Top Boosters and Deterrents
Bio-based Chemicals Market Size was valued at USD 86.75 Billion in 2022. The Bio-based Chemicals industry is projected to grow from USD 96.39 Billion in 2023 to USD 163.92 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 8.30% during the forecast period (2023 - 2030)
The bio-based chemical market industry has been expanding rapidly on account of the rising need for eco-friendly and sustainable solutions. Major companies are working on introducing advanced products as well as processes while forming alliance with back-end firms in the value chain, which should have a positive impact on the global market. Support from government incentives and escalating concerns with regard to climate change will ensure rapid growth of the bio-based chemicals market in the next several years.
Governments across the globe encourage the use of eco-friendly practices, which has elevated the need for producing and supplying of bio-based chemicals. As a response, bio-based chemicals firms are striving to bolster their portfolios by adding new renewable products. Other encouraging factors include unstable prices of crude oil, urgent need to curb atmospheric greenhouse gases emissions, and declining preference for fossil fuels.
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Segmentation Insight
Type and application are the top segments analyzed in the report.
The types of bio-based chemicals in the market are bio-based acids, bioplastics, bio-alcohols, bio-solvents, bio-surfactants and bio-lubricants. Bio-alcohols generate the highest demand and managed to capture the biggest share of 41.7 percent in 2021. Bioethanols rising use in potable as well as industrial categories have elevated the segments position in the global market. Industrial uses include medicinal formulations, fragrance and scent processing, along with formulations for personal care and cosmetics. The segment is touted to soar at rate of 9.89 percent and surpass USD 39.50 billion by 2030-end.
Applications covered in the report are pharmaceuticals, food beverage, packaging and agriculture. The biggest share of 26.2 percent has been seized by food and beverage segment, which had reached USD 15.49 billion in 2021. Over the review period, the segment can capture a CAGR of 8.79 percent, in view of changes in consumer preferences, rising disposable income, and increasing focus on health. The pharmaceutical segment can, however, attain the fastest growth rate during the analysis period.
Regional Status
The bio-based platform chemicals industry can be segregated with respect to Latin America, Europe, Asia Pacific/APAC, MEA or Middle East Africa and the Americas.
Backed by the rigid environment-based regulatory standards, Europe has taken the taken the lead in the global market. Its share in 2018 reached 33.75 percent of the global market, thanks to the surge in the supply networks of bio-based feedstock, comprising bio-refineries as well as biochemicals. The regional markets growth is further bolstered by the depletion of natural resources, surge in crude oil prices, and stringent government regulations. As a result, the European market had touched USD 19,950.8 million in the year 2018 while its growth rate is anticipated to be 10.85 percent in the years ahead.
The second lead has been secured by the APAC market, since the region is increasingly witnessing rapid industrialization and increase in the number of favorable regulatory policies. Asia Pacific is brimming with a host of opportunities for the players, given the significant production levels and the consumption rate escalating in India and other countries. Government policies in India, China, and Japan are mostly aimed at enhancing the efficiency, cut down price volatility in petroleum-based items, and elevate the adoption of eco-friendly products, which should foster the demand for bio-based chemicals in the following years. Therefore, in the ensuing years, the APAC market can achieve the fastest growth rate of 11.32 percent, thanks to the large-scale availability of required raw materials, and frequent technical developments.
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Major Vendors
Royal DSM NV (The Netherlands), AGAE Technologies, LLC (US), TOTAL (France), BioAmber Inc (US), Archer Daniels Midland Company (US), Vertec BioSolvents (US), Braskem SA (Brazil), Evonik Industries (Germany), Toray Industries Inc (Japan), Cargill Incorporated (US), BASF SE (Germany), GFBiochemicals Ltd (UK), Mitsubishi Chemical Corporation (Japan), DowDuPont (US), Itaconix PLC (UK) are some of the key manufacturers of bio-based chemicals in the global industry.
Latest Updates
March 2021
Clariant International has come together with India Glycols, wherein the latter will be transferring its business of sustainable bio-ethylene oxide derivative products to their joint venture IGL Green Chemicals. This new unit will comprise a large-scale production unit in Uttarakhand, India. India Glycols is also set to enter a long-term agreement with IGL Green Chemicals for the supply of ethylene oxide that is developed made from bioethanol.
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