Market Highlights:
The global bio-based chemicals market is estimated to be valued at USD 97,267.0 million by 2023 and record a CAGR of 10.47% during the forecast period. According to the US Environmental Protection Agency (US EPA), the chemical industry was responsible for over 20% of the industrial greenhouse gas emissions in 2017. Environmental concerns due to uncontrolled emissions from the chemical industry have led to the imposition of regulations over the use of synthetic chemicals, which is expected to create growth opportunities for the players operating in the global bio-based chemicals market. With the advent of bio-based chemicals, the production of chemicals through the synthetic medium is declining.
However, volatile raw material prices of bio-based chemicals are expected to be a restraining factor for the growth of the global market during the forecast period.
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Segmental Analysis
According to MRFR analysis, the global bio-based chemicals market has been segmented based on type, applications, and region.
By type, the global bio-based chemicals market has been categorized into bioplastics, bio-lubricants, bio-solvents, bio-surfactants, bio-based acids, bio-alcohols, and others. Among these, the bio-alcohols segment accounted for the largest share of 41.7% by value in 2018 predominantly due to the large-scale adoption of bio-ethanol in industrial as well as potable applications. Industrial applications of bio-ethanol include manufacturing of flavors and aromas, pharmaceutical formulations, and cosmetics and personal care formulations. The high demand for other bio-alcohols such as sorbitol, xylitol, bio-methanol, and bio-butanol in the food & beverage, pharmaceutical, and cosmetics & personal care industries is also expected to support the growth of the segment. The bio-alcohols segment is expected to register a CAGR of 9.89% during the forecast period.
On the basis of application, the global bio-based chemicals market has been classified into agriculture, automotive, personal care, food & beverage, packaging, detergents and cleaners, paints and coating, adhesives and sealants, pharmaceuticals, paint dispersion, and others. The food & beverage segment accounted for the largest share of 26.2% by value in 2018 due to the high demand for bio-plastics, bio-solvents, bio-alcohols, bio-surfactants, and bio-based acids, which find a wide range of applications in the food & beverage industry. The growing food & beverage industry due to changing food habits, increasing disposable income, and changing lifestyles are projected to boost the demand for bio-based chemicals during the forecast period. However, pharmaceutical application segment is expected to register the highest CAGR during the forecast period.
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Regional Analysis:
Geographically, the global bio-based chemicals market has been segmented into Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa. As per MRFR analysis, the European market was the dominant regional market, accounting for the largest share of 33.75% in 2018, and is expected to register a CAGR of 10.85% during the forecast period. Europe is followed by Asia-Pacific, which accounted for the second-largest share of the global bio-based chemicals market in 2018. The North American market is expected to exhibit a CAGR of 9.79% during the forecast period. The Latin American and the Middle East & African markets are also likely to witness considerable growth during the forecast period, 2018–2023.
Key Findings of the Study:
- The global bio-based chemicals market was valued at USD 59,117.6 million in 2018 and is expected to register a CAGR of 10.47% to reach around USD 97,267.0 million by the end of 2023.
- Based on type, the bio-alcohols segment held the largest share of 41.7% by value in 2018 and is expected to register a CAGR of 9.89% during the forecast period.
- By application, the food & beverage is estimated to be the largest segment of the global bio-based chemicals market, which accounted for a 26.2% value share in 2018.
- The European market accounted for the largest share of 33.75% by value in 2018.
This research report provides the insights, on various levels of analyses such as industry analysis, market share analysis, leading market players and their profiles. This report also helps in studying the target segments by providing views on emerging & high-growth segments and market conclusion. Together the market data comprise and discuss with the basic assessments on the competitive scenarios & strategies, of the Global Bio-Based Chemicals Market, including the high-growth regions and their political, economic and technological environments. Furthermore, the project report also provides the views over the historical market values as well as, pricing and cost analysis of the same.
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