Bio-Based Chemicals Market Trends and Growth 2018 | Key Companies - BASF SE, BioAmber, Braskem, Danimer Scientific, Mitsubishi Chemical Corporation, Mitsui, Zhejiang Hisun Biomaterials, TEIJIN LIMITED, PTT Global Chemical Public Company Limited

Biobased Chemicals Market – Market Overview

Biobased Chemicals can be defined as those class of chemicals which are produced by using natural feedstock and have minimal impact on the environment. The market is at the nascent stage with a promising growth rate. The global biobased chemicals market is anticipated to register a double-digit growth rate of over ~12% during the review period to reach over ~USD 85 million by the end of 2023. The major market demand driving factors that are anticipated to boost the demand includes the vast availability of raw materials at a reduced cost, increasing consumer awareness towards and subsequent demand for biobased products and government initiatives to promote green products among others.

In order to address the global challenge of climate change there should be sustainable solutions which will reduce the dependency on the non-renewable feedstock. Nearly 90% of the chemical commodities manufactured today is based on the petrochemical feedstock. The feedstock used in biochemical are available in abundance in nature which as compared to the tradition feedstock is economical such as corn, sugar, and bagasse among others. Irrespective of the tremendous advantages of the biochemical the market is still challenged with high production cost which results in high cost of biochemical. However, the government incentives and policies in place to promote the green chemicals will be a supplier driving factor for the biochemical market in the fore coming years. In addition, there are significant investments being made on the research and development front for developing innovative biochemical products in the market by companies like Corbion and UPM Biochemicals to name some.

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Altogether, by offsetting the existing challenges pertaining in the market, the future of the biochemicals market is flourishing and will generate substantial revenue during the forecast period.

Biobased Chemicals Market – Competitive Analysis

Biobased Chemicals is at nascent stage and market competition is moderate the major players involved in the market are adopting strategies such as product launch, capacity expansion, collaborations, and huge investments in R&D. Among the aforementioned strategies, the manufacturers are mostly involved in biobased product launch those have the same performance efficiency of those manufactured using rational feedstock. For instance, in 2015, BASF launched bio-based Polytetrahydrofuran 1000 (PolyTHF 100), which is produced from 1,4 Butanediol (BDO), has similar properties with petrochemical based Polytetrahydrofuran. On the collaboration front, Corbion and Total has entered into a 50/50 joint venture for production of PLA (Poly Lactic Acid) polymers.

Industry/ Innovation/ Related News:

April, 2017 - BASF SE, renowned name in the chemical arena introduced Ultramid Flex F38 L, a bio-based copolyamide dedicated for packaging application. The product was launched particularly for food packaging application in line with the rising demand for sustainable packaging solutions with rising demand for packaged foods.

May, 2017 – Eastman the global giant in petrochemicals launched bio based thermoplastic under the brand name TRĒVA™. The product possess excellent properties and achieves the required sustainability.

November, 2016 – Corbion and Total has entered into a 50/50 joint venture for production of PLA (Poly Lactic Acid) polymers.

March 2015- BASF launched bio-based Polytetrahydrofuran 1000 (PolyTHF 100), which is produced from 1,4 Butanediol (BDO), has similar properties with petrochemical based Polytetrahydrofuran.

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