Market Research Report
Global Bio-Based Chemicals Market Research Report Forecast to 2023
|Published by||Market Research Future||Product code||879102|
|Published||Content info||449 Pages
Delivery time: 1-2 business days
|Global Bio-Based Chemicals Market Research Report Forecast to 2023|
|Published: May 31, 2019||Content info: 449 Pages||
Global Bio-Based Chemicals Market: Information By Type (Bio-Alcohols, Bio-Based Acids, Bioplastics, Bio-Lubricants, Bio-Surfactants, Bio-Solvents, and Others), Application (Food & Beverage, Pharmaceuticals, Detergents & Cleaners, Personal Care, Agriculture, Packaging, Paints & Coatings, Automobiles, Adhesives & Sealants, Paint Dispersions, and Others), and Region (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa)-Forecast till 2023
Bio-based chemicals are produced using renewable sources such as corn, wheat, other cereals, grains, vegetable oil, sugarcane, sugar beet, cassava, and lignocellulosic biomass, among others. The production of bio-based chemicals is increasing across the globe, as the chemical industry contributes over 20% of the industrial greenhouse gas emissions as of 2017, according to the US Environmental Protection Agency (US EPA). The growth of the global bio-based chemicals market is driven by stringent regulatory policies regarding the use of synthetic chemicals majorly in developed countries. The adoption of bio-based chemicals is increasing extensively in agricultural, automotive, personal care, food & beverage, packaging, detergents & cleaners, paints and coatings, adhesives and sealants, and pharmaceutical industries, among others.
As per MRFR analysis, the global bio-based chemicals market is projected to exhibit a CAGR of 10.47% to reach around USD 97,267.0 million by the end of 2023. The growing use of bio-based alcohols in the food & beverage industry is majorly driving the global bio-based chemicals market. Besides, the growing demand for bio-based lubricants in the automotive and transportation industry is also fuelling the market growth. The increasing number of lignocellulosic biorefineries is expected to provide growth impetus to the players operating in the global bio-based chemicals market during the forecast period. Moreover, the increasing focus on cost optimization through technological innovation is the prevailing trend observed in the global bio-based chemicals market.
By type, the bio-alcohols segment held the largest market share of over 40% by value in 2018 due to the growing adoption of bio-ethanol in industrial as well as potable applications and high demand for other bio-alcohols such as xylitol, sorbitol, bio-butanol, and bio-methanol in the food & beverage, cosmetics & personal care, and pharmaceutical industries.
On the basis of application, the global bio-based chemicals market has been segmented into agriculture, automobile, personal care, packaging, food & beverage, paints and coating, detergents and cleaners, adhesives and sealants, paint dispersion, pharmaceuticals, and others. The food & beverage segment held the largest market share of over 26% by value in 2018 due to the high demand for bio-solvents, bio-alcohols, bio-surfactants, and bio-based acids for various applications. The growth of the segment is attributed to the increasing disposable income and changing lifestyles. However, the pharmaceutical segment is expected to register the highest CAGR during the forecast period.
However, volatile raw material prices is expected to restrain the growth of the global market during the forecast period.
Sources: MRFR Analysis
The global bio-based chemicals market has been divided based on region into Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa.
The European market accounted for the largest market share of over 33% in 2018 due to the stringent environmental regulatory policies in the region. The regional market was valued at USD 19,950.8 million in 2018 and is expected to register a CAGR of over 10% during the forecast period. Germany held the largest market share in 2018 and is expected to exhibit the highest CAGR of over 12% during the forecast period.
Asia-Pacific followed Europe in 2018 owing to the rapid industrial growth in the region. The regional market is projected to register the highest CAGR of 11.32% during the forecast period. China is the major growth-centric country in the region and is expected to register the highest CAGR of over 12% during the forecast period. India was the second-largest market in 2018 and is projected to exhibit a CAGR of over 11%.
The global bio-based chemicals market has been segmented based on type, application, and region.
On the basis of type, the global bio-based chemicals market has been segmented into bio-alcohols, bio-based acids, bioplastics, bio-lubricants, bio-surfactants, bio-solvents, and others. The bio-alcohols segment is further sub-segmented into bio-ethanol, sorbitol, xylitol, biobutanol, bio-methanol, and others. The bio-based acids segment is sub-segmented into citric acid, lactic acid, succinic acid, and others. The bioplastics segment is further divided into non-biodegradable and biodegradable. Non-biodegradable bioplastics include polyethylene terephthalate (PET), polyamide (PA), polyethylene (PE), and others. Biodegradable bioplastics include polybutyrate adipate terephthalate (PBAT), polybutylene succinate (PBS), polylactic acid (PLA), polyhydroxyalkanoate (PHA), starch blends, and others. Bio-lubricants are further segmented into vegetable oils and animal fats. Bio-surfactants is sub-segmented into glycolipids, lipopeptides, and others. Bio-solvents is sub-segmented into glycols, ketones, lactate ester, and others.
By application, the global bio-based chemicals market has been categorized into food & beverage, pharmaceuticals, agriculture, packaging, personal care, paints & coatings, automobiles, paint dispersions, adhesives & sealants, detergents & cleaners, and others.
The global market, by region, has been categorized into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
The key players operating in the global bio-based chemicals market are BASF SE (Germany), Vertec BioSolvents (US), AGAE Technologies, LLC (US), TOTAL (France), BioAmber Inc (US), Archer Daniels Midland Company (US), DowDuPont (US), Braskem SA (Brazil), Evonik Industries (Germany), Toray Industries Inc (Japan), Cargill, Incorporated (US), Itaconix PLC (UK), GFBiochemicals Ltd (UK), Mitsubishi Chemical Corporation (Japan), and Royal DSM NV (The Netherlands).