Bio-based chemicals Market: Segmented: By Type (Bioplastics, Bio-Lubricants, Bio-Based Acids, Bio-Solvents, Bio-Surfactants, Bio-Alcohols and others), By Application (Industrial Chemicals, Food & Beverages, Pharmaceuticals, Detergents & Cleaners, Agriculture, Personal Care, Packaging, Paints & Coating, Automotive, and others), And Region - Global Analysis of Market Size, Share & Trends For 2019-2021 And Forecasts To 2031
[ 170 + Pages Research Report ] Impact of COVID-19 on Bio-based chemicals Market to surpass USD 191.8 billion by 2031 from USD 76.1 billion in 2021 at a CAGR of 9.7% in the coming years, i.e., 2021-2031.
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.
The global Bio-based chemicals market is expected to project a notable CAGR of 9.7% in 2031.
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.
Bio-alcohols segment to grow with the highest CAGR during 2021-31
Based on Type, the global Bio-based chemicals Market is fragmented 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 their extensive use in water treatment and industrial applications and are 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 chemicals.
Agriculture segment to grow with the highest CAGR during 2021-2031
Global Bio-based chemicals market is classified on the basis of Application into Industrial Chemicals, Food & Beverages, Pharmaceuticals, Detergents & Cleaners, Agriculture, Personal Care, Packaging, Paints & Coating, Automotive, and others. The agriculture segment is expected to witness a steady rise due to the increasing demand for disease-free crops and high crop yields. Factors such as changing lifestyles, consumer inclination towards organic and eco-friendly products, technological modification, and increased expendable income levels are expected to create a huge demand for bio-based chemicals.
Limited reserves of non-renewable resources
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 fuels. 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.
Increasing application of bio-based alcohol in the food & beverage industry
Bio-alcohols, particularly bioethanol, is commonly used in the food and beverage industry. Bio-alcohol is used as an intoxicant in the production of alcoholic beverages such as vodka, whiskey gin, rum, and beer. In the food & beverage industry, flavoring agents are used, bioethanol is used to extract and absorb flavors and aromas. Due to increasing alcohol consumption around the globe, which in turn, is expected to increase the product demand over the coming years.
The high cost compares to conventional chemicals
The main factor restricting the growth of the bio-based chemicals market is the high cost of raw materials with cost competition from conventional chemicals. The factors like food safety due to the major climatic changes are also expected to delay the market growth.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
The global Bio-based chemicals market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Europe is expected to dominate the market during the forecast period. The rising demand for Bio-based chemicals in the region can be greatly attributed to reasons such as increasing crude oil prices and industrial growth with stringent environmental norms, resultantly fueling the growth of the Europe Bio-based chemicals market.
The COVID-19 pandemic has negatively affected the market for bio-based chemicals concerning operational challenges, delay in transportation, and restrictions in travel. The outbreak has had an enormous impact on the automotive, packaging, and industrial sectors, demonstrating supply chain disruption and workforce impairment.
Global Bio-based chemicals are further segmented by region into:
Bio-based chemicals Segments:
|The market size value in 2021
|USD 76.1 billion
|The revenue forecast in 2031
|USD 191.8 billion
|CAGR of 9.7% from 2021 to 2031
|The base year for estimation
|Revenue in USD million and CAGR from 2021 to 2030
|Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Component, Application, End-user and Region
North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)
|Key companies profiled
|BASF SE, DowDuPont, Cargill, Evonik, Chevron, BioAmber, ADM, Metabolix, DSM, Natureworksand and Other Prominent Players
Bio-based chemicals Market size was estimated at USD 76.1 billion in 2021 and is expected to reach 191.8 billion by 2031.
Key players are BASF SE, DowDuPont, Cargill, Evonik, Chevron, BioAmber, ADM, Metabolix, DSM, Natureworksand and Other Prominent Players
Bio-alcohols segment and Agriculture segment is anticipated to hold the Bio-based chemicals Market
Drivers: Limited reserves of non-renewable resources and Increasing application of bio-based alcohol in the food & beverage industry
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.
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