Global Bio-based Chemicals Market Expected to Reach USD 160.74 Billion By 2028, at 10.4% CAGR: Polaris Market Research

NEW YORK, Jan. 10, 2022 /PRNewswire/ -- Polaris Market Research recently published a research report on "Bio-based Chemicals Market Share, Size, Trends, Industry Analysis Report, By Type (Bio-Lubricants, Bio-Solvents, Bioplastics, Bio-Alcohols, Bio-Surfactants, Bio-Based Acids); By End-Use; By Region; Segment Forecast, 2021 – 2028" in its online research storage.

"As per a recent research report, the global demand of bio-based chemicals market size & share expected to reach to USD 160.74 Billion by 2028 from USD 81.23 Billion in 2020, at a compound annual growth rate (CAGR) of 10.4% during forecast period 2021 to 2028."

What are Bio-Based Chemicals? How big is the Bio-Based Chemicals Industry?

• Overview:

The bio-based chemicals market has witnessed tremendous growth over the past few years and is poised to reach a high CAGR during the forecast period. The sources of bio-based chemicals can include a range of natural products such as plants, marine and, forestry materials. These chemicals can be used as an alternative to conventional petroleum-derived products. The use of bio-based chemicals has boosted the optimization of the by-products of existing industries like agriculture while reducing fossil fuels. Various types of bio-based chemicals are: bioplastic, PLA, PHAs, plant oils, fatty acids, bio-lubricants, bio solvent, biosurfactant, ink san dyes, and others.

Growing environmental concerns and increasing awareness regarding the use of renewable biological resources for industrial applications are the two major factors contributing to the increasing demand for bio-based chemicals includes. The COVID-19 pandemic has negatively affected the market for bio-based chemicals concerning operational challenges, transportation delays, and travel restrictions. The outbreak has had a huge impact on the automotive, packaging, and industrial sectors, demonstrating and supply chain disruption and workforce impairment.

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The Report Reader Will Get The Following Insights in Sample Report:

• Key statistics on the bio-based chemicals market status, 2021-2028 Size, Share, Market Trends, and CAGR
• The company profile and market share of key vendors
• Competitive landscape analysis
• Development trends of the industry.
• Market growth in the upcoming years
• Point by point examination of all the sections
• Estimation and its contribution to the parent market
• Growth predictions
• Product technology trends and innovation

Top Market Players in Bio-based Chemicals Market Are:

• BASF SE
• BioAmber Inc
• Braskem SA
• Cargill Incorporated
• Danimer Scientific Inc.
• DuPont de Nemours
• Evonik Industries
• Koninklijke DSM N.V.
• Methanex Corporation
• Mitsubishi Chemical Corporation
• Mitsui & Co. Ltd
• Natureworks LLC
• PTT Global Chemical Co. Ltd.
• Teijin Ltd.
• Vertec BioSolvents

Important Questions Answered By Market Report:

• What is the global bio-based chemicals market size and the growth rate at the global level?
• What are the key trends impacting the growth of the market?
• What are the potential growth opportunities and threats faced by the leading competitors?
• What are the key outcomes of Porter's five forces analysis and the SWOT analysis of the key players functioning in the market?
• What is the significant development driving components and restrictions of the bio-based chemicals market across different geographies?
• What will be the performance rate of the emerging markets during a further time frame? How is the consumption pattern expected to evolve in the future?

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Bio-based Chemicals Market: Report Scope

The Bio-Based Chemicals Market: Growth Leading Factors

The market is driven by increasing consumer adoption of eco-friendly products and Stringent environmental regulations and policies. Also growing fossil fuel depletion, environmental concerns are pushing the market growth. Among these, biofuel and bioplastic are majorly used within this industry. Researchers and end-users are demanding and adopting bio-derived as replacements for basic chemicals. In addition, factors such as population growth and limited supplies of non-renewable resources are working in the favour of the market.

Moreover, the high oil price is another factor motivating the growth of bio-based chemicals and polymers. These factors have already created growth opportunities in this market. Additionally, the research states there are a number of other drivers that are impacting the industry positively. These include the increasing application in food and beverage and agriculture sectors, economic growth, growing adoption of green chemistry, and technological advancements are projected to produce growth opportunities in the upcoming years. The continuous use of non-renewable assets and petroleum-based products can harm the world's natural resources.

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Global Bio-Based Chemicals Market: Key Segmentation

Insight by Type:

Based on type, the bio-chemicals market is divided into bio-lubricants, bio-solvents, bioplastics, bio-alcohols, bio-surfactants, bio-based acids, and others. This segment is predicted to maintain its dominant position during the estimated period. Due to bio alcohol's use as a transportation fuel, the demand for the global bio-based chemicals market is high. As per the study, the increase in demand for biofuels the bio-based platform chemicals is expected to drive market growth during the next few years. Bioethanol is also one of the fuel sources of renewable energy such as hydrogen production and bio-jet fuel production.

In the wake of climate changes and various government campaigns, growing awareness regarding the use of renewable energy fuel has surged.  Manufacturing industries such as cosmetics, pharmaceuticals, and alcoholic beverages also use bio-alcohol chemicals.

Insight by End-Use:

On the basis of the end-use segment, the bio-chemicals market is segmented by automotive, personal care, food & beverages, agriculture, industrial, pharmaceuticals, packaging, etc. Factors including growing environmental concerns, regulations on carbon emissions, and adoption of green technologies would generate the market demand for bio-based chemicals which is expected to increase from the industrial sector during the forecast period. Increasing biodiesel use and the rising adoption of electric vehicles have contributed to the surged demand for bio-based chemicals from the automotive sector.

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Regional Analysis: Industrial Bio-Based Chemicals Market

The global bio-based chemicals market was dominated by Europe in 2020. Growth driving factors in Europe include industrial growth, increasing crude oil prices, and growing environmental concerns. As per research, the growing use of natural resources in the region urges governments to launch emissions and environment related strict regulations and policies. Additional factors fuelling the market growth in this region involve increasing research and development activities, expansion of international players in this region, and technological advancements.

Browse the [115+ Pages] Detail Report "Bio-based Chemicals Market Share, Size, Trends, Industry Analysis Report, By Type (Bio-Lubricants, Bio-Solvents, Bioplastics, Bio-Alcohols, Bio-Surfactants, Bio-Based Acids); By End-Use; By Region; Segment Forecast, 2021 – 2028" with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/bio-based-chemicals-market

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Global bio-based chemicals market report segmented on the basis of type, end-use, and region:

Industrial Bio-Based Chemicals Market: By Type Outlook

• Bioplastics
• Bio-Lubricants
• Bio-Solvents
• Bio-Alcohols
• Bio-Based Acids
• Bio-Surfactants

Industrial Bio-Based Chemicals Market: By Application Outlook

• Automotive
• Personal Care
• Food & Beverages
• Agriculture
• Industrial
• Pharmaceuticals
• Packaging
• Others

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SOURCE Polaris Market Research