Certified Global Research Member
Key Questions Answered
- Global Market Outlook
- In-depth analysis of global and regional trends
- Analyze and identify the major players in the market, their market share, key developments, etc.
- To understand the capability of the major players based on products offered, financials, and strategies.
- Identify disrupting products, companies, and trends.
- To identify opportunities in the market.
- Analyze the key challenges in the market.
- Analyze the regional penetration of players, products, and services in the market.
- Comparison of major players’ financial performance.
- Evaluate strategies adopted by major players.
- Recommendations
Why Choose Market Research Future?
- Vigorous research methodologies for specific market.
- Knowledge partners across the globe
- Large network of partner consultants.
- Ever-increasing/ Escalating data base with quarterly monitoring of various markets
- Trusted by fortune 500 companies/startups/ universities/organizations
- Large database of 5000+ markets reports.
- Effective and prompt pre- and post-sales support.
The market for bio-based chemicals is influenced by several key factors that shape its growth, demand, and sustainability. One significant factor is the increasing global awareness of environmental issues and the need for sustainable solutions. With growing concerns about climate change, pollution, and finite fossil fuel resources, there's a rising demand for alternatives to traditional petrochemical-based products. Bio-based chemicals, derived from renewable resources such as plants, algae, and waste biomass, offer a promising solution to reduce reliance on fossil fuels and mitigate environmental impacts.
Bio-based chemicals are chemical compounds that are made entirely or partially from biological resources, such as biomasses, feedstock, plants, algae, crops, trees, marine life, and biological waste. Products made with bio-based chemicals are environmentally benign since they do not emit hazardous emissions or pollute the environment when discarded. Government regulations in developed countries regarding the use of synthetic chemicals are expected to play a key role in the global bio-based chemicals market's growth.
Another crucial market factor is government policies and regulations aimed at promoting the use of bio-based chemicals. Many countries have implemented policies to incentivize the production and consumption of renewable products, including bio-based chemicals. These policies often include subsidies, tax incentives, renewable energy mandates, and carbon pricing mechanisms, which create a favorable environment for the growth of the bio-based chemicals market. Additionally, regulations aimed at reducing greenhouse gas emissions and promoting sustainable development further drive the adoption of bio-based chemicals across various industries.
Furthermore, technological advancements play a significant role in shaping the bio-based chemicals market. Continuous innovation in biotechnology, fermentation processes, and biomass conversion techniques has led to the development of cost-effective and sustainable methods for producing bio-based chemicals. Advances in genetic engineering and synthetic biology have enabled the engineering of microorganisms and enzymes for enhanced production of target compounds from renewable feedstocks. These technological advancements not only improve the efficiency and scalability of bio-based chemical production but also expand the range of available bio-based products, driving market growth and diversification.
Market dynamics such as supply chain considerations and feedstock availability also influence the bio-based chemicals market. The availability and cost of feedstocks, including agricultural residues, forestry residues, and non-food crops, play a crucial role in determining the competitiveness of bio-based chemical production. Factors such as land use competition, crop yields, and weather conditions can impact feedstock availability and prices, affecting the profitability and sustainability of bio-based chemical production. Additionally, the development of efficient supply chains and infrastructure for sourcing, transporting, and processing biomass feedstocks is essential for the growth of the bio-based chemicals market.
Moreover, consumer preferences and market demand for sustainable products drive the adoption of bio-based chemicals across various end-user industries. Businesses and consumers are increasingly seeking environmentally friendly alternatives to conventional products, including packaging materials, plastics, cosmetics, and pharmaceuticals. Bio-based chemicals offer several environmental benefits, such as reduced carbon footprint, biodegradability, and lower toxicity, which resonate with environmentally conscious consumers and businesses. As a result, companies are investing in research, development, and marketing efforts to capitalize on the growing demand for bio-based products, further fueling market growth and innovation.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2023 | USD 96.39 Billion |
| Growth Rate | 8.30% (2024-2032) |
Bio-Based Chemicals Market Highlights:
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:
-
-
TotalEnergies
-
ADM
-
DuPont
-
Evonik Industries
-
-
Cargill Incorporated
-
GF Biochemicals Ltd
-
Mitsubishi Chemical Corporation
-
DSM
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
-
US
-
Canada
-
-
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
-
Leading companies partner with us for data-driven Insights
Kindly complete the form below to receive a free sample of this Report
Tailored for You
- Dedicated Research on any specifics segment or region.
- Focused Research on specific players in the market.
- Custom Report based only on your requirements.
- Flexibility to add or subtract any chapter in the study.
- Historic data from 2014 and forecasts outlook till 2040.
- Flexibility of providing data/insights in formats (PDF, PPT, Excel).
- Provide cross segmentation in applicable scenario/markets.
