The Global Bio-based Chemicals Market to Develop at 16.67% CAGR by 2027
“According to the new market research report published by Inkwood Research, the global bio-based chemicals market is growing at a CAGR of 16.67% throughout the forecasting years of 2019-2027.”
“Browse 71 market Data Tables and 89 Figures spread over 310 Pages, along with an in-depth TOC on global bio-based chemicals market forecast 2019-2027.”
Bio-based chemicals are types of chemicals produced through biomass or a bioprocessing route. The non-food starch, cellulose fibers & derivatives, fatty acids, tall oil, fermentation products like ethanol & citric acid; and industrial chemicals like succinic acid, lactic acid, bio-based dyes, glycerol, and acrylic acid, are some of the examples of bio-based chemicals. Also, the bio-based products include bio-plastics, which can be biodegradable or non-biodegradable, and biofuels. The bio-derived chemicals are widely used in various sectors as it addresses environmentally unsustainable reliability on petroleum feedstock.
Fluctuations in Crude Oil Prices to Influence the Bio-Based Chemicals Market Globally
The flux in crude oil prices due to many economic & political factors is driving the bio-based chemicals market at a significant pace. The increasing price of petroleum products is prompting industries to adopt a commercially viable and sustainable alternative like bio-based products. Also, the demand is rising for platform chemicals which are used in renewable raw materials like vegetable oils, animal fats, sugar, and starch. As a result of this, the demand for bioproducts like bio-based chemicals, biofuels, and bioplastics is surging, thereby propelling its market growth.
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Biofuels – The Highest Contributor to the Global Bio-Based Chemicals Products Market
Biofuels comprise of biodiesel, biogas, and solid biomass. In terms of revenue, the biofuels products dominated the bio-based chemicals market. The biofuels are the energy sources made up of living microorganism, starch, and other livestock. The increasing technological advancements enable the extraction of biofuels from materials like crops, wood, and waste materials. The expanding use of biofuels in transportation industries and for off-grid electricity supply surges its demand, in turn boosting the growth of bio-based chemicals market.
In terms of Region, Asia Pacific Dominates the Global Bio-Based Chemicals Market
Asia-Pacific region is providing the most significant market to bio-based chemicals due to the region’s large manufacturing sector. The bio-based chemicals market is growing in the area due to factors such as easy availability of raw materials, industrial production conditions, and high consumer demands for green products along with favorable government policies. Also, several countries in the region are adopting green chemistry products and energy-saving schemes, thereby booming the growth of bio-based chemicals market.
The eminent players in the global market include Abengoa SA, Zhejiang Hisun Biomaterials Co. Ltd., Braskem, Danimer Scientifician Inc., Mitsubishi Chemical Holdings Corporation, Novozymes AS, Synbra, BASF SE, Cargill Incorporation, Yield10 Bioscience, Mitsui & Co. Ltd., PTT Global, Teijin Ltd., Bioamber Inc., Corbion NV, Methanex Corporation, GC Innovation America, Royal DSM NV and Natureworks LLC.
The dominant players have applied various strategies like business expansion, partnerships, agreements, new products development, and acquisitions. Also, new players are entering the market at a significant rate due to supportive government initiatives towards green energy sources and environmental concerns. The new entrants, along with existing players will further widen the market growth.
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Inkwood Research specializes in syndicated & customized research reports and consulting services. Market intelligence studies with relevant fact-based research are customized across industry verticals such as technology, automotive, chemicals, materials, healthcare, and energy; with an objective comprehension that acknowledges the business environments. Our geographical analysis comprises of North & South America, CEE, CIS, Middle East, Europe, Asia, and Africa.