Bio Based Chemicals Market

2021-2030 Analysis and Review Bio Based Chemicals Market

Bio Based Chemicals Market

Bio Based Chemicals Market By Products (Bio-plastics, Bio-Fuel), By Application (Industrial Chemicals, Pharmaceuticals, Food Products, Agriculture) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021 – 2030

28-03-2022 REP-HC-139309 110 pages Format

The global bio based chemicals market is expected to grow at a CAGR of 15.9% during the forecasted period of 2022-2030. Fats & oils, sugars, proteins and lignin are amongst the key components of bio-based materials. Manufacture of industrial chemicals like succinic acid, bio-based dyes, lactic acid, glycerol, acrylic acid and many more are some of the well- known examples of bio based chemicals. Bio-based chemicals are also used in other sectors like pharmaceuticals, food products and agriculture. Some of the major bio based products are bio-plastics which can be bio-degradable or non-biodegradable in nature, and Bio fuels are another bio based products which are finding huge popularity across the globe driven by a large number of factors such as rising fluctuations in the price of crude oil. The bio-based chemicals are addressing our socioeconomically and environmentally unsustainable reliability on petroleum feedstock. Researches are being conducted all around the world to commercially produce bio-fuel for transport industry. The concerns regarding the environment due to dangerous chemicals and depletion of fossil fuels are leading to the rise of the production of the bio-based chemicals.

Bio Based Chemicals Market

Industrial Chemical Sector Remains the Largest Application Segment

Bio based chemicals find the largest application in the Industrial chemical sector which is expected to grow with a CAGR of 14.3% during the forecast period of 2021-2029. Global bio based product market is segmented on the basis of products and applications.  The product segment is further sub segmented into bioplastics and biofuel. Biofuel dominates the product segment in terms of revenue.Bio plastics expected to be the fastest growing product segment with CAGR 17% for the forecast period 2022-2030. Volatility in crude oil prices and favorable government regulations are the main factors driving bio-based product market for the forecast period. Application segment is further classified into industrial chemical, pharmaceutical, food products, and agriculture. Industrial chemicals dominate the application segment in terms of revenue.

RoW Remains as The Fastest Growing Region

Rest of the world being the fastest growing region is expected to grow with a CAGR of 17.3% and is followed by North America which is expected to grow with a CAGR of 16.8%.Bioplastics accounts to 1%, around 300 million tons of annual production of plastic. However, the increasing demand for varied applications in different sectors, with new emerging and more sophisticated products is driving the growth of the global market with rapid pace. Bio-based non-biodegradable plastics are the key growth drivers such as bio PET, and Bio PE. Around 60% of total bioplastics production capacity across the world is contributed by bio-based durable plastics. Bio-based chemicals are majorly dominated by the bio plastics. Bio PET accounted for 40% of total bioplastics market in 2020, as Bio PET is one of the most durable form of bio plastics. Bio PET is mainly used to manufacture bottles and other such products; and the Bio PET possesses properties similar to PET based on petroleum.

Agriculture Remains as The Fastest Growing Application Segment

Volatility in fossil fuel price, increasing concerns for environment, and expanding end users particularly in areas of industrial chemicals, pharmaceutical industries, agriculture, and food & beverage would supplement growth of bio based chemicals market in the medium term. Agriculture sector is anticipated to see highest growth numbers (CAGR) of 17.6% for the forecast period 2022-2030. Moreover, new innovations manufacturing, processing and research would create significant opportunity for bio based chemicals applications market in the medium term.

Historical &Forecast Period

This research report presents the analysis of each segment from 2020 to 2030 considering 2021 as the base year for the research. Compounded annual growth rate (CAGR) for each respective segment are calculated for the forecast period from 2021 to 2030.

Report Methodology

Market revenues andCAGR were derived from primary andsecondary research. Both quantitative andqualitative trends were considered for extrapolation of market revenues. The derived market estimates were further validated from top down, bottom strategies andprimary research. The scope of the market is limited to the following segments of product categories andregion.

By Products (2020-2030; US$ Mn)

  • Bioplastics
    • Bio-Degradable Plastics
      • PLA
      • PHA
      • Regenerated Cellulose
      • Bio-Degradable Polyesters
      • Others
      • Non-Biodegradable Bioplastics
      • Bio-PET
      • Bio-PE
      • Bio-PA
      • Others
  • Bio-Fuel
    • Bio-Diesel
      • Ethanol
      • Other Alcohols
      • Bio-Gas
      • Syngas
      • Bioether
      • Solid Biomass

By Application(2020-2030; US$ Mn)

  • Industrial Chemicals
    • Succinic Acid
      • Alcohols
      • Bio-Based Dyes
      • Lactic Acid
      • Glycerol
      • Acrylic Acid
      • Other Chemicals
  • Pharmaceuticals
    • Enzymes
    • Amino Acid
    • Vitamins and Related Compounds
    • Antibiotics
    • Others
  • Food Products
    • Alcoholic Beverages
    • Others
  • Agriculture
    • Bio-Fertilizers
    • Bio-Pesticides
    • Others

By Region (2020-2030; US$ Mn)

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Africa

Global Impact of Covid-19 Segment (2020-2021; US$ Mn)

  • Pre Covid-19 situation
  • Post Covid-19 situation

Key questions answered in this report

  • What are the key market segments in current scenario and in the future by product categories?
  • What are the key market segments in current scenario and in the future by regions?
  • What is the key impact of Covid-19 over market revenues and market determinants in the global bio-based chemicals market?
  • What are the primary and secondary macro and micro factors influencing the market growth currently and during the forecast period?
  • What are the primary and secondary macro and micro factors deterring the market growth currently and during the forecast period?
  • How to overcome the current market challenges and leverage the opportunities in each of the market segment?
  • Who are the key players in the operational predictive maintenance market and what are their key product categories and strategies?
  • What are the key strategies – mergers/acquisitions/R&D/strategic partnerships etc. that companies are deploying to enhance market revenues and growth?

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