Bio-Based Chemicals Market to Reach $23976 Million by 2025 from $6474 Million
Global Bio-Based Chemicals Market Forecast 2017-2025 report provides with detailed information about the market bio-based chemicals of like market trends, key players, geographical analysis, and industry insights with prospects.
The market for bio-based chemical is anticipated to grow at a CAGR of 16.16% over the forecast period of 2017 and 2025. The revenue generated by the market is expected to increase from $6474 million in 2016 to $23976 million by 2025. The numerous government policies towards business sustainability programs, preference for the usage of the eco-friendly product among the end users, intensive fluctuations in the crude oil prices, and the high market probable of bio-based chemical products are some of the major drivers responsible for the boom in the bio-based chemical market.
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Mitsubishi chemical holdings have the highest share of the global bio-based chemical market. This is because the company keenly focuses on consumer demand and innovates its product accordingly. Mitsubishi is closely followed by BASF, PTT Global, Purac and Mitsui & Co. (Chemical) respectively. The other major players in the market include Abengoa Bioenergia, S.A., BioAmber Inc., Braskem, Cargill, Incorporated, CORBION Meredian Inc., Metabolix Inc., Methanex Corporation Myriant Technologies LLC, Natureworks, Novozymes ASS, Royal DSM, Synbra., Teijin and Zhejiang Hisun Biomaterials Co., Ltd.
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The bio-based markets can be segmented on the basis of the type of products and on the basis of applications. The varied types of products include biodegradable and non-biodegradable bioplastics and different kinds of biofuels. Although the biofuels market, which comprises of biodiesel, biogas, and solid biomass, generated the highest revenue of $3690 million in 2016, it is the bioplastics market which is anticipated to grow at a faster CAGR of 16.43% during the forecast period.
The application segment can be further sub-divided into various areas like industrial chemicals, agriculture, pharmaceuticals, food products etc. The industrial chemicals that include succinic acid, industrial alcohol, bio-based dyes, lactic acid, glycerol, acrylic acid and others, is the application which is currently dominating the global biobased chemical market. However, it is the Agriculture application that is predicted to grow at the fastest CAGR of 16.48% during the forecast period, since the bio-based chemicals in the form of bio-pesticides and biofertilizers have the highest demand in the agricultural sector.
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Asia-Pacific region currently holds the biggest market for the bio-based chemicals, accounting for 42.38% share of the total market. The demand for the bio-based chemicals from this region is expected to further rise during the forecasted years. The European bio-based chemicals market is the second-largest bio-based chemicals market in the world. Germany currently dominates this market, closely followed by France, UK, and Italy. This growth can be attributed to the development of new value chains with bio-based feedstock, like the production of biochemicals and biorefineries. However, it is the North American market which is expected to show the highest growth in CAGR of 17.03% during the forecast period owing to the availability of low-cost and abundant feedstocks, the government initiatives and regulations and the shift of consumer perception towards more eco-friendly products.
Market Opportunities: Escalating Demand of Biobased Products Amongst End Users and Increase In Technological Advancements Fort the Biorefining
Challenges: Higher Price of Bio-Based Chemicals and Food Safety Due To Significant Climate Change
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