Global Bio-based Chemicals Market Overview
Bio-based Chemicals Market Size was valued at USD 96.39 Billion in 2023. The Bio-based Chemicals industry is projected to grow from USD 104.39 Billion in 2024 to USD 197.56 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.30% during the forecast period (2024 - 2032). Bio-based chemicals are chemical products that are derived from renewable biological resources, such as plants, crops, agricultural waste, or microorganisms. These chemicals are often produced through processes such as fermentation, enzymatic conversion, or other biochemical processes that convert biomass into useful chemical products. Bio-based chemicals can be used as alternatives to traditional petroleum-based chemicals and can have a lower environmental impact, as they typically have a smaller carbon footprint and are produced from renewable resources. Instances of bio-based chemicals include biofuels, bioplastics, bio-based solvents, and bio-based polymers.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Bio-based Chemicals Market Trends
-
Depletion of Fossil Fuel Resources Will Boost Market
The market for bio-based chemicals is expanding as a result of increased greenhouse gas emissions and the depletion of fossil fuel supplies. The use of biomaterials has grown as a result of these considerations. The use of bio-based goods across sectors is supported by ongoing measures to reduce hazardous emissions. The expanding idea of "green chemistry" will help to accelerate this acceptance rate. Government measures that are supportive of reducing the use of dangerous chemicals will help the industry.
Bio-based Chemicals Market Segment Insights
Bio-based Chemicals Type Insights
The market segmentation, based on Type, includes Inductive Bio-alcohols, Bio-plastics, Bio-lubricants, Bio-solvents, Bio-surfactants, and Bio-based acids. The bio-alcohols category accounted for the biggest market share of the market. As of the broad expanding demand from major end-use sectors such as food and beverage, pharmaceutical, cosmetics, and personal care.
Bio-based Chemicals Application Insights
Based on Application, the market segmentation includes Food & beverages, Agriculture, Automotive, Personal Care, Packaging, Detergents & cleaner, Paints & coating, Adhesives and sealants, Pharmaceuticals, and Paint dispersion. The Paints & coating segment is expected to dominate the market. The demand for bio-based chemicals in this segment is being driven by the need for sustainable and eco-friendly alternatives to traditional petroleum-based chemicals, which are associated with environmental concerns.
Figure 2: Bio-based Chemicals Market, by Type, 2022 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Bio-based Chemicals Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific had the largest market share and is expected to expand at the quickest rate in the industry. This is mostly due to the increased need for bio-based chemicals in the Asia-Pacific agriculture business. Additionally, bio-based chemicals have a broad range of uses in agriculture, such as bio-pesticides and bio-fertilizers, which are fueling the Asia-Pacific market.
Figure 3: BIO-BASED CHEMICALS MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Due to strict government controls and considerable spending on R&D and technology developments, Europe accounted for the second-largest share of the worldwide market. North America comes after Europe. Because of tight environmental rules imposed by the Environmental Protection Agency (EPA) governing the use of synthetic chemicals, North America saw slow development in the worldwide market.
Bio-based Chemicals Key Market Players & Competitive Insights
The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Bio-based Chemicals industry must offer affordable products.
Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the Bio-based Chemicals industry to benefit customers and expand the market sector. Major market players, including ADM, DuPont, Evonik Industries, Toray Industries, Inc, and others, are attempting to increase market demand by funding R&D initiatives.
Archer Daniels Midland (ADM) is a firm that produces and processes agricultural products. Its goods include specialist food and feed additives, animal nutrition solutions, ethanol, biodiesel, industrial chemicals, fertilizers, plastics, and paper. Furthermore, the organization provides logistical, financial, and farming services.
Toray Industries is focused on developing new materials for use in industrial, automotive, aerospace, and other fields. It produces, processes, and sells items related to fibers and textiles, performance chemicals, carbon fiber composites, the environment, engineering, and life sciences. The business offers engineering, condos, industrial machinery, information-related equipment, water treatment membranes, construction materials, materials for civil engineering applications, materials for housing, and other services.
List of the Major Companies in the Bio-based Chemicals Market Includes:
Bio-based Chemicals Industry Development
July 2021: Archer Daniels Midland Corporation (ADM) has agreed to buy Sojaprotein, the largest manufacturer of plant-based proteins in southern Europe. The acquisition of Sojaprotein is anticipated to boost the company's manufacturing capacity and meet the nutritional demands of consumers.
June 2021: TotalEnergies, MPG Manifattura Plastica, and Froneri announced the commercial release of bio-based ice cream plastic cups produced from Certified Renewable Polypropylene. Its bio-based naphtha-based renewable polypropylene delivers virgin-like performance with a lower carbon footprint and is totally recyclable.
Bio-based Chemicals Market Segmentation
Bio-based Chemicals Type Outlook
-
Bio-alcohols
-
Bio-plastics
-
Bio-lubricants
-
Bio-solvents
-
Bio-surfactants
-
Bio-based acids
Bio-based Chemicals Application Outlook
-
Food & beverages
-
Agriculture
-
Automotive
-
Personal Care
-
Packaging
-
Detergents & cleaner
-
Paints & coating
-
Adhesives and sealants
-
Pharmaceutical
-
Paint dispersion
Bio-based Chemicals Regional Outlook
-
North America
-
Europe
-
Germany
-
France
-
UK
-
Italy
-
Spain
-
Rest of Europe
-
Asia-Pacific
-
China
-
Japan
-
India
-
Australia
-
South Korea
-
Australia
-
Rest of Asia-Pacific
-
Rest of the World
-
Middle East
-
Africa
-
Latin America
| Report Attribute/Metric |
Details |
| Market Size 2023 |
USD 96.39 Billion |
| Market Size 2024 |
USD 104.39 Billion |
| Market Size 2032 |
USD 197.56 Billion |
| Compound Annual Growth Rate (CAGR) |
8.30% (2024-2032) |
| Base Year |
2023 |
| Market Forecast Period |
2024-2032 |
| Historical Data |
2018 & 2022 |
| Market Forecast Units |
Value (USD Billion) |
| Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered |
Type, Application, and Region |
| Geographies Covered |
North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered |
The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled |
AGAE Technologies, TOTAL, ADM, DuPont, Evonik Industries, Toray Industries Inc, Cargill Incorporated, GF Biochemicals Ltd, Mitsubishi Chemical Corporation, DSM |
| Key Market Opportunities |
The increasing number of lignocellulosic biorefineries Research & development related to bio-based chemicals |
| Key Market Dynamics |
Growing demand for bio-based lubricants Increasing adoption of bioplastics Increasing application of bio-based alcohols. |
Bio-Based Chemicals Market Highlights:
Frequently Asked Questions (FAQ) :
The Bio-based Chemical market size was valued at USD 96.39 Billion in 2023.
The market is projected to grow at a CAGR of 8.30% during the forecast period, 2024-2032.
Asia Pacific had the largest share of the Bio-based Chemicals market.
The key players in the market are AGAE Technologies, TOTAL, ADM, DuPont, Evonik Industries, Toray Industries Inc, Cargill Incorporated, GF Biochemicals Ltd, Mitsubishi Chemical Corporation, and DSM.
The Bio-alcohols category dominated the market in 2023.
Paints & coating had the largest share in the market for Bio-based Chemicals.
