Biobased Chemicals Market Key Companies includes Mitsubishi Chemical Corporation, Mitsui Chemicals America, Inc., Corbion, BASF, BioAmber Inc., Braskem, Methanex Corporation, Novozymes, BEWiSynbra Group & PTT Global Chemical Public Company Limited

Globally, in recent years, there has been a shift toward development of sustainable materials to replace petroleum-based derivatives. Moreover, biobased chemicals, which were initially unable to compete with the traditional products on terms of performance in the chemicals industry, are now substituting the petroleum-based products such as diesel and natural gas.

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Biobased chemicals are produced using natural feedstocks such as trees, plants, and animals, and are environment-friendly They have applications in industrial chemicals, agricultural products, pharmaceuticals, and food products. In the report, the global biobased chemicals market is segmented on the basis of type, application, fuel, and geography.

The biobased chemicals market on the basis of fuel type can be classified into biodiesel, biogas, and solid biomass. Among these, biogas is expected to hold a significant share in the market during the forecast period. This is due to the fact that biogas has wide application areas, including as a domestic fuel and for generation of electricity.

The biobased chemicals industry is expected to be driven by government policies such as Energy Independence and Security Act (2007) by the U.S. Congress, which stated to increase the production of clean renewable fuels; and the U.S. Energy Policy Act (2005), which stated petroleum distributors to add ethanol to gasoline. increase the biobased chemicals market size.

Some of the major companies operating in the global biobased chemicals market are Mitsubishi Chemical Corporation, Mitsui Chemicals Inc., Corbion NV, BASF SE, BioAmber Inc., Braskem, Methanex, Novozymes A/S, BEWiSynbra Group AB, and PTT Global Chemical Public Company Limited.

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The study provides the historical as well the forecast market size data for various countries, including the U.S., Canada, France, Germany, the U.K., Italy, Spain, Japan, China, India, Brazil, Saudi Arabia, and South Africa.

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This release was published on openPR.