Bio-Based Chemicals Market Driving Factors, Industry Analysis, Investment Feasibility and Trends, Outlook -2023

Market Overview:

Bio-Based Chemicals are generally produced by using renewable sources like sugarcane, corn, vegetable oil, sugar beet, grains, wheat and other cereals, and lignocellulosic biomass. The products which are manufactured by using Bio-Based Chemicals are eco-friendly and does not release toxic emissions when disposed of. The Global Bio-Based Chemicals Market, as per a report by Market Research Future (MRFR) is touted to register a CAGR of 10.47%, surpassing a valuation of USD 97.2 billion during the forecast period (2018-2023).

The major factor driving the Bio-Based Chemicals Market is the strict government mandates associated with the use of synthetic chemicals, especially in developed nations. The surging application of bio-based alcohols in the F&B segment is also triggering the demand from the market. The mounting demand for Bio-Based Lubricants in the transportation and automotive sectors are also predicted to create growth opportunities for the market in the coming years. With the rising focus on production cost optimization with the help of technological innovations, the market is estimated to gain prominence.

Bio-alcohols find wide applications in the F&B industry, especially bioethanol. It is extensively used as an intoxicating agent in the production of alcohol beverages like brandy, vodka, rum, gin, whiskey, tequila, fortified and unfortified wine, beer, and others. It is also used to concentrate and extract aromas and flavors, which are used as a flavoring agent in the F&B industry. The high demand from the F&B industry will induce the growth of the market in the coming years.

On the contrary, the fluctuating prices of raw materials are one of the major concerns deterring the market growth across the globe.

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Competitive Dashboard:

The Top Players Operating in the Bio-Based Chemicals Market include Vertec BioSolvents (US), BASF SE (Germany), TOTAL (France), AGAE Technologies, LLC (US), Archer Daniels Midland Company (US), BioAmber Inc (US), Braskem SA (Brazil), DowDuPont (US), Toray Industries Inc (Japan), Evonik Industries (Germany), Itaconix PLC (UK), Cargill, Incorporated (US), Mitsubishi Chemical Corporation (Japan), GFBiochemicals Ltd (UK), and Royal DSM NV (The Netherlands).

Global Bio-Based Chemicals Market: Segmental Analysis

The Bio-Based Chemicals Market has been segmented based on Type and Application.

By Type, the market is segmented into bio-lubricants, bioplastics, bio-alcohols, bio-solvents, bio-surfactants, and bio-based acids. Of these, the bio-alcohols segment will register the largest share of 41.7%, owing to the large-scale adoption of bioethanol in potable as well as industrial applications. Industrial applications of bioethanol comprise manufacturing of aromas and flavors, cosmetics and personal care formulations, and pharmaceutical formulations.

The Application Segment comprises pharmaceuticals, food & beverage, agriculture, and packaging. Of these, the food & beverage segment is predicted to showcase the largest share of 26.2%. The segment was valued at USD 15,494.6 million in 2018 and is expected to garner a CAGR of 8.79% by the end of 2023.

Regional Frontiers:

Geographically, the Bio-Based Chemicals Market spans across Europe, Asia Pacific, Latin America, North America, and the Middle East & Africa.

Considering the Global Scenario, Europe acquired the largest share in the global market and accounted for 33.75% in 2018. The region was valued at USD 19,950.8 million in 2018 and is estimated to garner a CAGR of 10.85% by the end of 2023, mainly due to the strict environment regulatory policies in the region. In this region, Germany acquired the largest shared in 2018 and is predicted to garner the highest CAGR of 12.34% by the end of 2023. The government in Europe is highly focusing on the development of bio-based sector and several policies and strategies in order to achieve sustainable economic growth. This is predicted to trigger product demand in the market.

The Asia Pacific has managed to seize the second largest share due to the rapid industrial growth, coupled with favorable regulatory policies, especially in the emerging countries of the region. The market in the APAC will register the highest CAGR of 11.32% by 2023, with China accounting for the largest share. Meanwhile, India is likely to register a CAGR of 11.40% by 2023.

