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Global Bio-Based Chemicals Market Forecast 2019-2027

The market for the bio-based chemical is anticipated to grow at a CAGR of 16.67% over the forecast period of 2019-2027. The numerous government policies towards business sustainability programs, preference for the usage of the eco-friendly product among the end users, intensive fluctuations in the crude oil prices, and the high market probable of bio-based chemical products are some of the major drivers responsible for the boom in the bio-based chemical market. The contemporary development in oil prices and consumer demand for green or environment-friendly products has opened new windows of opportunity for bio-based chemicals. Some of the common examples of bio-based chemicals are non-food starch, cellulose fibers and cellulose derivatives, tall oils, fatty acids & fermentation products such as ethanol and citric acid.

The bio-based markets can be segmented on the basis of the type of products and the basis of applications. The varied types of products include biodegradable and non-biodegradable bioplastics and different kinds of biofuels. Although the biofuels market, which comprises of biodiesel, biogas and solid biomass, generated the highest revenue in 2018, it is the bioplastics market which is anticipated to grow at a faster CAGR during the forecast period. The application segment can be further sub-divided into various areas like industrial chemicals, agriculture, pharmaceuticals, food products, etc. The industrial chemicals that include succinic acid, industrial alcohol, bio-based dyes, lactic acid, glycerol, acrylic acid and others, is the application which is currently dominating the global bio-based chemical market. The main motivator for the bio-based chemical market is the favorable government policies. The governments of different countries are taking necessary steps which are acting as a key driver for this market to progress.

Asia-Pacific region currently holds the largest market share for the bio-based chemicals, accounting for xx% share of the total market. The demand for the bio-based chemicals from this region is expected to further rise during the forecasted years. The European bio-based chemicals market is the second-largest bio-based chemicals market in the world. Italy currently dominates this market. However, it is the North American market which is expected to show the highest growth in CAGR over the forecast period owing to a shift in consumer perception towards more eco-friendly products.

The major players in the global bio-based chemicals market are Bioamber Inc., Royal DSM NV, Yield10 Bioscience, Mitsui & Co., Ltd., BASF SE, PTT Global, GC Innovation America, Teijin Limited, Corbion NV, Natureworks LLC, Novozymes A.S., Methanex Corporation, Mitsubishi Chemical Holdings Corporation, Synbra, Danimer Scientifican Inc., Abengoa, S.A., Zhejiang Hisun Biomaterials Co., Ltd., Braskem and Cargill Incorporated.
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Global Bio-Based Chemicals Market Forecast 2019-2027
Published By :Inkwood Research
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