Global Bio-Based Chemicals Market Report to 2031: Increasing Consumer Adoption of Bio-Based Products Drives Growth - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Global Bio-Based Chemicals Market, By Type, By Application, Estimation & Forecast, 2018 - 2031" report has been added to ResearchAndMarkets.com's offering.

The global bio-based chemicals market, valued at USD 128,522.0 million in 2022, is projected to attain USD 271,760.9 million by 2031, registering a robust Compound Annual Growth Rate (CAGR) of 9.2% during the forecast period.

The market volume, totaling 81,062.2 thousand units in 2022, is expected to escalate to 131,710.9 thousand units by 2031, indicating a 5.9% growth rate over the forecast period.

Driving Factors:

Governments worldwide are introducing supportive policies and incentives to bolster the bio-based chemicals industry. These measures include R&D funding, tax incentives, and mandates for renewable feedstock utilization. Technological advancements facilitate cost-effective production, encompassing biotechnology, enzymatic processes, and fermentation technologies. In light of climate change and energy security concerns, bio-based chemicals present a renewable alternative to traditional petrochemicals, derived from fossil fuels.

However, challenges persist, notably the higher production cost of bio-based chemicals compared to traditional alternatives due to feedstock expenses and complex production processes. The limited availability of renewable feedstocks like biomass and waste materials poses a constraint on industry growth.

Growth Influencers:

1. Increasing Consumer Adoption of Bio-Based Products:

Growing consumer awareness of sustainability is a pivotal driver for the bio-based chemicals market. Eco-conscious consumers are gravitating toward sustainable alternatives with a lower carbon footprint. Bio-based products, offering improved performance characteristics, are gaining traction. Enhanced durability and heat resistance in bio-based plastics are illustrative examples.

2. Environmentally Friendly Properties and Favorable Government Policy:

Bio-based chemicals, stemming from renewable sources, exhibit reduced carbon footprints. As environmental concerns mount, demand for eco-friendly products rises, fostering a conducive market environment for bio-based chemicals. Governments' pro-environment policies, including tax incentives and feedstock mandates, further drive adoption.

Segment Breakdown:

The market is categorized by type and application:

Type:

• Bio-Lubricants
• Bio-Solvents
• Bioplastics (holding the highest market share of 28.8% in 2022 and the highest CAGR of 11.4%)
• Bio-Alcohols
• Bio-Surfactants
• Bio-Based Acids
• Others

Application:

• Automotive
• Personal Care
• Food & Beverages
• Agriculture
• Industrial (leading with 34.0% market share in 2022 and a CAGR of 10.6%)
• Pharmaceuticals
• Packaging
• Others

Regional Overview:

• North America (US, Canada, Mexico)
• Europe (UK, Germany, France, Italy, Spain, Poland, Russia, rest of Europe)
• Asia-Pacific (China, India, Japan, Australia, New Zealand, South Korea, ASEAN, rest of Asia-Pacific)
• Rest of the World (GCC, South Africa, Brazil, Argentina, rest of Middle East and South Africa)

Europe held the largest market share (more than 35% in 2022), and Asia-Pacific is expected to grow at a CAGR of over 11.4%.

Competitive Landscape:

Key players include Archer Daniels Midland Company, Cargill Incorporated, Dow Chemicals, Toray Industries Inc, TotalEnergies, and others. Top four players hold around 28.1% market share. Technological innovations, like Toray Industries' 100% bio-based adipic acid, demonstrate advancements within the industry.

Report Insights:

The report covers areas such as market penetration, development, diversification, competitive landscape assessment, product development & innovation, pricing analysis, manufacturing cost analysis, chemical industry overview, and trends in integrated biorefineries development for sustainable production.

Key Questions Addressed:

• Projected market size and forecast
• Impact of COVID-19
• Investment opportunities
• Competitive strategic window
• Technology trends and regulatory frameworks
• Market share of leading players
• Favorable modes and strategic moves for market entry.

For more information about this report visit https://www.researchandmarkets.com/r/3bzll0

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