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Bio-Based Chemicals Market Trends, Top Manufactures, Market Dynamics, Industry Growth Analysis & Forecast 2023

The Global Biobased Chemicals Market is expected to exhibit a strong 10.47% CAGR over the forecast period from 2018 to 2023, according to the latest research report from Market Research Future (MRFR). The Global Biobased Chemicals Market is studied in detail in the report, which profiles the market’s major drivers and restraints, as well as analyzing the leading players in the Global Biobased Chemicals Market and providing readers with an accurate overview of the competitive landscape of the market. Major economic and legal factors underpinning the Biobased Chemicals Market’s growth are also studied in the report to provide readers with a comprehensive overview of the Global Biobased Chemicals Market’s growth trajectory over the forecast period.

Biobased Chemicals are a replacement for synthetic chemicals and are produced from biological feedstock such as plants and animals. The growing environmental awareness around the world has been the major driver for the Biobased Chemicals Market. Governments around the world are starting to pay more attention to the overall environmental impact of industrial products such as chemicals, including monitoring the processes used to produce said chemicals. This has resulted in a growing government support to the Biobased Chemicals Market. Increasing adoption of global, international treaties and norms to make industrial production more environmentally sustainable has also provided economic incentives to make use of Biobased Chemicals, while many countries have introduced fines and other punishments for the use of synthetic chemicals in certain sectors. These measures are likely to be a major driver for the Biobased Chemicals Market over the forecast period.

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The growing demand for Biobased Lubricants and fertilizers is likely to be a key driver for the Global Biobased Chemicals Market. Biobased Lubricants are developed for the automotive and aerospace industries, apart from other mechanical engineering applications. These lubricants have quickly become the favored option among automotive and aerospace market players, who are witnessing significant profits thanks to the government initiatives designed to increase the use of Biobased Chemicals. Growing demand from automotive consumers for environmentally viable production of their commodities is likely to play a key role in the growth of the Biobased Chemicals Market over the forecast period. Biobased alcohols, acids, and plastics are also likely to be key segments for the Global Biobased Chemicals Market over the forecast period.

Competitive Analysis:

Leading Players in the Global Biobased Chemicals Market include Royal DSM NV, Mitsubishi Chemical Corporation, GFBiochemicals Ltd., Itaconix plc, Cargill Inc., Toray Industries Inc., Evonik Industries, Braskem SA, DowDuPont, Archer Daniels Midland Company, BioAmber Inc., TOTAL, AGAE Technologies LLC, Vertec BioSolvents, and BASF SE.

In September 2019, Chemour developed Teflon EcoElite, a renewably sourced repellent for use in the consumer textile industry. John Sworen, leader of the team that developed the chemical, received the 2019 SCI Gordon E. Moore medal for the achievement. The development of Teflon EcoElite is part of Chemours’ larger commitment to developing products with sustainability profiles that rank high in the industry.

In May 2018, BASF SE signed an agreement with Huafon Group for the development of biofibers in China.

Segmentation:

The Global Biobased Chemicals Market is segmented based on Type, Application, and Region.

By Type, the Global Biobased Chemicals Market is segmented into bio-alcohols, biobased acids, bioplastics, bio-lubricants, bio-surfactants, bio-solvents, and others. The bio-alcohols segment is likely to hold the dominant share in the Global Biobased Chemicals Market over the forecast period due to the growing demand for Biobased Alcohols in the food and beverage industry. The segment accounted for 41.7% of the Global Biobased Chemicals Market in 2018 and is expected to exhibit a robust 9.89% CAGR over the forecast period from 2018 to 2023.

By Application, the Global Biobased Chemicals Market is segmented into food and beverages, pharmaceuticals, detergents and cleaners, personal care products, agriculture, packaging, paints and coatings, automotive, adhesives and sealants, paint dispersions, and others. The food and beverages industry are likely to hold the dominant share in the Global Biobased Chemicals Market over the forecast period.

