Bio-Based Chemicals are derived from biological origin or biomass such as trees, plants, and animals. They are broadly classified into bioplastics and biofuels. Among these, biofuels dominate the market in terms of value owing to the increasing environmental concerns and recurrent fluctuation in crude oil prices. Various bioplastics produced from bio-based chemicals are polylactic acid, polyhydroxyalkanoates, bio-polyethyleneteraphtalate, and bio-polyethylene among others, which are mainly used for disposable items such as crockery, cutlery, pots, bowls, and straws.
The various applications for Bio-Based Chemicals Market include industrial chemicals, agriculture, pharmaceuticals, food products, and others. The industrial chemicals segment is likely to dominate the market during the review period due to their extensive demand from various end uses such as engineered polymers, composites, additives, and others. The agricultural segment is anticipated to grow at a higher CAGR due to its wide range of applications such as biopesticides and biofertilizers.
The increasing demand for high crop yield and the disease-free crop is likely to drive the market positively. Moreover, the increasing demand for pharmaceuticals and personal care products is expected to propel the bio-based chemicals market. The use of Bio-Based Chemicals as a food supplement and nutrient is another factor driving the market. The stringent governmental regulations against synthetic chemicals such as Bio-Preferred Program and Registration, Evaluation & Authorization of Chemicals (REACH) among others are favoring the demand for the product. However, the high prices of Bio-Based Chemicals and food safety issues may prove to be a challenge to market growth.
Segmentation
The Global Bio-Based Chemicals Market is segmented on the basis of the Products, Applications, and Region.
On the basis of the Product, the Global Bio-Based Chemicals Market is segmented into bioplastics and biofuels.
Based on the Application, the Global Bio-Based Chemicals Market is segregated into industrial chemicals, agriculture, pharmaceuticals, and others.
Regional Analysis
The Global Bio-Based Chemicals Market is segmented into five key regions Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa.
The Asia Pacific is anticipated to dominate the Global Bio-Based Chemicals Market due to the highest production and consumption of the product in this region. Countries such as India, China, and Japan are the major contributors to the market growth due to government policies for designed to favor sustainability, escape price volatility in petroleum-based products, and increased use of eco-friendly products. A recent study from the DuPont Green Living Survey: India conducted by Taylor Nelson Sofres (TNS) Global, found that majority of Indian consumers are familiar with green products and concluded that green products are better for the environment, and feel that bio-based ingredients enhance the desirability of a product. Availability of raw materials coupled with technological advancements is likely to propel the market growth in this region.
Europe is the second largest region in the Global Bio-Based Chemicals owing to the increasing development of value chains with bio-based feedstock, i.e., bio-refineries and biochemicals production. Depletion of natural resources, rising prices of crude oil, and stringent government regulations are the major drivers of the market in this region.
North America is expected to grow at a higher CAGR due to the availability of low cost and abundant feedstock, shifting focus on the use of environment-friendly products, and implementation of several government policies.
Latin America is anticipated to witness a significant growth of the Bio-Based Chemicals Market due to the high production in Brazil and exportation to European countries. For instance, the sugarcane-based bioethanol production coupled with climatic factors and government policies is driving the market growth in this region.
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The various applications for Bio-Based Chemicals Market include industrial chemicals, agriculture, pharmaceuticals, food products, and others. The industrial chemicals segment is likely to dominate the market during the review period due to their extensive demand from various end uses such as engineered polymers, composites, additives, and others. The agricultural segment is anticipated to grow at a higher CAGR due to its wide range of applications such as biopesticides and biofertilizers.
The increasing demand for high crop yield and the disease-free crop is likely to drive the market positively. Moreover, the increasing demand for pharmaceuticals and personal care products is expected to propel the bio-based chemicals market. The use of Bio-Based Chemicals as a food supplement and nutrient is another factor driving the market. The stringent governmental regulations against synthetic chemicals such as Bio-Preferred Program and Registration, Evaluation & Authorization of Chemicals (REACH) among others are favoring the demand for the product. However, the high prices of Bio-Based Chemicals and food safety issues may prove to be a challenge to market growth.
Segmentation
The Global Bio-Based Chemicals Market is segmented on the basis of the Products, Applications, and Region.
On the basis of the Product, the Global Bio-Based Chemicals Market is segmented into bioplastics and biofuels.
Based on the Application, the Global Bio-Based Chemicals Market is segregated into industrial chemicals, agriculture, pharmaceuticals, and others.
Regional Analysis
The Global Bio-Based Chemicals Market is segmented into five key regions Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa.
The Asia Pacific is anticipated to dominate the Global Bio-Based Chemicals Market due to the highest production and consumption of the product in this region. Countries such as India, China, and Japan are the major contributors to the market growth due to government policies for designed to favor sustainability, escape price volatility in petroleum-based products, and increased use of eco-friendly products. A recent study from the DuPont Green Living Survey: India conducted by Taylor Nelson Sofres (TNS) Global, found that majority of Indian consumers are familiar with green products and concluded that green products are better for the environment, and feel that bio-based ingredients enhance the desirability of a product. Availability of raw materials coupled with technological advancements is likely to propel the market growth in this region.
Europe is the second largest region in the Global Bio-Based Chemicals owing to the increasing development of value chains with bio-based feedstock, i.e., bio-refineries and biochemicals production. Depletion of natural resources, rising prices of crude oil, and stringent government regulations are the major drivers of the market in this region.
North America is expected to grow at a higher CAGR due to the availability of low cost and abundant feedstock, shifting focus on the use of environment-friendly products, and implementation of several government policies.
Latin America is anticipated to witness a significant growth of the Bio-Based Chemicals Market due to the high production in Brazil and exportation to European countries. For instance, the sugarcane-based bioethanol production coupled with climatic factors and government policies is driving the market growth in this region.
Get Sample of Report @ https://www.marketresearchfuture.com/sample_request/5706
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