Global Bio Based Chemicals Market to Grow at a Strong CAGR of 15.9% During the Forecast Period 2022-2030


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.

In last twelve years, issues with respect to environmental pollution have gripped across all sectors, prompting companies to look out for a safer and sustainable alternative. Conventional chemicals have been found to affect the environment and health of the people adversely. Conventional chemicals have been found over the years causing greenhouse effect which is aiding global warming. Health issues like lung diseases, skin rashes and other severe diseases including death is caused by standard chemicals. Market is shifting towards bio based chemicals as it is much safer than normal conventional chemicals it is safe for environment as well as humans.

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. Biofuel dominates the product segment in terms of revenue. Bioplastics expected to be the fastest growing product segment with CAGR 17% for the forecast period 2022-2030. The conventional chemical is made up of petrol and petrol based materials like ethylene, propylene, benzene etc. The crude oil is a natural resources and scarcity of such resources is expected to occur in near future. The price of such natural resource is also very high and is anticipated to increase by 7-12% by 2025. Moreover, geopolitical issues make the price of fossil fuels unpredictable. The high cost of crude oil is also a major driver which increases the global bio based chemical market.

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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 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.

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.

KEY MARKET MOVEMENTS

  • The global bio based chemicals market is expected to grow at a CAGR of 15.9% during the forecasted period of 2022-2030.
  • 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.
  • 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.
  • 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%.
  • Bio PET accounted for 40% of total bioplastics market in 2020, as Bio PET is one of the most durable form of bio plastics.
  • Agriculture sector is anticipated to see highest growth numbers (CAGR) of 17.6% for the forecast period 2022-2030.

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