Biobased Chemicals Market - Size, Share, Development, Growth and Demand Forecast to 2023

The biobased chemicals market is growing with a considerable rate due to increased consumer awareness about environmental responsibility, increased oil prices, movement towards sustainability by manufacturers and increased support for biobased chemical companies. Manufacturers are forced to shift to the production of biobased chemicals due to rise in prices of crude oils, which have improved, the demand for platform chemicals using renewable raw materials such as animal fat, vegetable oils, starch and sugar. As the government is supporting eco-friendly sources and processes, the biobased chemicals market has an ample opportunity to grow with a significant rate in the coming years.

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Biobased chemicals release less carbon dioxide (CO2) than chemicals manufactured with conventional feedstock. The production of biobased chemicals reduces the greenhouse gas emissions of the downstream users and petrochemical industry. Although the conventional petroleum based process is expected to become more greenhouse gas efficient with time due to technological advancements and enhanced exploration methods such as deep sea drilling, tar sands and arctic exploration. It will pose a great challenge to the biobased chemicals market in the coming years and will push the biobased chemicals producers in making more advanced products. Integration of biobased chemical production with biofuel production depends on many factors such as technology and feedstock fit with the biorefinery, biorefinery location, business plans and capital cost of integration versus stand alone chemical production.

On the basis of product type, the biobased chemicals market can be categorized as polymers, alcohols, ketones, 1,3-Propanediol, epichlorohydrin and organic acids. The biobased chemicals market can be categorized on the basis of chemicals as 3-Hydroxypropionic acid, levulinic acid, glucaric acid, polylactic acid (PLA), itaconic acid, bio ethylene, aspartic acid, polyhydroxyalkanoate (PHA), and glutamic acid. The strongest growth is in the polylactic acid, polyhydroxyalkanoate and bio ethylene categories as they are used to manufacture bio based plastics.

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Chemical conversion improving yields, new product developments such as isobutanol and lignin, and collaboration with universities are some of the factors providing abundant opportunities to the biobased chemicals market to grow with a considerable rate. Emerging economies such as BRIC (Brazil, Russia, India and China) countries require increasing amount of oil and other fossil fuel based products, providing more opportunities for the biobased chemicals market. Some of the factors restraining the growth of the biobased chemicals market are cost issues, production issues and trade off with vital resources. Biobased feedstocks are not easily available and a huge investment is required to acquire land for production of biobased feedstock.

Some of the competitors in the biobased chemicals market are Genomatica, Inc., Myriant Corporation, Global Bio-chem Technology Group Company Limited, BioAmber Inc., India Glycols Limited, Archer Daniels Midland Company, Braskem, Metabolix, Inc., and Biomethanol Chemie Nederland B.V.

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