Regional Analysis:

Europe holds the largest share in the Global Biobased Chemicals Market due to the strong government support to environmental initiatives in the region. Asia Pacific is also a major market for biobased chemicals and is likely to exhibit steady growth in the coming years.

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Bio-Based Chemicals Market Segmentation, Application, Technology & Market Analysis Research Report to 2023

Market Scope:

The Global Market for Bio-Based Chemicals could achieve a CAGR of 10.47% and touch the valuation of USD 97.2 billion during the forecast period (2016-2023), says Market Research Future (MRFR).

Key Companies:

The key companies within the Worldwide Bio-Based Chemicals Market are AGAE Technologies, LLC (US), Mitsubishi Chemical Corporation (Japan), BASF SE (Germany), DowDuPont (US), Braskem SA (Brazil), Evonik Industries (Germany), Vertec BioSolvents (US), Toray Industries Inc (Japan), TOTAL (France), GFBiochemicals Ltd (UK), BioAmber Inc (US), Archer Daniels Midland Company (US), Itaconix PLC (UK), Royal DSM NV (The Netherlands), Cargill, Incorporated (US), among others.

Recent Developments

July 2019

Kemira has joined a four-year EU sponsored project that is striving to develop completely bio-based chemicals, derived from renewable raw materials.

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Growth Boosters and Top Barriers

Bio-Based Chemicals come from biological origins including plants, feedstock, trees, biological waste, and crops. These chemicals are considered the best alternative to traditional chemicals as they play an essential role when it comes to lessening the dependency on fossil fuels. This leads to significant reduction in carbon emission levels, in addition to maintaining the ecological balance. Among the raw materials, Lignocellulose is the most commonly available and used raw material to produce biofuels.

Stringent policies about the production of synthetic chemicals are expected to favor the market in the long run. Subsidies and incentives implemented by governments to bring down emissions are bound to aid in market growth. This can be exemplified by the Renewable Chemicals Act started in 2017 by the U.S. government. It helps provide a tax credit to the bio-chemical vendors in the country.

Emergence of several bio-refineries does wonders for the Bio-Based Chemicals market as well. With the increasing focus on sustaining a consistent supply chain of raw materials in traditional industries like automotive backed by technological advancements could give rise to a flurry of investment opportunities. Also, the shale gas boom in North America has prompted the demand for bio-based polymers as well as intermediates.

Market Segmentation:

The Global Bio-Based Chemicals Market has been segmented depending on the Type and Application.

With context to the Type, the bio-based chemicals market has been broken down into bioplastics, bio-lubricants, bio-solvents, bio-surfactants, bio-based acids, bio-alcohols, and others. The bio-alcohols segment’s coverage of 41.7% was the largest in the market in 2018. This could be owing to the large-scale adoption of bioethanol in potable as well as industrial applications. The segment was worth USD 24,653.90 million in 2018 and can expect to attain a CAGR of 9.89% in the coming years. The segment is also expected to arrive at the valuation of USD 39,507.9 million by 2023.

Application-Wise, the market caters to agriculture, automotive, personal care, food & beverage, packaging, detergents and cleaners, paints and coating, adhesives and sealants, pharmaceuticals, paint dispersion, and others. Out of these, the food & beverage segment dominated the market with the largest share of 26.2%, value wise. The value accounted to USD 15,494.6 million in 2018 and it is believed that the segment can achieve a CAGR of 8.79% during the evaluation period.

Regional Outlook:

The Worldwide Market for Bio-Based Chemicals is spread across the primary regions of Asia Pacific, Europe, Latin America, North America, and Middle East & Africa.

Europe, with a share of 33.75% in 2018, emerged as the most profitable region owing to numerous strict environmental regulatory policies. The market had touched the valuation of USD 19,950.8 million in 2018 and is slated to achieve a growth rate of 10.85% during the review time frame. Germany held the highest value in the region in 2018 and is on its way to grow at the highest rate of 12.34% over the course of the given period.

