Press release
Bio-based Chemicals Market Comprehensive Analysis by Leading Companies - Mitsubishi Chemical Corporation, Synbra Holding BV, Zhejiang Hisun Biomaterials Co., Ltd, and Teijin Limited
Bio-based Chemicals
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Key Players
๐บ๐๐๐ ๐๐ ๐๐๐ ๐๐๐ ๐๐๐๐๐๐๐ ๐๐ ๐๐๐ ๐๐๐๐๐๐ ๐๐๐-๐๐๐๐๐ ๐๐๐๐๐๐๐๐๐ ๐๐๐๐๐๐ ๐๐๐๐๐๐ ๐, ๐ฉ๐๐๐จ๐๐๐๐ ๐ฐ๐๐., ๐ซ๐๐๐๐๐๐ ๐บ๐๐๐๐๐๐๐๐๐, ๐ด๐๐๐๐๐๐๐๐, ๐ฐ๐๐., ๐ด๐๐๐๐๐๐ ๐ช๐๐๐๐๐๐๐๐๐๐, ๐ต๐๐๐๐๐๐พ๐๐๐๐ ๐ณ๐ณ๐ช, ๐ฒ๐๐๐๐๐๐๐๐๐๐ ๐ซ๐บ๐ด ๐ต.๐ฝ., ๐ท๐ป๐ป ๐ฎ๐๐๐๐๐ ๐ช๐๐๐๐๐๐๐ ๐ท๐๐๐๐๐ ๐ช๐๐๐๐๐๐ ๐ณ๐๐๐๐๐๐ , ๐ช๐๐๐๐๐๐, ๐ฉ๐จ๐บ๐ญ ๐บ๐ฌ, ๐ฉ๐๐๐๐๐๐, ๐ด๐๐๐๐๐ & ๐ช๐., ๐ณ๐๐ ., ๐ด๐๐๐๐๐๐๐๐๐ ๐ช๐๐๐๐๐๐๐ ๐ช๐๐๐๐๐๐๐๐๐๐, ๐บ๐๐๐๐๐ ๐ฏ๐๐๐ ๐๐๐ ๐ฉ๐ฝ, ๐๐๐๐๐๐๐๐ ๐ฏ๐๐๐๐ ๐ฉ๐๐๐๐๐๐๐๐๐๐๐ ๐ช๐., ๐ณ๐๐ , ๐๐๐ ๐ป๐๐๐๐๐ ๐ณ๐๐๐๐๐๐
Market Overview
Methane, methanol, carbon monoxide, and formic acid are some commercially produced and used bio-based chemicals. Anaerobic digestion or fermentation of biodegradable materials, syngas, and biofine processes are some of the methods used to produce bio-based chemicals. Bio-based chemicals are used in various applications such as production of biogas and synthesis gas. Bio-based chemicals are also used in the agriculture sector in the form of bio-pesticides and bio-fertilizers.
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Market Dynamics
Increasing demand for biofuels in order to mitigate the impact of greenhouse gas emission and pollution is expected to contribute to the market size for bio-based chemicals. Moreover, fluctuations in crude oil prices can also boost the market growth. Bio-chemicals can also be used to produce degradable plastics.ย ย ย Microorganisms can convert cornstarch into a resin that is as rigid as petroleum-based plastics. Increasing demand for bio-based chemicals from the pharmaceutical industry is also expected to boost the market growth. In the pharmaceutical industry, bio-based chemicals are used for the development of medicines & therapies.
๐๐๐ ๐๐ก๐ค๐๐๐ก ๐๐๐ค-๐๐๐จ๐๐ ๐๐๐๐ข๐๐๐๐ก๐จ ๐ข๐๐ง๐ ๐๐ฉ ๐จ๐๐ฏ๐ ๐๐จ ๐๐ญ๐ฅ๐๐๐ฉ๐๐ ๐ฉ๐ค ๐ฌ๐๐ฉ๐ฃ๐๐จ๐จ ๐ฅ๐ค๐ฉ๐๐ฃ๐ฉ๐๐๐ก ๐๐๐๐ฃ๐จ ๐๐ฃ ๐ฉ๐๐ ๐๐ช๐ฉ๐ช๐ง๐, ๐๐ฃ๐ ๐ง๐๐๐๐จ๐ฉ๐๐ง ๐ ๐จ๐๐๐ฃ๐๐๐๐๐๐ฃ๐ฉ ๐พ๐ผ๐๐ ๐ค๐ 15.74% ๐ค๐ซ๐๐ง ๐ฉ๐๐ ๐๐ค๐ง๐๐๐๐จ๐ฉ ๐ฅ๐๐ง๐๐ค๐ (2019 โ 2027).
Lack of legislation regarding production and use of bio-based chemicals is major factor retraining growth of the market. Several countries lack the presence and implementation of law or legislation about production, usage or waste management of bio-based chemicals. Recycling of bio-based chemical products is also a major issue as bio-based chemicals might actually contaminate the recycling process when not separated from conventional chemical products. High costs of bio-based chemicals compared to their conventional counterparts may play a significant role in market outlook. However, large-scale industrial production may help to reduce costs.
Market Outlook
Asia Pacific is expected to hold dominant position in the global bio-based chemicals market over the forecast period. This is attributed to increasing demand for clean energy and significant growth of pharmaceuticals industry in the region. Europe is expected follow Asia Pacific in terms of market share, owing to increasing development of value chains with bio-based feedstock.
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