Pune, India, April 30, 2019 (GLOBE NEWSWIRE) -- The Global Bio-Based Chemicals Market Size is slated to touch USD 97.2 billion by 2023, as per the latest report by Market Research Future (MRFR). Strict policies regarding the production of synthetic chemicals is expected to work favorably for the market. The market can register a CAGR of 10.47% from 2018 to 2023 (forecast period). Incentives and subsidies introduced by governments to curb emissions are likely to positively impact the market growth. This is exemplified by the introduction of the Renewable Chemicals Act in 2017 by the U.S. government which provides a tax credit to bio-chemical producers.
Market Outlook
Bio-Based Chemicals are products derived from biological origins such as feedstock, plants, crops, trees, and biological waste. They are a suitable alternative to conventional chemicals and will play a major role in reducing the reliance on fossil fuels. This can lead to reduced carbon emission levels and maintain the ecological balance. Lignocellulose is the most widely available raw material used for the production of biofuels.
Emergence of numerous bio-refineries is likely to drive the Bio-Based Chemicals Market to new heights. The focus on maintaining a steady supply chain of raw materials in conventional industries such as automotive through technological breakthroughs by producers can create new investment opportunities. The shale gas boom in North America has elicited the demand for bio-based polymers and intermediates.
But fluctuating raw material prices can pose a challenge to market growth.
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Competition Analysis:
Well-known names in the Bio-Based Chemicals Market include Mitsubishi Chemical Corporation, DowDuPont, Toray Industries Inc, Evonik Industries, BASF SE, Braskem SA, Royal DSM NV, TOTAL, Cargill, Incorporated, Itaconix PLC, GFBiochemicals Ltd, Vertec BioSolvents, Archer Daniels Midland Company, BioAmber Inc, and AGAE Technologies, LLC.
Collaborations, agreements, and acquisitions are major strategies of players in the market. In 2017, Virent Energy Systems, Inc., decided to collaborate with U.S. refinery, Tesoro Company, to expedite the processing technology of Bio-Based Chemicals and fuels. The agreement can culminate in the production of bio-fuels on a massive scale while catering to the demands of end-user industries.
Influx of Capital to be a Shot in the Arm of the Bio-Based Chemicals Industry
Massive investments are expected in the biotechnology sector due to the shift from conventional feedstocks. Inflow of capital by venture capitalists can signal huge opportunities in the market. The macroeconomic situations in developed countries can lead to hesitation among investors. But the advances made by green technology is expected to create an abundance of opportunities. In April 2019, Enerkem, a Canadian biofuel producer, received close to USD 5.6 million in funding for developing sustainable facilities in Canada and the Netherlands.
Segmentation Analysis
The Global Bio-Based Chemicals Market is segmented by Type and Application.
Major Applications of Bio-Based Chemicals include pharmaceuticals, paint dispersion, adhesives & sealants, paints & coatings, personal care, detergents & cleaners, packaging, agriculture, and food & beverages. Among them, the food & beverages application held close to 26.2% share in 2018 with a valuation of USD 15,494.6 million. Changing lifestyles of consumer, inclination towards organic products, and increased expendable income levels are other factors which can drive the application growth. It can generate revenues for the Bio-Based Chemicals Market at 8.79% CAGR over the forecast period.
By Type, the market is segmented into bio-alcohols, bio-lubricants, bio-solvents, bio-based acids, bio-surfactants, bioplastics, and others. The bio-alcohols segment held close to 41.7% share of the market revenue in 2018 due to its extensive use in water treatment and industrial applications. It can register 9.89% CAGR over the forecast period due to high demand for these chemicals in cosmetics, personal care, pharmaceutical, and food & beverage industries.
Browse the market data and information spread across 449 pages with data tables and figures of the report “Bio-Based Chemicals Market Report - Forecast 2018-2023” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/bio-based-chemicals-market-5706
Regional Analysis
Region-wise, the market is segmented into Latin America, North America, Asia Pacific, Europe, and the Middle East & Africa (MEA).
Europe dominated the Bio-Based Chemicals Market in 2018 due to environmental policies rolled out by governments in the region. The sustainable development goals set by the European Union to reduce greenhouse gas emissions by 40% and save on energy expenses by 27% by 2030 can be an opportune moment for the bio-based chemicals market. It can register a CAGR of 10.85% during the assessment period. In April 2019, the governments of Poland, the Czech Republic, and Slovakia decided on a joint agreement to encourage the production of bio-fuels. In addition, the blend of bioethanol with petrol as a fuel source is likely to take spark and achieve climate goals.
The APAC region was the second-largest in 2018 due to rapid industrialization and favorable policies in the region. The region is purported to generate revenue at a CAGR of 9.79% during the assessment period. China and India were prime contributors to the regional market revenue. But Malaysia possessed the latent potential and vision to produce biochemicals from palm plantations.
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