In 2018, Asia Pacific was the second-biggest market for Bio-Based Chemicals. The esteemed position of the region could be due to rapid industrial growth as well as favorable regulatory policies in the emerging nations. Asia Pacific is presumed to display the best CAGR of 11.32% during the appraisal period. China turned out to be the most lucrative market in the region in 2018 and can project the highest CAGR of 12.60% in the upcoming years. Following closely, India stood as the second-biggest market in 2018 and is set to exhibit a CAGR of 11.40% in the subsequent time frame.

In 2018, United States was the most remunerative market in North America and can expect to sustain its position during the evaluation period. Canada notes a rise in production of bio-succinic acid, developed by BioAmber Inc. Bio-succinic is considered to be the fastest-growing bio-based platform chemical, which finds use across various end-user applications and also as intermediary chemicals. 

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Bio-Based Chemicals Market 2019 Growth Rate, Revenue, Manufacturers, Customer Needs and Forecast to 2023

Bio-Based Chemicals Market – Overview:

The demand for clean biological fuel has gained significant traction prompting considerable growth in the Bio-Based Chemicals Market. Market reports connected with the renewable chemicals industry have been presented by Market Research Future which makes reports on other industry verticals that aims to analyze the current market scenarios better. The market is poised to attain steady progress in the upcoming forecast period.

The demand present in the market is influenced by a spurt in demand for personal care and pharmaceuticals products. The food supplement and nutrient application of Bio-Based Chemicals are expected to further supplement the development of the market in the coming years. The agriculture sector is expected to add to the growth pace of the market for Bio-Based Chemicals in the coming years due to the global demand for high crop yield and disease-free crops.

Segmental Analysis:

The segmentation of the Bio-Based Chemicals Market is carried out on the basis of Applications, Products and Region.

Based on Product, the global market for Bio-Based Chemicals is segmented into biofuels and bioplastics.

On the basis of Application, the Bio-Based Chemicals Market is segmented into agriculture, industrial chemicals, pharmaceuticals, and others.

The Regions included in the Bio-Based Chemicals Market are Europe, Latin America, Asia Pacific, North America, Middle East, and Africa.

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Competitive Analysis:

The growth of the market is moving in a favorable direction due to new product launches or rising gross revenue of the players in the market. Significant reductions in administrative costs are inducing further expansion of the market. The vertical additions and product tactics of the market are boosting the potential of the market players. The development of a robust value chain is further motivating the development of the market. The strategic goals intended for the market are reinforced due to favorable product differentiation carried out by market competitors. 

Increased adaptability of market players to new market trends and customers inclinations are lifting the growth curve of the market and will continue do so in the forecast period. The successful implementation of strategies is expected to motivate the market in the coming years.

The important contenders in the Bio-Based Chemicals globally are BioAmber Inc. (U.S.), Braskem (Brazil), Danimer Scientific (U.S.), BASF SE (Germany), Synbra Holding BV (Netherlands), Zhejiang Hisun Biomaterials Co., Ltd (China), Mitsubishi Chemical Corporation (Japan), Myriant Corporation (U.S.), TEIJIN LIMITED (Japan), Koninklijke DSM N.V. (Netherlands), PTT Global Chemical Public Company Limited (Thailand), NatureWorks LLC (U.S.), Corbion (Netherlands), Mitsui & Co., Ltd. (Japan), and Metabolix, Inc. (U.S.).

Detailed Regional Analysis:

The Bio-Based Chemicals Market covers five key regions such as Europe, the Middle East, Asia Pacific, North America, Latin America, and Africa. The Asia Pacific region is estimated to lead the Bio-Based Chemicals Market owing to the peak production and utilization of the products in this region. Nations such as China, India, and Japan are the chief suppliers to the market’s development owing to the government policies that are designed to support sustainability, reduced price volatility in petroleum-based products, and improved use of eco-friendly products. 

