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bio based chemicals market

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: 115
  • 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.

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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.

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

  • Bio-Lubricants
  • Bio-Solvents
  • Bioplastics
  • Bio-Alcohols
  • Bio-Surfactants
  • Bio-Based Acids
  • Others
  • Automotive
  • Personal Care
  • Food & Beverages
  • Agriculture
  • ·Industrial
  • Pharmaceuticals
  • Packaging
  • Others
  • North America (U.S., Canada)
  • Europe (Germany, UK, France, Italy, Spain, Netherlands, Austria)
  • Asia Pacific (China, India, Japan, South Korea, Indonesia, Malaysia)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, South Africa, Israel, UAE)

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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.

Key Take-Away
Polaris Market Research
Bio-based Chemicals Market | Growth, Share, Size, Report 2028