Usage of eco-friendly products, Increasing Awareness and Supportive governmental measures towards sustainability goals are expected to drive the demand for the Bio-Based Chemicals market in the forecast period, 2023-2028. According to the TechSci Research report, “Bio-Based Chemicals Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028”, Global Bio-Based Chemicals are projected to increase at an impressive rate in the forecast period, 2024-2028 in account of the increasing demand for renewable resources to lessen the effects of pollution and greenhouse gas emissions, the market for bio-based chemicals is predicted to expand. Expanding industrialization and population development, particularly in emerging economies, have raised the demand for chemicals.
The Important Factors of the Global Bio-Based Chemicals Market
The use of bio-based chemicals in a variety of industries, including the production of chemicals, pharmaceuticals, foods, and beverages, has raised awareness of the need to reduce greenhouse gas emissions.
Additionally, Growing R&D expenditure has been a significant trend in the global market for bio-based chemicals in recent decades. During recent years, many prominent manufacturers have significantly increased their R&D efforts to broaden the applications of bio-based chemicals in a variety of industries, including biofuels and resins. Major producers of bio-based platform chemicals have expanded their R&D spending to lower the cost of production.
The need for chemicals has increased because of expanding industrialization and population growth, particularly in emerging economies. The increased need to minimize greenhouse emissions and the usage of bio-based chemicals in various industries, including chemical, pharmaceutical, food, and beverage manufacturing, have accelerated the uptake of these substances. Thus, propelling the growth of the overall market.
The high cost of raw materials and price competition from conventional chemicals are the main factors holding back the market for bio-based chemicals. This factor limits the broad use of these naturally based goods, which impedes market expansion. Additionally, the lack of a supply chain model for raw materials and feedstocks as well as the reduced amount of acceptance for bio-pesticides are restricting market growth. These are all factors that are hindering the growth of the market.
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Global Bio-Based Chemicals Market is segmented based on Product Type, and End-Use. Based on Product Type, the market is divided into Surfactants, Paints & Coatings, Inks and Dyes, Man-made Fibers, Cosmetics & Personal Care, Adhesives, Lubricants, and Others. The surfactants segment is expected to register significant growth in the coming years on account of the growing use of bio-based surfactants in various applications such as personal care & cosmetics, textile, and homecare, among others. Based on End-Use, the market is divided into Industrial, Agricultural, Pharmaceutical, and Others. The agriculture segment dominated the market in 2022 and will continue maintaining its dominance through 2028 on account of the widespread use of bio-based fertilizers and pesticides for agricultural applications.
Major companies operating in the Global Bio-Based Chemicals market are:
- BASF SE
- BioAmber Inc.
- DaniMer Scientific
- DSM
- Metabolix
- Mitsubishi Chemical
- Mitsui & Co., Ltd.
- Myriant Technologies LLC
- NatureWorks LLC
- PTT Global Chemical Public Company Limited
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“The initiatives to minimize harmful emissions because of their impact on the environment have increased demand for products made from bio-based materials in sectors like transportation, textiles, and building. Additionally, Bio-based chemicals are supported as more environmentally friendly substitutes for petroleum-based chemicals as they become more economically and sustainably viable, improving the chemical and oil industries. These factors are creating favorable conditions to boost the global demand for Bio-Based Chemicals till 2028.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
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“Bio-Based Chemicals Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Product Type (Surfactants, Paints & Coatings, Inks and Dyes, Man-made Fibers, Cosmetics & Personal Care, Adhesives, Lubricants, Others), By End-Use (Industrial, Agricultural, Pharmaceutical, Others), By Region and Competition, has evaluated the future growth potential of global Bio-Based Chemicals and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Bio-Based Chemicals market.”
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