Bio-based Chemicals Market

GMI Research analysis indicates that the Bio-Based Chemicals Market size was estimated at USD 83.2 billion in 2022 and is slated to register a single digit CAGR of 9.1% over the forecast period, and is projected to reach USD 167.0 billion in 2030.

To have an edge over the competition by knowing the market dynamics and current trends of “Bio-Based Chemicals Market” request for Sample Report here

Major Bio-Based Chemicals Market Drivers

The bio-based chemicals market is predicted to grow due to a significant increase in demand for eco-friendly alternatives, increase in technological developments and product enhancements, rise in environment awareness and government assistance, and reduction of fossil fuel resources. Growing greenhouse gas emissions and diminishing fossil fuel reserves are propelling the growth of the global bio-based chemicals market. Therefore, due to these factors the demand for these chemicals increased. The continuous efforts to decrease dangerous emissions are driving the usage of bio-based products in different industries. The growing of green environment initiative is predicted to present a positive market growth. The demand in global market is predicted to grow due to government initiatives favoring the deduction of harmful chemical utilization.

The decrease in environmental impact caused by dangerous emissions has increased a need for bio-based products in different industries including textiles, construction, and transportation. In addition, endorsement of business sustainability and green environment initiatives, bans on one-time use of plastic bags, is driving the market growth. Countries including France, the U.K., and Germany have implemented policies limiting the sale of plastic cotton ear buds, food containers, and straws. Also, research and development efforts in the bio-based chemicals sector propel technological improvements and product development. Hence, cost deduction in production procedures develops the competitiveness of biobased chemicals in comparison to traditional petrochemicals.

Moreover, these efforts coupled with environmental and sustainability regulations, increasingly encourage the usage of biobased chemicals to decrease greenhouse gas emissions and reduce environmental impacts. Biobased solutions gained market traction due to global government and organizational support, coupled with favorable regulations. The Renewable Energy Directive in Europe mandates that 15% of transportation fuels must be sourced from renewable origin by 2022. This directive has increased demand for biofuels and other bio-based chemicals in different industries. Global governments implementing stringent regulations on traditional chemicals and encouraging for bio-based alternatives are propelling need for bio-based chemicals in different industries and impact the market growth positively. Furthermore, the market opportunity results from the advancement of production capacity and the introduction of innovative, eco-friendly products in response to increased customer requirements. The rising customer awareness of environmental problems is a foremost driver propelling the need for biobased chemicals.

Nonetheless, the establishment of biomass refineries has the potential to stimulate job creation and propel economic growth around the regions. This not only benefits local economies but also increases spending from both public and private sectors. The biobased chemicals sector is attaining traction as investors increasing spendings on sustainable technologies and resulting in opportunity for capital infusion. This trend strengthens its position as a favorable market opportunity on an international scale. Whereas, the global bio-based chemicals industry witnesses strong demands from the automotive sector, driven by the increasing need for lightweight materials to decrease the fuel consumption. Bio-based plastics are used in vehicles to decrease weight and improve fuel consumptions. In addition, bio-based adhesives developing durability and decreasing emissions.

Do you want to know more about the Research process and detailed Methodology, Request Research Methodology of this report

The construction industry using bio-based chemicals to develop the sustainability of its products. Bio-based insulation materials decrease energy consumption, while bio-based adhesives are developing durability. Similarly, the food and beverage industry are increasingly embracing bio-based chemicals to develop the sustainability of its products. The market for bio-based chemicals is propelled by a growing demand for more sustainable and eco-friendly products. This rising trend is predicted to be the foremost propelling market dynamics. Growing customer awareness of the environmental impact of traditional chemicals is driving the demand for eco-friendly alternatives. Producers are responding by developing sustainable products from renewable resources such as plants, animal fats, and biomass. In addition, government regulations promoting the usage of bio-based chemicals and resulting in bio-based chemicals industry growth.

In addition, in the agricultural sector, bio-based chemicals find applications as fertilizers, biopesticides, and biostimulants. Biopesticides, sourced from natural origins like microorganisms and plant extracts, are used for pest control in agriculture, offering a residue-free alternative. Although to develop the growth of plants and enhance crop yield, biostimulants are utilized in an environmentally friendly manner. Bio-based chemicals are increasingly used in producing household such as detergents, cleaning agents and many more and personal care items as they are natural and sustainable alternative to conventional chemicals.

However, the market for bio-derived chemicals faces challenges due to their higher costs compared to synthetic chemicals. While, the renewable chemicals benefit from affordable raw materials, but their complex production procedures lead to higher costs compared to conventional counterparts. Additionally, the costly nature of research and development activities in the chemicals sector contributes to the increase in end-use product costs. Furthermore, end-users demand for these chemicals for industrial applications predicts a limitation on product consumption. Conventional chemical products are offer high performance, superior durability, and a longer working lifespan, further restraining the need for bio-based alternatives.

