Dublin, Jan. 03, 2023 (GLOBE NEWSWIRE) -- The "Bio-Based Chemicals Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Product Type, By End-Use, By Region, and By Competition" report has been added to ResearchAndMarkets.com's offering.
Global Bio-Based Chemicals Market is anticipated to grow at a robust CAGR in the forecast period, 2024-2028. The growing environmental concerns along with the rising need to minimize greenhouse emissions is expected to increase the demand for bio-based chemicals in the coming years. Additionally, increasing usage of bio-based chemicals in various end user industries, including chemical, pharmaceutical, food, and beverage, among others is expected to drive the growth of global bio-based chemicals market.
Moreover, Bio-based chemicals are necessary due to the depletion of fossil fuels and the development of strict government laws regarding emissions and waste generation and management. Governmental and non-governmental agencies across different parts of the globe are taking initiatives and making continuous attempts to promote green biotechnology and corporate sustainability programmes, such as prohibiting plastic bags in certain areas and restricting the dissemination of disposable carry bags. All these factors are expected to create lucrative opportunities for the growth of global bio-based chemicals market in the coming years.
Increasing Demand for Renewable Energy Sources
The market for bio-based chemicals is anticipated to grow due to the rising demand for renewable sources to reduce the effects of pollution and emissions of greenhouse gases. According to the International Energy Agency (IEA), in 2020, there was a 3% growth in the usage of renewable energy as demand for all other fuels dropped. The biggest driver was an almost 7% increase in electricity production from renewable sources. 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.
Supportive Governmental Measures Towards Sustainability Goals
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. Additionally, the expansion of the market is influenced by rising government initiatives to support biodegradable materials and sustainability programs, such as prohibiting plastic bags in some areas and restrictions placed on the uncontrolled distribution of disposable carry bags. As per the European Commission, the global market for renewable chemicals was worth USD85.6 billion in 2020, up from USD51.7 billion in 2015. Furthermore, according to the European Commission, the yearly revenue from bio-based chemicals and biofuels is estimated to be over USD58.97 billion, supporting 300,000 jobs.
Recent Developments
The industrial development of new bio-based materials for cutting-edge technological applications is getting the most interest. Bio-based, revolutionary plastics industry solutions undoubtedly hold the most suitable position. Poly(hydroxyalkanoate)s (PHAs) are being studied as potential biodegradable replacements for various commercial polymers such as HDPE, PP, and others.
PHAs are particularly appealing because they may be produced using biotechnological methods from a variety of carbon-rich biomass feedstocks, such as agricultural wastes, organic fractions of solid municipal wastes, and urban wastewater.
Market Dynamics
Drivers
- Increasing Demand for Renewable Energy Sources
- Supportive Governmental Measures Towards Sustainability Goals
- Usage of Eco-Friendly Products
Challenges
- High Cost of Bio-Based Chemicals
- Dearth of Supply Chains in Feedstock and Raw Materials
Market Trends & Developments
- Increasing Investments in Research & Development Activities
- Technological Advancements
Report Scope:
In this report, global plastic films & sheets market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Bio-Based Chemicals Market, By Product Type:
- Surfactants
- Paints & Coatings
- Inks and Dyes
- Man-made Fibres
- Cosmetics and Personal care
- Adhesives
- Lubricants
- Others
Bio-Based Chemicals Market, By End-Use:
- Industrial
- Agricultural
- Pharmaceutical
- Others
Bio-Based Chemicals Market, By region:
- Europe
- France
- Germany
- United Kingdom
- Italy
- Spain
- North America
- United States
- Canada
- Mexico
- Asia-Pacific
- China
- India
- Japan
- Australia
- South Korea
- Middle East and Africa
- Saudi Arabia
- UAE
- South Africa
- South America
- Brazil
- Argentina
- Colombia
Key Topics Covered:
1. Product Overview
2. Research Methodology
3. Executive Summary
4. Global Bio-Based Chemicals Market Outlook
5. Europe Bio-Based Chemicals Market Outlook
6. North America Bio-Based Chemicals Market Outlook
7. Asia-Pacific Bio-Based Chemicals Market Outlook
8. Middle East and Africa Bio-Based Chemicals Market Outlook
9. South America Bio-Based Chemicals Market Outlook
10. Market Dynamics
11. Market Trends & Developments
12. Global Bio-Based Chemicals Market: SWOT Analysis
13. Porter's Five Forces Analysis
14. Competitive Landscape
15. Strategic Recommendations
Companies Mentioned
- BASF SE
- BioAmber Inc.
- DaniMer Scientific
- DSM
- Metabolix
- Mitsubishi Chemical
- Mitsui & Co., Ltd.
- Myriant Technologies LLC
- NatureWorks LLC
- PTT Global Chemical Public Company Limited
For more information about this report visit https://www.researchandmarkets.com/r/27z9p3
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