Availability of raw materials coupled with technological advancements is expected to boost the market development in this region. The European region is the next principal region in the bio-based chemicals market globally due to the growing development of value chains with bio-based feedstock, such as biochemicals production and bio-refineries. The depletion of natural resources, rising prices of crude oil, and rigorous government regulations are the key drivers of the market in this region. The North American region is expected to grow at a higher CAGR due to the accessibility of low cost and abundant feedstock, unbalanced focus on the consumption of environment-friendly products and implementation of numerous government policies. The Latin American region is expected to observe noteworthy development in the bio-based chemicals market owing to the increased production in Brazil and export to European countries. For example, the sugarcane-based bioethanol production coupled with climatic factors and government policies is fuelling the market development in this region.

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Bio-Based Chemicals Market 2019 | Global Growth by Manufacturers, Major Application Analysis & Forecast To 2023

Market Scenario:

The Global Bio-Based Chemicals Market is presumed to register a remarkable CAGR during the forecast period (2016-2023) owing to the growing demand for pharmaceuticals, asserts Market Research Future (MRFR). Bio-Based Chemicals are usually derived from biological origin or biomass such as animals, plants, and trees and are classified into biofuels and bioplastics. The increased consumer awareness regarding environmental responsibility is fueling the market growth.

Industry Updates:

November 12, 2018: Scientists have recently discovered a novel method to synthesize furan-2,5-dicarboxylic acid from a glucose derivative of non-food plant cellulose. It paves the way for replacing petroleum-derived terephthalic acid with biomaterials in plastic bottles.

Competitive Dashboard:

The prominent players operating the Global Bio-Based Chemicals Market are NatureWorks LLC (U.S.), Mitsui & Co. Ltd. (Japan), PTT Global Chemical Public Company Limited (Thailand), Koninklijke DSM N.V. (Netherlands), Braskem (Brazil), Mitsubishi Chemical Corporation (Japan), Metabolix Inc. (U.S.), Corbion (Netherlands), BASF SE (Germany), Zhejiang Hisun Biomaterials Co. Ltd (China), TEIJIN LIMITED (Japan), BioAmber Inc. (U.S.), Synbra Holding Bv (Netherlands), Danimer Scientific (U.S.), and Myriant Corporation (U.S.).

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Drivers and Constraints Impacting the Market:

The Bio-Based Chemicals Market is expected to expand at a considerable rate owing to the increased oil prices, growing support for Bio-Based Chemical companies, and movement towards sustainability by the manufacturers. Strong support from the government for eco-friendly processes and sources are creating ample opportunities for the Bio-Based Chemicals Market. Due to the growing demand for personal care products and pharmaceuticals, the Global Bio-Based Chemicals Market is considered to flourish. Additionally, strict regulations from the government against synthetic chemicals such as Registration, Evaluation & Authorization of Chemicals and Bio-Preferred Program are triggering the demand for Bio-Based Chemicals across the globe. Moreover, growing demand for disease-free and high crop yield and use of Bio-Based Chemicals as a nutrient and food supplement is contributing to the market growth over the years.

On the flip side, food safety issues coupled with high prices of Bio-Based Chemicals are some of the major concerns impeding the market growth during the assessment period.

Global Bio-Based Chemicals Market: Segmental Analysis

The Global Bio-Based Chemicals Market has been segmented on the basis of Applications, Products and Region.

By Mode of Products, the Global Bio-Based Chemicals Market has been segmented into biofuels and bioplastics.

By Mode of Application, the Global Bio-Based Chemicals Market has been segmented into agriculture, industrial chemicals, pharmaceuticals, and others. Among these, the industrial chemicals segment is presumed to dominate the global market owing to the high demand from several end-use industries such as composites, engineered polymers, additives, and others. The agricultural segment is considered to expand at a higher CAGR owing to its wide range of applications such as biofertilizers and biopesticides.

Regional Insights:

Geographically, the Bio-Based Chemicals Market span across regions namely, Europe, Asia Pacific, North America, and Latin America.

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Among all the regions, Asia Pacific is considered to dominate the Global Bio-Based Chemicals Market owing to the highest consumption and production of the product in this region. Economies such as Japan, China, and India are considered some of the major contributors to the growth of the market owing to strict government policies to favor sustainability, rising use of eco-friendly products, and escape price volatility in petroleum-based products. Moreover, the availability of raw materials along with technological advancements are estimated to foster the market growth in this region.

Europe is considered to be the second-largest market due to growing development of value chain with bio-based feedstock. Moreover, increasing prices of crude oil, depletion of natural resources, and strict government mandates are the major factors propelling the market growth.

The North American region is estimated to expand at a higher CAGR owing to the availability of abundant and low-cost feedstock, implementation of government policies, and shifting preference for using environmental-friendly products.      

                              

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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

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Bio-Based Chemicals Market 2018 Overview, Outlook, Segmentation, Applications, Forecast, Analysis 2023

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.

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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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Bio-Based Chemicals Market 2018 | Global Size, Segments, Growth and Trends by Forecast to 2023

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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Bio-Based Chemicals Market 2018 | Analysis, Size, Share, Growth and Trends by Forecast to 2023

Market Overview
Bio-Based Chemicals are derivatives of biomass, produced from plants, trees, and animals. The Bio-Based Chemicals are broadly segmented on the basis of product, which is, bioplastics and biofuels. The biofuels segment is further segmented into biodiesel, biogas, and solid biomass. The biodiesel sub-segment is likely to fuel the market growth due to a higher rate of depletion of natural resources and increasing demand for sustainable transportation. The properties such as low carbon emissions increased fuel efficiency, and material compatibility makes biodiesel an excellent choice for diesel.
Furthermore, the increased use of bioplastics in the manufacturing of disposable items such as packaging, and crockery is expected to propel the market growth. Bioplastics are further classified into biodegradable plastics and non-biodegradable plastics. Some of the bioplastics manufactured are polylactic acid, polyhydroxyalkanoates, bio-polyethyleneteraphtalate, polyamide, and others.

The various applications of Bio-Based Chemicals are industrial chemicals, agriculture, pharmaceuticals, and food product. Industrial chemicals are the leading segment of the Global Bio-Based Chemicals Market owing to their use in engineered polymers, additives, composites, and others. Agriculture is the second largest segment of the Bio-Based Chemicals on account of their extensive use as biopesticides and biofertilizers. The increasing use of agrochemicals to meet the demand for growing population and to increase crop productivity is anticipated to favor the market growth. Additionally, the product is a key ingredient for most of the pharmaceuticals and personal care ointments, which may further drive the market positively. Again, the various government policies towards sustainability program, increased use of eco-friendly products, and high volatility in crude oil prices are the major drivers of the Global Bio-Based Chemicals Market.

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Market Segmentation
The Global Bio-Based Chemicals Market is segmented on the basis of the products, applications, and region.

On the Basis of the Products, the Global Bio-Based Chemicals Market is segmented into bioplastics and biofuels.

Based on the Applications, the Global Bio-Based Chemicals Market is segregated into industrial chemicals, agriculture, pharmaceuticals, and others.

Regional Analysis
The Global Bio-Based Chemicals Market is spanned across Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa.

The Asia Pacific is expected to be the dominating region in the Global Bio-Based Chemicals Market owing to the highest production and consumption of the product. Availability of raw materials and technological developments coupled with various governmental policies for sustainability are the major drivers of the market in this region. According to a  recent survey from the DuPont Green Living Survey: India, conducted by TNS Global, the majority of Indian consumers are familiar with green products and conclude that green products are better for the environment, and feel that bio-based ingredients enhance the desirability of a product.

The increasing development of value chains with bio-based feedstock, i.e., biorefineries and biochemicals production is the major driver of the European market. Furthermore, depletion of natural resources, rising prices of crude oil, and stringent government regulations favor the market growth in this region.

The North American market is likely to showcase a significant growth on account of the availability of low cost and abundant feedstock, shifting focus on the use of environment-friendly products, and implementation of government policies on usage of Bio-Based Chemicals.

Brazil and Argentina are the major contributors to the Bio-Based Chemicals Market in Latin America region due to the high production and exportation of sugarcane.

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