Global Bio-Based Chemicals Market Report to 2031
DUBLIN–(BUSINESS WIRE)–The “Global Bio-Based Chemicals Market, By Type, By Application, Estimation & Forecast, 2018 – 2031” report has been added to ResearchAndMarkets.com’s offering.
The global bio-based chemicals market, valued at USD 128,522.0 million in 2022, is projected to attain USD 271,760.9 million by 2031, registering a robust Compound Annual Growth Rate (CAGR) of 9.2% during the forecast period.
The market volume, totaling 81,062.2 thousand units in 2022, is expected to escalate to 131,710.9 thousand units by 2031, indicating a 5.9% growth rate over the forecast period.
Driving Factors:
Governments worldwide are introducing supportive policies and incentives to bolster the bio-based chemicals industry. These measures include R&D funding, tax incentives, and mandates for renewable feedstock utilization. Technological advancements facilitate cost-effective production, encompassing biotechnology, enzymatic processes, and fermentation technologies. In light of climate change and energy security concerns, bio-based chemicals present a renewable alternative to traditional petrochemicals, derived from fossil fuels.
However, challenges persist, notably the higher production cost of bio-based chemicals compared to traditional alternatives due to feedstock expenses and complex production processes. The limited availability of renewable feedstocks like biomass and waste materials poses a constraint on industry growth.
Growth Influencers:
1. Increasing Consumer Adoption of Bio-Based Products:
Growing consumer awareness of sustainability is a pivotal driver for the bio-based chemicals market. Eco-conscious consumers are gravitating toward sustainable alternatives with a lower carbon footprint. Bio-based products, offering improved performance characteristics, are gaining traction. Enhanced durability and heat resistance in bio-based plastics are illustrative examples.
2. Environmentally Friendly Properties and Favorable Government Policy:
Bio-based chemicals, stemming from renewable sources, exhibit reduced carbon footprints. As environmental concerns mount, demand for eco-friendly products rises, fostering a conducive market environment for bio-based chemicals. Governments’ pro-environment policies, including tax incentives and feedstock mandates, further drive adoption.
Segment Breakdown:
The market is categorized by type and application:
Type:
- Bio-Lubricants
- Bio-Solvents
- Bioplastics (holding the highest market share of 28.8% in 2022 and the highest CAGR of 11.4%)
- Bio-Alcohols
- Bio-Surfactants
- Bio-Based Acids
- Others
Application:
- Automotive
- Personal Care
- Food & Beverages
- Agriculture
- Industrial (leading with 34.0% market share in 2022 and a CAGR of 10.6%)
- Pharmaceuticals
- Packaging
- Others
Regional Overview:
- North America (US, Canada, Mexico)
- Europe (UK, Germany, France, Italy, Spain, Poland, Russia, rest of Europe)
- Asia-Pacific (China, India, Japan, Australia, New Zealand, South Korea, ASEAN, rest of Asia-Pacific)
- Rest of the World (GCC, South Africa, Brazil, Argentina, rest of Middle East and South Africa)
Europe held the largest market share (more than 35% in 2022), and Asia-Pacific is expected to grow at a CAGR of over 11.4%.
Competitive Landscape:
Key players include Archer Daniels Midland Company, Cargill Incorporated, Dow Chemicals, Toray Industries Inc, TotalEnergies, and others. Top four players hold around 28.1% market share. Technological innovations, like Toray Industries’ 100% bio-based adipic acid, demonstrate advancements within the industry.
Report Insights:
The report covers areas such as market penetration, development, diversification, competitive landscape assessment, product development & innovation, pricing analysis, manufacturing cost analysis, chemical industry overview, and trends in integrated biorefineries development for sustainable production.
Key Questions Addressed:
- Projected market size and forecast
- Impact of COVID-19
- Investment opportunities
- Competitive strategic window
- Technology trends and regulatory frameworks
- Market share of leading players
- Favorable modes and strategic moves for market entry.
For more information about this report visit https://www.researchandmarkets.com/r/3bzll0
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Contacts
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900