Fatpos Global has released a report titled “Bio-based chemicals Market- Analysis of Market Size, Share & Trends for 2014 – 2021 and Forecasts to 2031” which is anticipated to reach USD 191.8 billion by 2031. According to a study by Fatpos Global, the market is anticipated to portray a CAGR of 9.7% between 2021 and 2031. According to the report, the growing demand for Bio-based chemicals, owing to the increasing application of bio-based lubricants in different end-use industries. Due to the rising environmental hazards and pollution globally with getting higher concerns regarding harmful effects of petroleum-based synthetic chemicals, consumer preference shifted toward environment-friendly products which, in turn, is expected to increase the product demand over the coming years.
The market report on the global Bio-based chemicals Market includes in-depth insights as:
“One of the market's primary drivers is a growing awareness of the importance of environmental conservation. The global bio-based chemicals market is primarily driven by rising concerns regarding the use of renewable biological resources and depletion in the natural reserve of fossil fuel. Governments of various nations have implemented stringent regulations regarding the usage of petrol-based chemicals and rising consumer inclination towards environment-friendly products estimated to hamper the growth of the global bio-based chemicals market.”, said a lead analyst at Fatpos Global.
Bio-Based Chemicals are the products that are produced from renewable sources such as feedstock, plants, crops, trees, and biological waste. Bio-Based Chemicals are an environment-friendly and appropriate alternative to prevailing chemicals and will play an important role in the conservation of fossil fuels. By using this we can maintain ecological balance and also decreased carbon emission levels. To maintain a consistent supply of raw materials in prevailing industries like automotive by technological development producers can build new investment opportunities.
Global Bio-based chemicals Market is classified on the basis of Type into Bioplastics, Bio-Lubricants, Bio-Based Acids, Bio-Solvents, Bio-Surfactants, Bio-Alcohols and others. Among these, bio-based alcohols are the largest segment holding the largest market share of the global bio-based chemicals market due to its extensive use in water treatment and industrial applications and is expected to display a similar trend in the coming years. The increasing use of bio-based alcohols in the key end-use industries such as food & beverages, pharmaceutical, and cosmetics & personal care industries is expected to create a huge demand for bio-based chemical.
Key Players in the Market
Some of the key players operating in the global Bio-based chemicals Market are BASF SE, DowDuPont, Cargill, Evonik, Chevron, BioAmber, ADM, Metabolix, DSM, Natureworksand and Other Prominent Players
Get Valuable Insights into Global Bio-based Chemicals Market
In the new report, Fatpos Global thrives to present an unbiased analysis of the global Bio-based chemicals Market that covers the historical demand data as well as the forecast figures for the period, i.e., 2021-2031. The study includes compelling insights into growth that is witnessed in the market. Global Bio-based chemicals Market is classified based on Type into Bioplastics, Bio-Lubricants, Bio-Based Acids, Bio-Solvents, Bio-Surfactants, Bio-Alcohols, and others. Based on application, the global Bio-based chemicals Market is fragmented into Industrial Chemicals, Food & Beverages, Pharmaceuticals, Detergents & Cleaners, Agriculture, Personal Care, Packaging, Paints & Coating, Automotive, and others. Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East, and Africa.
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