Dublin, Aug. 29, 2023 (GLOBE NEWSWIRE) -- The "Global Bio-Based Chemicals Market, By Type, By Application, Estimation & Forecast, 2018 - 2031" report has been added to ResearchAndMarkets.com's offering.
The global bio-based chemicals market, valued at USD 128,522.0 million in 2022, is projected to attain USD 271,760.9 million by 2031, registering a robust Compound Annual Growth Rate (CAGR) of 9.2% during the forecast period.
The market volume, totaling 81,062.2 thousand units in 2022, is expected to escalate to 131,710.9 thousand units by 2031, indicating a 5.9% growth rate over the forecast period.
Driving Factors:
Governments worldwide are introducing supportive policies and incentives to bolster the bio-based chemicals industry. These measures include R&D funding, tax incentives, and mandates for renewable feedstock utilization. Technological advancements facilitate cost-effective production, encompassing biotechnology, enzymatic processes, and fermentation technologies. In light of climate change and energy security concerns, bio-based chemicals present a renewable alternative to traditional petrochemicals, derived from fossil fuels.
However, challenges persist, notably the higher production cost of bio-based chemicals compared to traditional alternatives due to feedstock expenses and complex production processes. The limited availability of renewable feedstocks like biomass and waste materials poses a constraint on industry growth.
Growth Influencers:
1. Increasing Consumer Adoption of Bio-Based Products:
Growing consumer awareness of sustainability is a pivotal driver for the bio-based chemicals market. Eco-conscious consumers are gravitating toward sustainable alternatives with a lower carbon footprint. Bio-based products, offering improved performance characteristics, are gaining traction. Enhanced durability and heat resistance in bio-based plastics are illustrative examples.
2. Environmentally Friendly Properties and Favorable Government Policy:
Bio-based chemicals, stemming from renewable sources, exhibit reduced carbon footprints. As environmental concerns mount, demand for eco-friendly products rises, fostering a conducive market environment for bio-based chemicals. Governments' pro-environment policies, including tax incentives and feedstock mandates, further drive adoption.
Segment Breakdown:
The market is categorized by type and application:
Type:
- Bio-Lubricants
- Bio-Solvents
- Bioplastics (holding the highest market share of 28.8% in 2022 and the highest CAGR of 11.4%)
- Bio-Alcohols
- Bio-Surfactants
- Bio-Based Acids
- Others
Application:
- Automotive
- Personal Care
- Food & Beverages
- Agriculture
- Industrial (leading with 34.0% market share in 2022 and a CAGR of 10.6%)
- Pharmaceuticals
- Packaging
- Others
Regional Overview:
- North America (US, Canada, Mexico)
- Europe (UK, Germany, France, Italy, Spain, Poland, Russia, rest of Europe)
- Asia-Pacific (China, India, Japan, Australia, New Zealand, South Korea, ASEAN, rest of Asia-Pacific)
- Rest of the World (GCC, South Africa, Brazil, Argentina, rest of Middle East and South Africa)
Europe held the largest market share (more than 35% in 2022), and Asia-Pacific is expected to grow at a CAGR of over 11.4%.
Competitive Landscape:
Key players include Archer Daniels Midland Company, Cargill Incorporated, Dow Chemicals, Toray Industries Inc, TotalEnergies, and others. Top four players hold around 28.1% market share. Technological innovations, like Toray Industries' 100% bio-based adipic acid, demonstrate advancements within the industry.
Report Insights:
The report covers areas such as market penetration, development, diversification, competitive landscape assessment, product development & innovation, pricing analysis, manufacturing cost analysis, chemical industry overview, and trends in integrated biorefineries development for sustainable production.
Key Questions Addressed:
- Projected market size and forecast
- Impact of COVID-19
- Investment opportunities
- Competitive strategic window
- Technology trends and regulatory frameworks
- Market share of leading players
- Favorable modes and strategic moves for market entry.
For more information about this report visit https://www.researchandmarkets.com/r/4xbzh7
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