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Bio-based Chemicals Market to Hit USD 144.63 billion by 2028|Bio-based Chemicals Industry Share, Growth Rate, Demand and Forecast

01-24-2023 05:54 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Fortune business insights

Bio-based Chemicals Market

Bio-based Chemicals Market

The global bio-based chemicals market size amounted to USD 73.16 billion in 2020. The market is predicted to grow from USD 77.10 billion in 2021 to USD 144.63 billion in 2028 at a CAGR of 9.4% during the forecast period. The increasing consumption of bio-based solutions to ensure environmental sustainability will propel the market forward during the projected timeframe, states Fortune Business Insights in its report titled "Bio-based Chemicals Market, 2021-2028."

Bio-based chemicals are derived from bio-based sources such as sugar, corn, biodegradable waste, cellulosic feedstock, or biomass. The demand for these chemicals is rising across several industries including food & beverage, pharmaceutical, automotive, textiles, and others. This rise in demand is due to depleting petroleum resources and the growing unavailability of conventional fossil fuel-based products. The growing need for sustainable solutions across industries will foster market growth in the forthcoming years.

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Market Segments:

Based on product category, the market is segmented into adhesives, platform chemicals, paints, coatings, inks & dyes, polymers for plastics, surfactants, adhesives, cosmetics & personal care products, man-made fibers, and others.

In terms of application, the market is divided into agricultural, industrial, pharmaceutical, and others.

Geographically, the market is broken down into North America, Asia Pacific, Europe, and the Rest of the World.

Report Coverage:

The report offers:

Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
Comprehensive insights into the regional developments.
List of major industry players.
Key strategies adopted by the market players.
Latest industry developments such as product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints:

Depleting Fossil Fuel Resources to Provide Momentum to Market

Bio-based chemicals market growth is driven by the depletion of fossil fuel resources and rising greenhouse gas emissions. These factors have led to increased adoption of biomaterials. Ongoing initiatives to limit harmful emissions is supporting the adoption of bio-based products across industries. The growing concept of green chemistry will further boost this adoption rate. Supportive government initiatives to limit the usage of harmful chemicals will work in favor of market growth.

However, market development could be hampered by the high cost of the product.

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Regional Insights:

Europe registered revenue gains worth USD 35.59 billion in 2020 and will dominate the bio-based chemicals market share over the assessment period. The leading position of the region can be contributed to the growing initiatives by the European Union to promote a green and circular economy. Active steps to increase reliance on biomaterials will strengthen the regional outlook.

The market in Asia Pacific will witness robust growth led by the widespread shift towards bio-based solutions and tightening environmental regulations. Meanwhile, North America will experience substantial growth led by growing R&D in the field of biomaterials.

Notable Industry Development:

December 2020: DuPont Nutrition & Biosciences and Kemira formed a strategic alliance for the formulation and commercialziation of the enzymatic polymerization-based polysaccharide platform technology by DuPont for various applications.

The Report Lists the Key Players Profiled in the Market Report:

BASF SE (Germany)
Vertec BioSolvents Inc. (U.S.)
AGAE Technologies, LLC (U.S.)
TOTAL (France)
ADM (U.S.)
DuPont (U.S.)
Evonik Industries (Germany)
Toray Industries, Inc. (Japan)
Cargill, Incorporated (U.S.)
GF Biochemicals Ltd. (Italy)
Mitsubishi Chemical Corporation (Japan)
DSM (Netherlands)
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