The Global Market for Bio-Based Chemicals could achieve a CAGR of 10.47% and touch the valuation of USD 97.2 billion during the forecast period (2016-2023), says Market Research Future (MRFR).
The key companies within the Worldwide Bio-Based Chemicals Market are AGAE Technologies, LLC (US), Mitsubishi Chemical Corporation (Japan), BASF SE (Germany), DowDuPont (US), Braskem SA (Brazil), Evonik Industries (Germany), Vertec BioSolvents (US), Toray Industries Inc (Japan), TOTAL (France), GFBiochemicals Ltd (UK), BioAmber Inc (US), Archer Daniels Midland Company (US), Itaconix PLC (UK), Royal DSM NV (The Netherlands), Cargill, Incorporated (US), among others.
Kemira has joined a four-year EU sponsored project that is striving to develop completely bio-based chemicals, derived from renewable raw materials.
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Growth Boosters and Top Barriers
Bio-Based Chemicals come from biological origins including plants, feedstock, trees, biological waste, and crops. These chemicals are considered the best alternative to traditional chemicals as they play an essential role when it comes to lessening the dependency on fossil fuels. This leads to significant reduction in carbon emission levels, in addition to maintaining the ecological balance. Among the raw materials, Lignocellulose is the most commonly available and used raw material for the production of biofuels.
Stringent policies with regard to the production of synthetic chemicals are expected to favor the market in the long run. Subsidies and incentives implemented by governments to bring down emissions are bound to aid in market growth. This can be exemplified by the Renewable Chemicals Act started in 2017 by the U.S. government. It helps provide a tax credit to the bio-chemical vendors in the country.
Emergence of a number of bio-refineries does wonders for the Bio-Based Chemicals market as well. With the increasing focus on sustaining a consistent supply chain of raw materials in traditional industries like automotive backed by technological advancements could give rise to a flurry of investment opportunities. Also, the shale gas boom in North America has prompted the demand for bio-based polymers as well as intermediates.
The Global Bio-Based Chemicals Market has been segmented depending on the Type and Application.
With context to the Type, the bio-based chemicals market has been broken down into bioplastics, bio-lubricants, bio-solvents, bio-surfactants, bio-based acids, bio-alcohols, and others. The bio-alcohols segment’s coverage of 41.7% was the largest in the market in 2018. This could be owing to the large-scale adoption of bio-ethanol in potable as well as industrial applications. The segment was worth USD 24,653.90 million in 2018 and can expect to attain a CAGR of 9.89% in the coming years. The segment is also expected to arrive at the valuation of USD 39,507.9 million by 2023.
Application-Wise, the market caters to agriculture, automotive, personal care, food & beverage, packaging, detergents and cleaners, paints and coating, adhesives and sealants, pharmaceuticals, paint dispersion, and others. Out of these, the food & beverage segment dominated the market with the largest share of 26.2%, value wise. The value accounted to USD 15,494.6 million in 2018 and it is believed that the segment can achieve a CAGR of 8.79% during the evaluation period.
The Worldwide Market for Bio-Based Chemicals is spread across the primary regions of Asia Pacific, Europe, Latin America, North America, and Middle East & Africa.
Europe, with a share of 33.75% in 2018, emerged as the most profitable region owing to numerous strict environmental regulatory policies. The market had touched the valuation of USD 19,950.8 million in 2018 and is slated to achieve a growth rate of 10.85% during the review time frame. Germany held the highest value in the region in 2018 and is on its way to grow at the highest rate of 12.34% over the course of the given period.
In 2018, Asia Pacific was the second-biggest market for Bio-Based Chemicals. The esteemed position of the region could be due to rapid industrial growth as well as favorable regulatory policies in the emerging nations. Asia Pacific is presumed to display the best CAGR of 11.32% during the appraisal period. China turned out to be the most lucrative market in the region in 2018 and can project the highest CAGR of 12.60% in the upcoming years. Following closely, India stood as the second-biggest market in 2018 and is set to exhibit a CAGR of 11.40% in the subsequent time frame.
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In 2018, United States was the most remunerative market in North America and can expect to sustain its position during the evaluation period. Canada notes a rise in production of bio-succinic acid, developed by BioAmber Inc. Bio-succinic is considered to be the fastest-growing bio-based platform chemical, which finds use across various end-user applications and also as intermediary chemicals.
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