The Global Bio-based Chemicals Market to Attain $29.08 Billion in Revenue by 2028

As per Triton's research report, the global bio-based chemicals market garnered $9.20 billion in 2019. It is further expected to register growth at 13.64% of CAGR by 2028.

A recent study by Triton Market Research titled ‘Global Bio-based Chemicals Market’ comprises the Global Analysis and Forecasts by End-user (Industrial Chemical [Glycerol, Succinic Acid, Alcohol, Lactic Acid, Acrylic Acid, Bio-based Dyes, Other Industrial Chemicals], Agriculture [Bio-Pesticides, Bio-Fertilizers, Other Agriculture], Pharmaceuticals [Vitamins & Related Compounds, Enzymes, Antibiotics, Amino Acid], Food Products [Alcoholic Beverages, Other Food Products]), Type (Biofuels [Biogas, Bio-Diesel, Solid Biomass], Bioplastics [Non-Biodegradable (Bio PET, Bio PE, Bio PA, Other Non-Biodegradable Plastics), Bio-Degradable (Regenerated Cellulose, PHA, Bio-Degradable Polyester, PLA, Other Bio-Degradable Plastics)]), and by Geography (Latin America, North America, Europe, Asia-Pacific, Middle East and Africa).

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Triton’s report predicts that the global bio-based chemicals market is anticipated to develop at a CAGR of 13.64% during the forecast years 2019-2028. It will further register revenue growth valued at $29.08 billion by 2028.

Rising demand for eco-friendly products and improvement in the crude oil prices have opened avenues for the production of bio-based chemicals. Among the bio-based chemicals products, bioplastics are major products used for various applications. The bio-based chemical products are used in several industries, including pharmaceuticals, agriculture, and food products.

The favorable government policies towards bio-based products, surging use of bioplastics, and high market potential of bio-based chemicals products, are key elements driving the market’s growth. The governments in numerous countries are undertaking several initiatives to encourage green chemistry. Moreover, they are involved in creating business sustainability by initiating programs, including banning traditional plastic bags and limiting their free distribution. Although, the cost of production of bio-based chemicals is relatively higher than the production of traditional chemicals. This cost constraint restricts the development of the bio-based chemicals market.

The market for bio-based chemicals is segmented into end-user and type. The end-user is further divided into industrial chemical, agriculture, pharmaceuticals, and food products. The industrial chemical is subdivided into glycerol, succinic acid, alcohol, lactic acid, acrylic acid, bio-based dyes, and other industrial chemicals. Based on agriculture, it is trifurcated into bio-pesticides, bio-fertilizers, and other agriculture. Similarly, pharmaceuticals are divided as per vitamins & related compounds, enzymes, antibiotics, and amino acid. As per food products, the market is subdivided into alcoholic beverages and other food products.

Further, the type segment is broadly sectioned into biofuels and bioplastics. Biofuels are categorized into biogas, bio-diesel, and solid biomass, whereas bioplastics are branched into non-biodegradable and bio-degradable. The non-biodegradable section is further divided into bio PET, bio PE, bio PA, and other non-biodegradable plastics. Lastly, bio-degradable is segmented into regenerated cellulose, PHA, bio-degradable polyester, PLA, and other biodegradable plastics.

Geographically, the Asia-Pacific holds the largest market for bio-based chemicals. The region’s dominance is attributable to the rising demand for eco-friendly products and policy adoption. Several countries in the region have witnessed a rapid development of the bio-based chemicals market due to economic development and stringent government legislation to preserve the environment and efficient energy production. Additionally, many countries have also adopted policies on green chemistry products and energy-saving schemes. Hence, such initiatives further propel the demand for bio-based chemical products, thereby augmenting the studied market’s progress in the region.

Cargill Incorporated, Mitsui & Co Ltd, PTT Global Chemical Public Company Limited, Teijin Limited, Braskem SA, Mitsubishi Chemical Corporation, Royal DSM NV, Danimer Scientific Inc, Novozymes, Abengoa SA, Corbion NV, BASF SE, Methanex Corporation, and NatureWorks LLC are the key establishments present in this market.

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Question & Answer: Bio-based Chemicals Market

Question 1: What key elements are responsible for the growth of global bio-based chemicals market?
Answer: The favorable government policies towards bio-based products, surging use of bioplastics, and high market potential of bio-based chemicals products, are key elements driving the market’s growth.

The governments in numerous countries are undertaking several initiatives to encourage green chemistry. Moreover, they are involved in creating business sustainability by initiating programs, including banning traditional plastic bags and limiting their free distribution.

Question 2: What factor restricts the development of the bio-based chemicals market?
Answer: The cost of production of bio-based chemicals is relatively higher than the production of traditional chemicals. This cost constraint restricts the development of the bio-based chemicals market.

Question 3: Which region is dominating the bio-based chemicals market?
Answer: Geographically, the Asia-Pacific holds the largest market for bio-based chemicals. The region’s dominance is attributable to the rising demand for eco-friendly products and policy adoption. Several countries in the region have witnessed a rapid development of the bio-based chemicals market due to economic development and stringent government legislation to preserve the environment and efficient energy production. Additionally, many countries have also adopted policies on green chemistry products and energy-saving schemes. Hence, such initiatives further propel the demand for bio-based chemical products, thereby augmenting the studied market’s progress in the region.

Question 4: Which are the key establishments present in the bio-based chemicals market?
Answer: Cargill Incorporated, Mitsui & Co Ltd, PTT Global Chemical Public Company Limited, Teijin Limited, Braskem SA, Mitsubishi Chemical Corporation, Royal DSM NV, Danimer Scientific Inc, Novozymes, Abengoa SA, Corbion NV, BASF SE, Methanex Corporation, and NatureWorks LLC are the key establishments present in this market.

Related Report:
Global Biodegradable Plastics Market

The global biodegradable plastics market is probable to showcase growth in its revenue value during 2019-2027 at a CAGR of 10.84%. It is further expected to generate revenue worth $6153.50 million by 2027.

Biodegradable plastics are known as plastics that possess the ability to decompose fully in the environment by microorganisms that work to break down such plastics. Moreover, biodegradable plastics can be produced from both renewable or non-renewable resources.

The biodegradable properties of the bioplastics and the surge in the scope of biodegradable plastics in various industries, are elements that are driving the market’s development globally. Besides, the shift of consumers towards eco-friendly products, along with favorable government policies to decrease the use of petroleum-based polymers, are other factors augmenting the studied market’s progress.

Although, the elevated cost of biodegradable plastics compared to conventional plastics, paired with the durability issues, are creating challenges for the global biodegradable plastics market during the forecast period.

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