Global Bio-Based Chemicals Market Analysis by Recent Developments and Business Outlook 2022-2030

According to the estimations put forth by Inkwood Research, the Global Bio-based Chemicals Market is anticipated to project a CAGR of 14.51% in terms of revenue during the forecasting years of 2019-2028.
"Browse 115 Market Data Tables and 80 Figures spread over 347 Pages, along with an in-depth TOC on the Global Bio-based Chemicals Market Forecast 2019-2028."

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As per the United States Department of Agriculture (USDA), bio-based products are derived from plants as well as numerous other agricultural, forestry, and marine materials. They also offer an alternative to traditional petroleum-derived products, such as detergents, lubricants, fertilizers, bioplastics, and inks. Likewise, bio-based chemicals are defined as chemical products, partially or entirely derived from biologically originated materials. These include feedstock, biomasses, plants, crops, trees, algae, marine organisms, and biological waste.

Use of Eco-Friendly Products Facilitate Market Growth
The use of eco-friendly products, such as bioplastics, plays an essential role in the global bio-based chemicals market growth. Bio-based products are more eco-friendly as they are formed by a relatively lesser polluting process in the petrochemical industry. Likewise, PLA products are biodegradable, and they can be recycled at an industrial recycling unit. For instance, Galactic started a pilot unit for chemically recycling PLA. The process entails converting the end-product of PLA, into a lactic acid monomer. The process, 'LOOPLA,' can recover nearly 100% of lactic acid, and handle the contamination, as well.
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BioPlastics is the Fastest-Growing Product Type
Presently, bioplastics account for nearly 1% of over 359 million tons of plastic manufactured, annually. Its market is continually growing and diversifying, owing to an increase in demand, as well as the emergence of more complex biopolymers, products, and applications. For instance, the global bioplastics production capacity is anticipated to increase from nearly 2.11 million tons in 2019, to over 2.40 million tons, by 2024. They are also used across multiple industries, such as, catering products, packaging, consumer electronics, agriculture and horticulture, automotive, toys, and textiles, among various others. Nevertheless, the applications' portfolio continues to diversify.

Asia Pacific to Lead and Dominate the Global Market by 2028
The transitioning consumer preferences inclined towards organic products, and the rising health and ecological concerns, owing to the use of synthetic petroleum-based chemicals, predominantly fuel the bio-based chemicals market in the Asia Pacific. Moreover, emerging countries like China and Japan are among the significant economies facilitating the region's market growth. This is mainly attributed to favorable government initiatives and the augmenting manufacturing sectors. For instance, Japan's government continually monitors the negative impacts of conventional chemicals, and encourages adopting bio-based chemicals.
The high fixed capital costs included in research and development, and the high exit barriers, lead to intense rivalry among players. On the other hand, the competitors are not strategically diverse, and are of unequal sizes, in terms of revenue. As a result, the industrial rivalry across the global bio-based chemicals market is anticipated to be moderately high. Distinguished enterprises operating in the market are, Corbion NV, Mitsubishi Chemical Holdings Corporation, PTT Global Chemical Public Company Limited, BASF SE, Cargill Incorporated, etc.

Related Reports:
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GLOBAL GREEN SOLVENTS & BIO SOLVENTS MARKET
GLOBAL BIODEGRADABLE PLASTICS MARKET
GLOBAL BIOFUELS & BIODIESEL MARKET
GLOBAL BIO-BASED POLYETHYLENE TEREPHTHALATE (PET) MARKET

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