Whereas, in the construction industry, bio-based coatings, adhesives, and insulation materials are favored for their eco-friendly, and sustainability attributes compared to traditional chemical-based products. These materials diminished carbon footprint, developed indoor air quality, and lower environmental impacts, make a favorable choice for green building and sustainable construction practices.

In case, any of your pain points areas are not covered in the current scope of this report, Request for Free Customization here

Bio-Based Alcohol segment registered the largest market size in the global market

The bio-based alcohol segment, primarily propelled by the extensive usage of bioethanol in industrial and customer applications. In the food and beverage industry, bio-based alcohol such as bioethanol is widely used in production of alcoholic liquids such as bourbon, rum, tequila, fortified wine, bee, unfortified wine, whiskey, gin, and scotch supporting their alcoholic content. Bioethanol finds application in the food and beverage sector for extracting and absorbing fragrances, and flavors, which are then utilized as flavorful ingredients. The global market for alcoholic beverages is flourishing due to the growing alcohol consumption globally, supporting to the need for bioethanol in this industry.

Industrial Chemicals segment accounted for largest share in the global market

Industrial chemicals held a significant share of the global bio-based chemicals market, and their predicted higher CAGR is attributed to the extensive application of bio-based chemicals in the industrial chemical sector in personalized composite, polymerization, and lubricants.

Europe Bio-based Chemicals Market dominated the global market

Europe registered the largest share in the global bio-based chemicals market due to a significant increase in investment by European Union countries to encourage a circular and green economy. Besides, the country around this region increases usage of bio-based chemicals that are predicted to propel Europe market growth. In addition, the region is witnessing decrease in conventional sources, and the actions taken to develop the dependence on biological foundations will foster market growth. In addition to this, growth in the biofuel technology sector has been propelled by factors including increased utilization in the petroleum industry, a growing necessity for enhanced bio-chemical, and the huge application of bio-chemicals in different industrial segments. These elements collectively contribute to the growth of the biofuel and bio-chemical industries.

Top Market Players

Various notable players operating in the market include 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., and Vertec BioSolvents among others.

Key Developments

• • In 2021, Cargill joined hands with Helm to form biobased substitutes for petroleum-based chemicals.
  • In 2021, BASF with Eni announced an introduction of innovative technology to generate bio-propanol from the glycerin.
  • In 2019, Archer Daniels Midland Company joined hands with LG to generate bio-based acrylic acid that is a foundational ingredient demanded to produce superabsorbent polymers utilized in a variety of sanitation products.

Segments covered in the Report:

The Global Bio-Based Chemicals Market has been segmented on the basis of Type and Application. Based on the Type, the market is segmented into Bioplastics, Bio-Lubricants, Bio-Based Acids, Bio-Solvents, Bio-Surfactants, Bio-Alcohols and others. Based on the Application, the market is segmented into Industrial Chemicals, Food & Beverages, Pharmaceuticals, Detergents & Cleaners, Agriculture, Personal Care, Packaging, Paints & Coating, Automotive, and others.

For detailed scope of the “Bio-Based Chemicals Market” report request a Sample Copy of the report

Report Coverage	Details
Market Revenues (2022)	USD 83.2 billion
Market Base Year	2022
Market Forecast Period	2023-2030
Base Year & Forecast Units	Revenues (USD Billion)
Market Segment	By Type, By Application, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	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., and Vertec BioSolvents among others; a total of 15 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Bio-Based Chemicals Market by Type

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

Global Bio-Based Chemicals Market by Application

• • Industrial Chemicals
  • Food & Beverages
  • Pharmaceuticals
  • Detergents & Cleaners
  • Agriculture
  • Personal Care
  • Packaging
  • Paints & Coatings
  • Automotive
  • Others

Global Bio-Based Chemicals Market by Region

• • North America Bio-Based Chemicals Market (Option 1: As a part of the free 25% customization)
    • • By Type
      • By Application
      • US Market All-Up
      • Canada Market All-Up
    • Europe Bio-Based Chemicals Market (Option 2: As a part of the free 25% customization)
      • By Type
      • By Application
      • UK Market All-Up
      • Germany Market All-Up
      • France Market All-Up
      • Spain Market All-Up
      • Rest of Europe Market All-Up
    • Asia-Pacific Bio-Based Chemicals Market (Option 3: As a part of the free 25% customization)
      • By Type
      • By Application
      • China Market All-Up
      • India Market All-Up
      • Japan Market All-Up
      • Rest of APAC Market All-Up
    • RoW Bio-Based Chemicals Market (Option 4: As a part of the free 25% customization)
      • By Type
      • By Application
      • Brazil Market All-Up
      • South Africa Market All-Up
      • Saudi Arabia Market All-Up
      • UAE Market All-Up
      • Rest of world (remaining countries of the LAMEA region) Market All-Up

Global Bio-Based Chemicals Leading Market Players (Option 5: As a part of the free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • 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