Bio-Based Chemicals are derived from biological origin or biomass such as trees, plants, and animals. With the demand growing for natural and organic products, the market for Bio-Based Chemicals is expected to grow at a high rate. Market Research Future (MRFR) has published a research report about the Global Bio-Based Chemicals Market that anticipates hike for this market with a high rate between 2016 and 2023.
The most important drivers contributing to the growth of Global Bio-Based Chemicals Market include increasing demand for high crop yield & the disease-free crop, increasing demand for pharmaceuticals & personal care products, use of Bio-Based Chemicals as a food supplement & nutrient, and lastly, stringent governmental regulations against synthetic chemicals such as Bio-Preferred Program and Registration, Evaluation & Authorization of Chemicals (REACH). At the same time, the high prices of Bio-Based Chemicals and food safety issues can hurt the market growth.
The Global Bio-Based Chemicals Market has been segmented on the basis of Applications, Products, and Region. The application-based segmentation of this market covers agriculture, industrial chemicals, pharmaceuticals, and others. Based on products, the market has been segmented into biofuels and bioplastics.
The regional segmentation of the Global Bio-Based Chemicals Market segments the market into continent-based regional markets namely Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa (MEA).
During the forecast period, the Asia Pacific is anticipated to dominate the Global Bio-Based Chemicals Market because the highest amount of production, as well as consumption of the product, happens in this region. Availability of raw materials and steadily rising technological advancements are likely to augment the market growth in this region. Countries such as China, India, and Japan are the major contributors to the market growth due to escape price volatility in petroleum-based products, increased use of eco-friendly products, and government policies that have been designed to favor sustainability. Other important country-based markets in this region are Australia and New Zealand, followed by the rest of the Asia Pacific region.
Europe is the second largest regional market due to the high density of population, and increasing development of value chains with bio-based feedstock, i.e., bio-refineries and biochemicals production. Other major drivers of the market in this region are depletion of natural resources, rising prices of crude oil, and stringent government regulations. The most important country-based markets in Europe are France, Germany, Italy, Poland, Russia, Spain, and the United Kingdom (UK).
The North American market is likely to witness significant growth due to the availability of advanced technology, abundant & low-cost feedstock, implementation of government policies on usage of Bio-Based Chemicals, and the rising trend regarding the use of environment-friendly products. The most significant markets in North America are the United States of America (USA) and Canada. In Latin America, the market is limited due to the lack of advanced technology. The most important country-specific markets in Latin America are Argentina, Brazil, and Mexico, followed by the rest of Latin America. Among these Argentina and Brazil are the biggest contributors to the market due to high production and exportation of sugarcane.
In the MEA region, the market is limited. As most of the countries are desert regions, farming here is very limited. Some other reasons for the limited market growth in this region are lack of awareness, lack of education, lack of technological development, and political instability. The important country-specific markets in this region are Bahrain, Israel, Kuwait, North Africa, Oman, Qatar, Saudi Arabia, Turkey, and the United Arab Emirates (UAE), followed by the rest of the MEA region.
Key Players
The key players in the Global Bio-Based Chemicals Market include BASF SE (Germany), BioAmber Inc. (USA), Braskem (Brazil), Corbion (Netherlands), Danimer Scientific (USA), Koninklijke DSM N.V. (Netherlands), Metabolix, Inc. (USA) Mitsubishi Chemical Corporation (Japan), Mitsui & Co., Ltd. (Japan), Myriant Corporation (USA), NatureWorks LLC (USA), PTT Global Chemical Public Company Limited (Thailand), Synbra Holding Bv (Netherlands), TEIJIN LIMITED (Japan), and Zhejiang Hisun Biomaterials Co., Ltd (China).
Latest Industry News
28 SEP 2018: Versalis has won the bidding process ordered by the Court of Alessandria for Mossi & Ghisolfi’s Group’s “green” activities. The operation includes assets and resources related to biochemical processes based on the use of renewable resources, especially biomass, development activities, industrialization, and licensing of technologies of the four companies Beta Renewables, Biochemtex, Ipb Energia, and Ipb (Italian Bio-Products).
11 SEP 2018: DuPont Industrial Biosciences has finalized the expansion of its Kinston manufacturing facility which produces the firm’s bio-based Sorona polymer in North Carolina, USA.
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