaconix PLC (UK), Mitsubishi Chemical Corporation (Japan), GFBiochemicals Ltd (UK), and Royal DSM NV (The Netherlands), among others.
Global Bio-Based Chemicals Market - Segments
The Report is segmented into three dynamics;
By Type : Bio-Alcohols, Bio-Based Acids, Bio-plastics (Non-Biodegradable and Biodegradable, Bio-lubricants, Bio-surfactants, Bio-solvents, and others.
By Application: Food & beverages, Pharmaceuticals, Detergents & Cleaners, Personal Care, Agriculture, Packaging, Paints & Coating, Automotive, Adhesives & Sealants, Paint Dispersions, and others.
By Regions: North America, Asia Pacific, Europe, and the Rest-of-the-World.
Global Bio-Based Chemicals Market - Competitive Analysis
Highly Competitive, the Global Bio-Based Chemicals Market appears to be fragmented due to the presence of many large and small key players. To sustain their positions, these players incorporate strategic initiatives such as collaboration, acquisition, partnership, expansion, and technology launch. Manufacturers strive to deliver the best quality and reliable, high-quality Bio-Based Chemicals using innovative technologies and best practices.
Industry/ Innovation /Related News:
June 10, 2020 --- an independent Danish research center - the Novo Nordisk Foundation Center for Bio-sustainability (DTU Biosustain), announced receiving €100m funding to help develop bio-based products and sustainable chemicals. DTU Biosustain is a research institute based at the Technical University of Denmark and run by The Novo Nordisk Foundation.
DTU Biosustain would focus on three main areas - sustainable chemicals, bio-based products, and microbial foods & feed ingredients. This could lead to an increase in the number of export ventures and workplaces in Denmark. Over the next five years, the foundation would allocate a sum of €100 million to the DTU Biosustain research center, providing the economic framework to the center as and when necessary.
The additional funding will ensure the continuity in the center's research activities, supporting it to and support become a world leader in the development of sustainable production of biochemicals and green consumer products and design of cell factories.
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Global Bio-Based Chemicals Market - Regional Analysis
Europe dominates the Global Bio-Based Chemicals Market. In 2018, the region accounted for a 33.75% share of the overall Bio-Based Chemicals Market, heading with stringent environmental regulatory policies. Also, the market was valued at USD 19,950.8 million in 2018, attributing to the region's largest automotive industry.
Additionally, European government regulations against emission, such as Euro 6 and green initiatives, act as a major tailwind for the regional market growth. The European Bio-Based Chemicals Market is estimated to retain its dominance over the global market, growing at 10.85% CAGR throughout the review period.
The Bio-Based Chemicals Market is brisk in the Asia Pacific region. Market growth is driven by the rapid industrialization and favorable regulatory policies in rapidly growing APAC economies. Besides, factors such as the booming augmenting demand from the automotive and plastic in the electronic products industry.
In 2018, China held the largest share in the regional market and is expected to register 12.60% CAGR during the forecast period. India was the second-largest market in 2018 and is projected to grow at 11.40% CAGR from 2018-2023. The APAC Bio-Based Chemicals Market is anticipated to register 11.32% CAGR during the assessment period.
A Bio-Based Chemicals Market in North America has emerged as highly competitive on a regional level. Factors such as favorable government policies and technological advances drive the growth of the market. Moreover, growing demand from the F&B and agriculture industry fosters the regional market demand. The US market, backed by the surging demand for bio-lubricants and bio-surfactants, stands the largest in the region. The North American Bio-Based Chemicals Market would grow at a substantial rate over the forthcoming period.
COVID-19 Study in Detail:
COVID-19 Impact Analysis on Polyvinyl Chloride (PVC) Market @ https://www.marketresearchfuture.com/report/covid-19-impact-pvc-market
COVID-19 Impact on 3D Printing Materials Market @ https://www.marketresearchfuture.com/report/covid-19-impact-3d-printing-materials-market
COVID-19 Outbreak Impact on Carbon Black Market @ https://www.marketresearchfuture.com/report/covid-19-impact-carbon-black-market
NOTE: Our team of researchers is studying COVID-19 and its impact on various industry verticals and wherever required we will be considering COVID-19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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