Pune, India, January 2019/MRFR Press Release/- Market Research Future has published a half-cooked research report on the Global Bio-Based Chemicals Market
Bio-based chemicals are obtained from biological origin or biomass such as trees, plants, and animals. As the demand for natural and organic products is growing, there are expectations for their market to grow rapidly. Market Research Future (MRFR) has published a research report about the global bio-based chemicals market that predicts growth for this market with a high rate between 2023 and 2030.
The primary market drivers of the global bio-based chemicals market include increasing demand for high crop yield & the disease-free crop and increasing demand for pharmaceuticals & personal care products. Other important market drivers include the use of bio-based chemicals as a food supplement & nutrient, and stringent governmental regulations against synthetic chemicals such as Registration, Evaluation & Authorization of Chemicals (REACH) and Bio-Preferred Program. However, the food safety issues and the high prices of bio-based chemicals can hinder the market growth.
The global bio-based chemicals market segmentation is based on products, applications, and region. As per products-based segmentation, the market has been segmented into bioplastics and biofuels. The application-based segmentation of this market covers industrial chemicals, agriculture, pharmaceuticals, and others.
The regional segmentation of the global bio-based chemicals market has segmented the global market into regional markets namely Asia Pacific, North America, Europe, the Middle East & Africa (MEA), and Latin America. Between 2016 and 2023, the Asia Pacific is expected to command the global bio-based chemicals market because the highest amount of production, as well as the consumption of the product, happens in this region. In this region, the market can grow due to the steadily rising technological advancements and availability of raw materials. Countries like India, China, and Japan are the major contributors to the revenue as well as market growth due to increased use of eco-friendly products, escape price volatility in petroleum-based products, and government policies designed to favor sustainability. Other crucial country-based markets in this region are New Zealand and Australia, followed by the remaining countries of the Asia Pacific region.
Europe is the second most important regional market due to the high density of population (compared to other continents) and increasing the development of value chains with bio-based feedstock, i.e., biochemicals production and bio-refineries. Other major drivers of the market in Europe are rising prices of crude oil, depletion of natural resources, and stringent government regulations. The major country-based markets in Europe are Germany, France, Poland, Italy, Spain, Russia, and the UK.
During the forecast period, North America is likely to witness significant growth as a regional market due to the availability of abundant & low-cost feedstock, advanced technology, rising trend regarding the use of environment-friendly products, and implementation of government policies on usage of bio-based chemicals. The most powerful country-specific markets in North America are the USA and Canada. In Latin America, the market is not as great as North America due to the lack of advanced technology. The serious country-specific markets in Latin America are Brazil, Argentina, and Mexico, followed by the rest of Latin America. Among these, Brazil and Argentina are the biggest contributors to the market due to high production as well as exportation of sugarcane.
In the MEA region, the market is limited. In this region, farming is limited because most of the countries are desert regions. Some other factors responsible for the limited market growth in this region are lack of technological development, lack of education, lack of awareness, and political instability as this region covers the Middle East and Africa, the major market in the Africa segment countries in the North Africa region. The crucial country-specific markets in the Middle-East region are Israel, Bahrain, Oman, Kuwait, Saudi Arabia, Qatar, Turkey, and the UAE, followed by the remaining countries in the MEA region.
The key players in the global bio-based chemicals market include BioAmber Inc. (USA), BASF SE (Germany), Braskem (Brazil), Danimer Scientific (USA), Corbion (Netherlands), Metabolix, Inc. (USA), Koninklijke DSM N.V. (Netherlands), Mitsui & Co., Ltd. (Japan), Mitsubishi Chemical Corporation (Japan), NatureWorks LLC (USA), Myriant Corporation (USA), Synbra Holding Bv (Netherlands), PTT Global Chemical Public Company Limited (Thailand), TEIJIN LIMITED (Japan), and Zhejiang Hisun Biomaterials Co., Ltd (China).
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