Bio-based Chemicals Market Share, Size, Trends, Industry Analysis Report, By Type (Bio-Lubricants, Bio-Solvents, Bioplastics, Bio-Alcohols, Bio-Surfactants, Bio-Based Acids); By End-Use; By Region; Segment Forecast, 2021 - 2028
- Published Date:Oct-2021
- Pages: 101
- Format: PDF
- Report ID: PM2128
- Base Year: 2020
- Historical Data: 2016 - 2019
Report Summary
The global bio-based chemicals market size was valued at USD 81.23 billion in 2020 and is expected to grow at a CAGR of 10.4% during the forecast period. Bio-based chemicals are derived from a range of natural products such as plants, marine and, forestry materials. The use of bio-based chemicals has increased to optimize the byproducts of existing industries like agriculture while reducing fossil fuels.
Know more about this report: request for sample pages
The different categories of bio-based chemicals include bioplastics, bio-solvents, bio-based acids, bio-surfactants, bio-lubricants, bio-alcohols. and others. Growing environmental concerns and increasing awareness regarding the use of renewable biological resources for industrial applications has increased the market demand for bio-based chemicals.
The COVID-19 outbreak has impacted the market for bio-based chemicals due to operational challenges, transportation delays, and travel restrictions. The automotive, packaging, and industrial sectors have been severely affected by the pandemic and have experienced supply chain disruption and workforce impairment.
Manufacturing activities have also been halted due to various government regulations across the globe. Restrictions on imports of goods to curb the spread of the virus have further contributed to limited chemicals market growth. Market players are using the available resources to manufacture masks, hospital gowns, and hand sanitizers, among other products, to support the healthcare sector’s fight against the pandemic.
Know more about this report: request for sample pages
Industry Dynamics
Growth Drivers
The rising population coupled with the rise in industrialization, especially in emerging economies, has increased the demand for the chemicals. The use of bio-based chemicals in a wide range of applications such as chemical, pharmaceuticals, and food and beverage, and the greater need to reduce greenhouse emissions has boosted the adoption of bio-based chemicals.
Depletion of fossil fuels and the introduction of stringent government regulations regarding emissions and wastage have necessitated bio-based chemicals. The increasing application in food and beverage and agriculture sectors, economic growth, growing adoption of green chemistry, and technological advancements are expected to provide growth opportunities in the coming years.
Bio-surfactants are obtained from plant oils and plant carbohydrates and offer properties such as low toxicity, specificity, and ease of preparation. Bio-surfactants are used as emulsifiers, foaming agents, wetting agents, and spreading agents in varied applications such as personal care products, detergents, food processing materials, and agricultural cleaners.
Another category of bio-based chemicals, bio solvents, are increasingly being used owing to their ability to not emit volatile organic compounds. Some common bio solvents available in the market include ethanol, 2-methyl tetrahydrofuran, limonene, and glycerol, which are utilized in diluents for pesticides, paint stripper, and glue remover, among other applications.
Report Segmentation
The market is primarily segmented on the basis of type, end-use, and region.
|
By Type |
By End-Use |
By Region |
|
|
|
Know more about this report: request for sample pages
Insight by Type
On the basis of type, the chemicals market is segmented into bio-lubricants, bio-solvents, bioplastics, bio-alcohols, bio-surfactants, bio-based acids, and others. The market demand for bio alcohol is high owing to its use as a transportation fuel. Bioethanol is used as a fuel source for renewable energy such as hydrogen production and bio-jet fuel production.
Growing awareness regarding the use of renewable energy fuel has increased owing to climate changes and various government campaigns. Bio-alcohol chemicals are also used in the manufacturing of cosmetics, pharmaceuticals, and alcoholic beverages.
Insight by End-Use
The end-use segment has been divided into automotive, personal care, food & beverages, agriculture, industrial, pharmaceuticals, packaging, etc. The market demand for bio-based chemicals is expected to increase from the industrial sector during the forecast period owing to growing environmental concerns, regulations on carbon emissions, and adoption of green technologies. Increasing biodiesel use and the rising adoption of electric vehicles have increased the demand for bio-based chemicals from the automotive sector.
Geographic Overview
Europe dominated the global bio-based chemicals market in 2020. Industrial growth, increasing crude oil prices, and growing environmental concerns drive the growth in this region. There has been a rising depletion of natural resources in the region, encouraging governments to introduce strict regulations and policies associated with emissions and the environment. Growing research and development activities, expansion of international players in this region, and technological advancements are some additional factors attributed to the market growth in this region.
Competitive Landscape
The leading players in the bio-based chemicals market include BASF SE, BioAmber Inc, Braskem SA, Cargill Incorporated, Danimer Scientific Inc., DuPont de Nemours, Evonik Industries, Koninklijke DSM N.V., Methanex Corporation, Mitsubishi Chemical Corporation, Mitsui & Co. Ltd, Natureworks LLC, PTT Global Chemical Co. Ltd., Teijin Ltd., and Vertec BioSolvents.
These players are expanding their presence across various geographies and entering new markets in developing regions to expand their customer base and strengthen presence in the market. The companies are also introducing new innovative products in the market to cater to the growing consumer market demands.
Bio-based Chemicals Market Report Scope
|
Report Attributes |
Details |
|
Market size value in 2020 |
USD 81.23 billion |
|
Revenue forecast in 2028 |
USD 160.74 billion |
|
CAGR |
10.4% from 2021 - 2028 |
|
Base year |
2020 |
|
Historical data |
2016 - 2019 |
|
Forecast period |
2021 - 2028 |
|
Quantitative units |
Revenue in USD billion and CAGR from 2021 to 2028 |
|
Segments covered |
By Type, By End-Use, By Region |
|
Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
|
Key companies |
BASF SE, BioAmber Inc, Braskem SA, Cargill Incorporated, Danimer Scientific Inc., DuPont de Nemours, Evonik Industries, Koninklijke DSM N.V., Methanex Corporation, Mitsubishi Chemical Corporation, Mitsui & Co. Ltd, Natureworks LLC, PTT Global Chemical Co. Ltd., Teijin Ltd., and Vertec BioSolvents. |
License and Pricing
Purchase Report Sections
- Regional analysis
- Segmentation analysis
- Industry outlook
- Competitive landscape
Connect with experts
Suggested Report
- Glaucoma Market Share, Size, Trends, Industry Analysis Report, 2022 - 2030
- Gene Therapy Market Share, Size, Trends, Industry Analysis Report, 2021 - 2028
- Spices and Seasonings Market Share, Size, Trends, Industry Analysis Report, 2022 - 2030
- Enzymes Market Share, Size, Trends, Industry Analysis Report, 2022 - 2030
- Air Compressor Market Research Report, Share and Forecast, 2017 – 2026
© 2022 Polaris Market Research and Consulting. All rights reserved
