Market Research Report
Asia Pacific Bio-based Chemicals Market Forecast 2019-2028
|Published by||Inkwood Research||Product code||963255|
|Published||Content info||231 Pages
Delivery time: 2-3 business days
|Asia Pacific Bio-based Chemicals Market Forecast 2019-2028|
|Published: October 8, 2020||Content info: 231 Pages||
The Asia Pacific bio-based chemicals market is anticipated to grow with a CAGR of 14.70%, during the forecast period of 2019 to 2028. The market growth is driven by factors, such as, consumers' inclination towards organic products, the easy availability of feedstock in the region's agrarian economies, and growing environment and health concerns.
The Asia Pacific bio-based chemicals market growth is evaluated by analyzing South Korea, Australia & New Zealand, Indonesia, China, Japan, India, Thailand, Vietnam, and the rest of the Asia Pacific. The strategies adopted by key market players and government regulations promoting bioplastics are expected to fuel Japan's market growth. As per the Agricultural Utilization Research Institute, in June 2002, the government introduced the Kyoto Protocol, encompassing strategies like the Biotechnology Strategic Scheme and the Biomass Nippon Strategy. They were initiated to promote biomass use to minimize the consumption of fossil resources and alleviate global warming. Moreover, the policy also aims to replace nearly 20% of conventional plastics with plastics from renewable resources, by 2020.
On the other hand, the approaches adopted by market players also promote Japan's bioplastics industry. For instance, the Philippines-based food and plastics manufacturing company named D&L Industry, aimed to finalize an innovative portfolio of biodegradable plastic products for packaging, to replace conventional non-plastic bags in Japan. The initiative depicts the active involvement of companies in providing new bioplastic products. Thus, the consumption of bioplastics is anticipated to increase in the country, thereby, positively impacting the growth of the bio-based chemicals market.
Key players operating in the market include, Mitsubishi Chemical Holdings Corporation, Teijin Limited, PTT Global Chemical Public Company Limited, Mitsui & Co Ltd, etc.