Bio-Based Chemicals Market to Expand Market Stake with Improved

Jul 19, 2019 (Heraldkeepers) - Bio-based chemicals market is gaining traction primarily due to the intensive push towards using renewable raw materials more efficiently and the increasing influence of the environmental sector. The bio-based chemicals are synthesized from renewable sources such as cassava, corn, sugar beet, wheat, and other cereals, vegetable oil, grains, sugarcane, and lignocellulosic biomass to name a few of the sources. As stated in a report circulated by Market Research Future, the bio-based chemicals market is expected to record a CAGR of 10.47 % in the upcoming period. The CAGR is expected to generate revenues worth USD 97.2 billion approximately by the end of 2023. The increased inclination of the society on synthetic chemicals is a major deterrent to the market for bio-based chemicals. Moreover, factors such as pollution and climate change are also restricting the growth of the market.

Their non-toxic nature is a key driver of the demand for the bio-based chemicals market. They also don’t harm the environment when they are not properly disposed of or expended. The market for bio-based chemicals is substantially bolstered by the backing of governments around the world for the development of the market. As a result of these favorable policies initiated by governments, have motivated companies like Kemira to join a four-year EU funded project which intends to progress 100% bio-based chemicals. Several sectors are increasingly adopting bio-based chemicals in their processes, which is benefitting the expansion of the market. The food and beverage sector has emerged as one of the foremost sectors that is using bio-based chemicals, in its production processes. The sheer scale of production volumes in the food and beverage sector is expected to create an upsurge in demand for bio-based chemicals in the upcoming years. The results of climate change and the need to ensure competitiveness in the chemical industry are expected to influence the market greatly in the coming years. Fresh developments in biotechnology are making it conceivable to produce many traditional chemicals and many promising original alternatives with renewable biomass as a replacement for petroleum. Also, as industries are progressively looking for technologies to reduce their ecological footprint, the bio-based chemical market is expected to grow.

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The bio-alcohols segment in the bio-based chemicals market controls about 41.7% share of the market by value in 2018 owing to the wide-ranging implementation of bio-ethanols in industrial as well as potable uses. The industrial purposes of bioethanol consist of production of aromas and flavors, pharmaceutical preparations, and cosmetics and personal care preparations. The segment was assessed to have achieved worth of USD 24,653.90 million in 2018 and is estimated to record a CAGR of 9.89% to attain USD 39,507.9 million in incomes by the end of 2023. With respect to the sectors where bio-based chemicals are used the food & beverage sector was credited for the principal share of 26.2 % based on worth and was evaluated as having a worth of USD 15,494.6 million in 2018. The food and beverage segment is anticipated to touch a CAGR of 8.79 % by 2023. Moreover, shifting food habits, growing disposable income, and transforming lifestyles are expected to further enhance the contribution of the market in the upcoming period.

The global bio-based chemicals market is expected to gain traction with the European region leading the expansion of the market. The European region was responsible for the principal market portion of 33.75 % in 2018, which was primarily due to the strict environmental regulatory guidelines in the region. The regional market in Europe is expected to capture a CAGR of 10.85 % in the approaching years by 2023. The swift industrial progress and the presence of favorable regulatory policies in the emergent economies of the Asia Pacific region have boosted the region to the second highest contributor to the development of the bio-based chemical market.

The market is aided in its growth by the contribution of companies like Vertec BioSolvents (US), Cargill, Incorporated (US), GFBiochemicals Ltd (UK), AGAE Technologies, LLC (US), TOTAL (France), BioAmber Inc (US), DowDuPont (US), BASF SE (Germany), Braskem SA (Brazil), Evonik Industries (Germany), Archer Daniels Midland Company (US), Toray Industries Inc (Japan), Itaconix PLC (UK), Mitsubishi Chemical Corporation (Japan), and Royal DSM NV (The Netherlands) that are increasingly developing their product portfolios.

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