The bio-based chemicals industry has been expanding rapidly on account of the rising need for eco-friendly and sustainable solutions. Major companies are working on introducing advanced products as well as processes while forming alliance with back-end firms in the value chain, which should have a positive impact on the global market. Support from government incentives and escalating concerns with regard to climate change will ensure rapid growth of the bio-based chemicals market in the next several years.
Governments across the globe encourage the use of eco-friendly practices, which has elevated the need for producing and supplying of bio-based chemicals. As a response, bio-based chemicals firms are striving to bolster their portfolios by adding new renewable products. Other encouraging factors include unstable prices of crude oil, urgent need to curb atmospheric greenhouse gases emissions, and declining preference for fossil fuels.
Competitive Leaderboard:
To garner the maximum share of the global bio-based chemicals market, several key players are focused on growth strategies such as expansion, acquisitions, joint ventures and product launches.
Major players in the market are Mitsubishi Chemical Corporation (Japan), AGAE Technologies, LLC (US), BASF SE (Germany), Vertec BioSolvents (US), TOTAL (France), BioAmber Inc (US), DowDuPont (US), Braskem SA (Brazil), Evonik Industries (Germany), Toray Industries Inc (Japan), Archer Daniels Midland Company (US), Cargill, Incorporated (US), Itaconix PLC (UK), GFBiochemicals Ltd (UK), and Royal DSM NV (The Netherlands).
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Segmentation Analysis
Type and application are the top segments analyzed in the report.
The types of bio-based chemicals in the market are bio-based acids, bioplastics, bio-alcohols, bio-solvents, bio-surfactants and bio-lubricants. Bio-alcohols generate the highest demand and managed to capture the biggest share of 41.7 percent in 2018. Bioethanol’s rising use in potable as well as industrial categories have elevated the segment’s position in the global market. Industrial uses include medicinal formulations, fragrance and scent processing, along with formulations for personal care and cosmetics. The segment is touted to soar at rate of 9.89 percent and surpass USD 39.50 billion by 2023-end.
Applications covered in the report are pharmaceuticals, food beverage, packaging and agriculture. The biggest share of 26.2 percent has been seized by food and beverage segment, which had reached USD 15.49 billion in 2018. Over the review period, the segment can capture a CAGR of 8.79 percent, in view of changes in consumer preferences, rising disposable income, and increasing focus on health. The pharmaceutical segment can, however, attain the fastest growth rate during the analysis period.
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Regional Analysis:
The bio-based chemicals industry can be segregated with respect to Latin America, Europe, Asia Pacific/APAC, MEA or Middle East Africa and the Americas.
Backed by the rigid environment-based regulatory standards, Europe has taken the taken the lead in the global market. Its share in 2018 reached 33.75 percent of the global market, thanks to the surge in the supply networks of bio-based feedstock, comprising bio-refineries as well as biochemicals. The regional market’s growth is further bolstered by the depletion of natural resources, surge in crude oil prices, and stringent government regulations. As a result, the European market had touched USD 19,950.8 million in the year 2018 while its growth rate is anticipated to be 10.85 percent in the years ahead.
The second lead has been secured by the APAC market, since the region is increasingly witnessing rapid industrialization and increase in the number of favorable regulatory policies. Asia Pacific is brimming with a host of opportunities for the players, given the significant production levels and the consumption rate escalating in India and other countries. Government policies in India, China, and Japan are mostly aimed at enhancing the efficiency, cut down price volatility in petroleum-based items, and elevate the adoption of eco-friendly products, which should foster the demand for bio-based chemicals in the following years. Therefore, in the ensuing years, the APAC market can achieve the fastest growth rate of 11.32 percent, thanks to the large-scale availability of required raw materials, and frequent technical developments.
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