The global bio-based chemicals market size is expected to reach USD 160.74 billion by 2028 according to a new study by Polaris Market Research. The report “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” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Over the years, there has been a growth in the demand for bio-based chemicals from pharmaceutical, chemical, and food and beverage sectors. Growing industrialization, depletion of fossil fuels, the introduction of stringent government regulations regarding emissions, and application in varied industries has boosted the market growth. Increasing adoption of green chemistry and growing demand from the agriculture sector have accelerated bio-based chemicals.
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However, the COVID-19 outbreak has impacted the bio-based chemical market owing to operational challenges, transportation delays, and travel restrictions. The different types of the product available in the market include bio-lubricants, bio-solvents, bioplastics, bio-alcohols, bio-surfactants, acids, and others. The demand for bio-alcohol is high due to its use in pharmaceutical, food and beverages, and cosmetics sectors. Bioethanol is also utilized as a fuel for power in combustion processes, fuel cells, and feedstock for chemical companies.
The end-use industries utilizing the chemicals include automotive, personal care, food & beverages, agriculture, industrial, pharmaceutical, packaging, and others. The growth in the personal care industry is expected to drive the demand during the forecast period. The chemicals are used in many unique care products, such as cosmetic creams, fragrances, and hair dyes. Growing hygiene and wellness concerns, especially among the youth, coupled with the growth of e-commerce platforms are factors expected to provide growth opportunities over the coming years.
Europe emerged as the largest region in 2020 owing to high disposable incomes and growing demand from the automotive, food and beverage, and personal care sectors. Rising industrialization, growth in the automotive industry, and strengthening the pharmaceutical industry also support growth in this region.
Several regulations and policies regarding emissions and environmental protection have been introduced in the area as a result of declining natural resources. Technological advancements and investments in research and development activities are expected to offer growth opportunities during the forecast period.
Some major Industry Participants include Cargill Incorporated, Mitsubishi Chemical Corporation, BASF SE, BioAmber Inc, Braskem SA, Vertec BioSolvents, Evonik Industries, Koninklijke DSM N.V., Methanex Corporation, Mitsui & Co. Ltd, PTT Global Chemical Co. Ltd., Teijin Ltd., Natureworks LLC, Danimer Scientific Inc., and DuPont de Nemours.
Polaris Market Research has segmented the bio-based chemicals market report on the basis of type, end-use, and region:
Bio-based Chemicals, Type Outlook (Revenue, USD Billion, 2016 – 2028)
- Bio-Based Acids
Bio-based Chemicals, End-Use Outlook (Revenue, USD Billion, 2016 – 2028)
- Personal Care
- Food & Beverages
Bio-based Chemicals, Regional Outlook (Revenue, USD Billion, 2016 – 2028)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa