Bio-Based Chemicals Market 2019 Sales, Revenue, Gross Margin, Market Share by Top Companies 2023

Market Highlights:

The Global Bio-Based Chemicals Market is estimated to be valued at USD 97,267.0 million by 2023 and record a CAGR of 10.47% during the forecast period. According to the US Environmental Protection Agency (US EPA), the chemical industry was responsible for over 20% of the industrial greenhouse gas emissions in 2017. Environmental concerns due to uncontrolled emissions from the chemical industry have led to the imposition of regulations over the use of synthetic chemicals, which is expected to create growth opportunities for the players operating in the Global Bio-Based Chemicals Market. With the advent of Bio-Based Chemicals, the production of chemicals through the synthetic medium is declining.

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However, volatile raw material prices of bio-based chemicals are expected to be a restraining factor for the growth of the global market during the forecast period.

Segmental Analysis:

According to MRFR analysis, the Global Bio-Based Chemicals Market has been segmented based on Type, Applications and Region.

By Type, the Global Bio-Based Chemicals Market has been categorized into bioplastics, bio-lubricants, bio-solvents, bio-surfactants, bio-based acids, bio-alcohols, and others. Among these, the bio-alcohols segment accounted for the largest share of 41.7% by value in 2018 predominantly due to the large-scale adoption of bio-ethanol in industrial as well as potable applications. Industrial applications of bio-ethanol include manufacturing of flavors and aromas, pharmaceutical formulations, and cosmetics and personal care formulations. The high demand for other bio-alcohols such as sorbitol, xylitol, bio-methanol, and bio-butanol in the food & beverage, pharmaceutical, and cosmetics & personal care industries is also expected to support the growth of the segment. The bio-alcohols segment is expected to register a CAGR of 9.89% during the forecast period.

On the basis of Application, the Global Bio-Based Chemicals Market has been classified into agriculture, automotive, personal care, food & beverage, packaging, detergents and cleaners, paints and coating, adhesives and sealants, pharmaceuticals, paint dispersion, and others. The food & beverage segment accounted for the largest share of 26.2% by value in 2018 due to the high demand for bio-plastics, bio-solvents, bio-alcohols, bio-surfactants, and bio-based acids, which find a wide range of applications in the food & beverage industry. The growing food & beverage industry due to changing food habits, increasing disposable income, and changing lifestyles are projected to boost the demand for bio-based chemicals during the forecast period. However, pharmaceutical application segment is expected to register the highest CAGR during the forecast period.

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Regional Analysis:

Geographically, the Global Bio-Based Chemicals Market has been segmented into Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa. As per MRFR analysis, the European market was the dominant regional market, accounting for the largest share of 33.75% in 2018, and is expected to register a CAGR of 10.85% during the forecast period. Europe is followed by Asia-Pacific, which accounted for the second-largest share of the Global Bio-Based Chemicals Market in 2018. The North American market is expected to exhibit a CAGR of 9.79% during the forecast period. The Latin American and the Middle East & African markets are also likely to witness considerable growth during the forecast period, 2018–2023.

Key Findings of the Study:

The Global Bio-Based Chemicals Market was valued at USD 59,117.6 million in 2018 and is expected to register a CAGR of 10.47% to reach around USD 97,267.0 million by the end of 2023.

The European market accounted for the largest share of 33.75% by value in 2018.

This research report provides the insights, on various levels of analyses such as industry analysis, market share analysis, leading market players and their profiles. This report also helps in studying the target segments by providing views on emerging & high-growth segments and market conclusion. Together the market data comprise and discuss with the basic assessments on the competitive scenarios & strategies, of the Global Bio-Based Chemicals Market, including the high-growth regions and their political, economic and technological environments. Furthermore, the project report also provides the views over the historical market values as well as, pricing and cost analysis of the same.

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Bio-Based Chemicals Market 2019 - Size, Share, Trends, Growth and Forecast Analysis Report by Application and Region - Global Forecast 2023

Bio-Based Chemicals are obtained from biological origin or biomass such as trees, plants, and animals. As the demand for natural and organic products is growing, there are expectations for their market to grow rapidly. Market Research Future (MRFR) has published a research report about the Global Bio-Based Chemicals Market that predicts growth for this market with a high rate between 2016 and 2023.

The primary market drivers of the Global Bio-Based Chemicals Market include increasing demand for high crop yield & the disease-free crop and increasing demand for pharmaceuticals & personal care products. Other important market drivers include the use of Bio-Based Chemicals as a food supplement & nutrient, and stringent governmental regulations against synthetic chemicals such as Registration, Evaluation & Authorization of Chemicals (REACH) and Bio-Preferred Program. However, the food safety issues and the high prices of bio-based chemicals can hinder the market growth.

The Global Bio-Based Chemicals Market segmentation is based on Products, Applications, and Region. As per products-based Segmentation, the market has been segmented into bioplastics and biofuels. The application-based segmentation of this market covers industrial chemicals, agriculture, pharmaceuticals, and others.

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The regional segmentation of the Global Bio-Based Chemicals Market has segmented the global market into regional markets namely Asia Pacific, North America, Europe, the Middle East & Africa (MEA), and Latin America. Between 2016 and 2023, the Asia Pacific is expected to command the Global Bio-Based Chemicals Market because the highest amount of production, as well as the consumption of the product, happens in this region. In this region, the market can grow due to the steadily rising technological advancements and availability of raw materials. Countries like India, China, and Japan are the major contributors to the revenue as well as market growth due to increased use of eco-friendly products, escape price volatility in petroleum-based products, and government policies designed to favor sustainability. Other crucial country-based markets in this region are New Zealand and Australia, followed by the remaining countries of the Asia Pacific region.

Europe is the second most important regional market due to the high density of population (compared to other continents) and increasing the development of value chains with bio-based feedstock, i.e., biochemicals production and bio-refineries. Other major drivers of the market in Europe are rising prices of crude oil, depletion of natural resources, and stringent government regulations. The major country-based markets in Europe are Germany, France, Poland, Italy, Spain, Russia, and the UK.

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During the forecast period, North America is likely to witness significant growth as a regional market due to the availability of abundant & low-cost feedstock, advanced technology, rising trend regarding the use of environment-friendly products, and implementation of government policies on usage of bio-based chemicals. The most powerful country-specific markets in North America are the USA and Canada. In Latin America, the market is not as great as North America due to the lack of advanced technology. The serious country-specific markets in Latin America are Brazil, Argentina, and Mexico, followed by the rest of Latin America. Among these, Brazil and Argentina are the biggest contributors to the market due to high production as well as exportation of sugarcane.

In the MEA region, the market is limited. In this region, farming is limited because most of the countries are desert regions. Some other factors responsible for the limited market growth in this region are lack of technological development, lack of education, lack of awareness, and political instability as this region covers the Middle East and Africa, the major market in the Africa segment countries in the North Africa region. The crucial country-specific markets in the Middle-East region are Israel, Bahrain, Oman, Kuwait, Saudi Arabia, Qatar, Turkey, and the UAE, followed by the remaining countries in the MEA region.

Key Players:

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

Latest Industry News:

US Energy Department’s Bioenergy Technologies Office (BETO) has funded the US $ 2 mn for a cutting-edge algae plastic research project that is aimed at accelerating the sparkling green bioeconomy of the future. 27 DEC 2018

Itaconix has signed a deal with Nouryon to supply bio-based polymers for use in the detergents market. 15 JAN 2019

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About Market Research Future:

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 | Research Insights, Business Outlook, Company Profiles, Trends and Forecast 2018-2023

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.

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 Industry, Analysis, Share, Growth, Trends, Supply Forecast to 2023

Bio-Based Chemicals Market – Overview

Bio-Based Chemicals are produced from animals, trees, and plants. Bio-Based Chemicals possess excellent properties such as low carbon emission, enhanced fuel efficiency, and excellent material compatibility which make them suitable for usage in numerous end use application such as pharmaceuticals, agriculture, industrial chemicals, food products, and others. The Bio-Based Chemicals Market is expected to witness significant growth due to their unique properties along with excellent usage in various end use industries specifically in pharmaceutical and agriculture. Among the product segment, in 2016, biofuels holds for the largest product segment and is expected to retain their dominance on account of rising environmental concern and depleting crude oil reservoirs. The factors attributed to the Bio-Based Chemicals Market growth are significant growth of personal & homecare in developing countries, rising demand of biofertilizer in agriculture industry, and expanding packaging industry. Moreover, expanding population coupled with burgeoning demand for good quality food has raised the consumption of bio-based fertilizer in agriculture which is likely to propel the growth of the market over the assessment period.

Geographically, Asia Pacific is estimated to hold the largest Bio-Based Chemicals Market share in 2016 which is followed by North America and further trailed by Europe. North American bio-based chemicals market is predicted to exhibit moderate growth during the forecast period owing to increasing awareness regarding the benefits associated with product along with raised consumption in end use application in this region. Asia Pacific is anticipated to witness tremendous growth during the review period in Bio-Based Chemicals Market on account of rising application of Bio-Based Chemicals in various end use application segment. In Asia Pacific, the demand for Bio-Based Chemicals is predicted to expand in various countries such as China, Indonesia, the Philippines, Japan, South Korea, Taiwan, and India due to increasing population along with shifting of manufacturing facilities for most of the key operating players in this region. In Europe, Bio-Based Chemicals Market is expected to register above average growth due to stringent regulations of REACH and shifting consumer preference towards the Bio-Based Chemicals.

Industry/ Innovation/ Related News:

May 2018- DuPont Industrial Bioscience, a subsidiary of DowDupont, along with Archer Daniels Midland (ADM) opened world’s first bio-based furan dicarboxylic methyl ester (FDME) pilot production facility in Illinois. This material is expected to fulfill the demand for bio-based plastic in packaging application.

March 2018- Joint venture DuPont Tate & Lyle Bio Products, LLC announced to expand its Loudon, Tenn., production facility to raise the annual production of bio-based 1,3-propanediol by 35 million pounds. This capacity expansion will help company to expand its market reach in personal care, cosmetics, fibers, flavors, and polyurethane markets.

November 2017- Braskem and Haldor Topsoe signed an agreement to manufacture bio-based chemicals. This new established partnership will help company to develop MOnoSAccharide IndustrIal Cracker solution that forms the basis for a rising portfolio of bio-based chemicals manufactured through patenteted processes.

Competitive Landscape

The Bio-Based Chemicals Report has examined the level of competition amid the major manufacturers in Bio-Based Chemicals Market as well as industry growth and market scenario. The Global Bio-Based Chemicals Market composed of wide range of producers operating in the market which involves small scale and medium level suppliers. Some of the major operating manufacturers of Bio-Based Chemicals which has strong hold in the market have shifted their focus towards growth association specifically by Asia Pacific as moderate level and high-level suppliers belongs to this province specifically from Taiwan, Japan, Australia, China, the Philippines, Malaysia, South Korea, India, and Thailand. Furthermore, the key manufacturers of Bio-Based Chemicals are observed to follow various strategic plans to enhance their product portfolio such as product launches, strategic acquisition, distribution agreements, joint ventures, and mergers, and exclusive agreements. Some of the key producers in this market are estimated to enhance their manufacturing capacity of bio-based chemicals to meet the increasing demand for Bio-Based Chemicals across the globe.

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Bio-Based Chemicals Market 2018 | Forecast, Size, Growth, Opportunities, and Trends 2023

Overview:

The Global Bio-Based Chemicals Market is expected to receive a major thrust from increasing ecological concerns during the forecast period (2016-2023), reports Market Research Future (MRFR) in their intensely analyzed report. A sea-change can be expected in the trends related to the consumption of oil, mostly crude oil, by diverse sectors in a time not far from now. Crude oil’s contribution cannot be ignored. However, fluctuating crude oil price is disrupting the traditional approach of using the component across sectors. This could prove beneficial for the Bio-Based Chemicals Market.

Drivers and Restraints:

Rapidly depleting fossil fuels and harmful chemicals getting exposed to the air have been raising eyebrows since long. However, only in recent time, this concept of using Bio-Based fuels have gained traction after the effects have reached an alarmingly high condition. Governments are also taking a keen interest in this matter and showing resolve by implementing regulations and policies favoring Bio-Based Chemicals. Stringent adherence to these strategies can prove beneficial. Also, the market has now turned more encouraging for the research and development sectors as green chemistry is getting many accolades and offers business sustainability.

Pharmaceutical sectors have also realized the practical aspects of Bio-Based Chemicals. Integration of the substances in medicines has taken pharmaceuticals in an all-new direction making the medicines more effective. Advancing societies are now witnessing a gradual shift in lifestyle that is changing the food and beverage consumption pattern. The sector has spurred the market of Bio-Based Chemicals by creating varied applications for it.

However, the supply chain strategy has not been properly devised which results in a scarcity of feedstock and raw materials. Also, the price a bit steep that can impede the market growth.

Industrial Analysis:

The Bio-Based Chemicals Market is currently witnessing many new developments. Circa Group has recently launched a product called Cyrene that can also be used as an alternative to petroleum-derived dimethylformamide (DMF) and n-methyl-2-pyrrolidone (NMP). The fashion industry has also started going green as many of the designers have realized the adverse effect of fashion on the environment and have vowed to change the situation.

Segmentation:

The Global Bio-Based Chemicals Market can be segmented by Products and Applications.

Product-wise segmentation includes bioplastics and biofuels. Biofuels can face some force in the near future as it is not altogether an eco-friendly method. Its manufacturing process requires fossil fuel. Hence, it is not entirely green.

Application-based segmentation includes industrial chemicals, agriculture, pharmaceuticals, and others. Recent times have seen companies such as Alfa Laval introducing a set of equipment that reduces production cost.

Regional Analysis:

The Global Bio-Based Chemicals Market covers Asia Pacific (APAC), Europe, North America, Latin America (LATAM), and the Middle East & Africa (MEA).

The APAC is expected to dominate the market as the product here has registered the highest growth and consumption rate. Governments here are now preferring avoidance of the fluctuating price point of the crude oil and is taking Bio-Based Chemicals as leverage. Countries such as India, China, and Japan are the major market contributors.

Europe has emerged the second largest region owing to its rapid development in value chains. Depletion of fossil fuel have made governments implement stringent laws, and the rising prices of crude oil have impacted the Bio-Based Chemicals Market in a positive way.

North America is also expected to witness a rapid growth as it has plentiful feedstock and is also catching up with eco-friendly ways.

The LATAM is expecting a significant growth owing to the rise in production of the feedstock and the European market that imports much from the region.

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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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