Global Bio-Based Chemicals Market to be Dominated by Industrial segment Through 2028
Usage of eco-friendly products, Increasing Awareness and
Supportive governmental measures towards sustainability goals is expected to
drive the demand for the Bio-Based Chemicals market in the forecast period,
2023-2028.
According to TechSci Research report, “Bio-Based
Chemicals Market - Global Industry Size, Share, Trends, Opportunity, and
Forecast, 2018-2028”, Global Bio-Based Chemicals is projected to
increase at an impressive rate in the forecast period, 2024-2028 on 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, has raised the demand for chemicals. The
use of bio-based chemicals in a variety of industries, including the production
of chemicals, pharmaceuticals, foods, and beverages, has raised the 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, 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 widespread use of
bio-based fertilizers and pesticides for agricultural applications.
Major companies operating in 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.
“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 Global Bio-Based Chemicals
market.”
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