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Bio-Based Chemicals Market Share

ID: MRFR//4251-CR | 449 Pages | Author: Anshula Mandaokar| December 2021

In the dynamic landscape of the bio-based chemicals market, positioning strategies play a crucial role in determining the success and growth of companies. With an increasing focus on sustainability and environmental consciousness, bio-based chemicals have emerged as a viable alternative to traditional petroleum-based counterparts. In this competitive arena, companies employ various strategies to gain and maintain market share.

Bio-lubricants are produced from various vegetable oils, such as sunflower, rapeseeds, canola, soybean, coconut, and palms. The demand for bio-based lubricants is expected to be fueled by stringent government regulations regarding the use of synthetic chemicals in various geographies. Demand for bio-based chemicals is expected to rise as the use of bio-based lubricants grows in the automotive and industrial equipment industries.

One prevalent strategy is differentiation. Companies differentiate their bio-based chemicals by emphasizing unique features such as superior quality, higher purity, or specialized applications. By highlighting these distinguishing factors, companies aim to carve out a niche for themselves in the market and attract customers who value specific attributes in their chemical products. This strategy requires a deep understanding of customer needs and preferences to tailor products accordingly.

Another effective strategy is cost leadership. In a price-sensitive market, companies strive to offer bio-based chemicals at competitive prices without compromising quality. Through efficient production processes, economies of scale, and strategic sourcing of raw materials, companies can lower their production costs and offer attractive pricing to customers. Cost leadership enables companies to capture a significant market share by appealing to budget-conscious buyers and gaining a competitive edge over rivals.

Furthermore, innovation plays a pivotal role in market share positioning within the bio-based chemicals industry. Companies invest in research and development to create novel formulations, enhance product performance, and develop eco-friendly manufacturing processes. By introducing innovative solutions that address emerging market needs or solve existing challenges, companies can differentiate themselves and capture market share. Continuous innovation also helps companies stay ahead of competitors and adapt to evolving customer demands.

Strategic partnerships and collaborations are also instrumental in market share positioning. Companies forge alliances with suppliers, distributors, research institutions, and other industry players to expand their reach, access new markets, and leverage complementary capabilities. By joining forces with strategic partners, companies can enhance their competitiveness, accelerate market penetration, and strengthen their position within the bio-based chemicals market.

Moreover, branding and marketing efforts play a crucial role in shaping market share positioning. Companies invest in building strong brands that resonate with customers and convey value propositions such as sustainability, reliability, or innovation. Effective marketing campaigns raise awareness about bio-based chemicals, educate customers about their benefits, and create demand in the market. By establishing a compelling brand identity and executing targeted marketing strategies, companies can influence purchasing decisions and capture market share.

Additionally, geographical expansion is a key strategy employed by companies to increase their market share in the bio-based chemicals industry. Companies identify growth opportunities in new regions or countries, assess market dynamics, and establish a presence through sales offices, distribution networks, or manufacturing facilities. By expanding into new markets, companies can tap into unexplored customer segments, diversify their revenue streams, and reduce dependence on specific regions.

Covered Aspects:

Report Attribute/Metric Details
Base Year For Estimation 2023
Forecast Period 2024-2032
Growth Rate 8.30% (2024-2032)

Global Bio-based Chemicals Market Overview

Bio-based Chemicals Market Size was valued at USD 96.39 Billion in 2023. The Bio-based Chemicals industry is projected to grow from USD 104.39 Billion in 2024 to USD 197.56 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.30% during the forecast period (2024 - 2032)Bio-based chemicals are chemical products that are derived from renewable biological resources, such as plants, crops, agricultural waste, or microorganisms. These chemicals are often produced through processes such as fermentation, enzymatic conversion, or other biochemical processes that convert biomass into useful chemical products. Bio-based chemicals can be used as alternatives to traditional petroleum-based chemicals and can have a lower environmental impact, as they typically have a smaller carbon footprint and are produced from renewable resources. Instances of bio-based chemicals include biofuels, bioplastics, bio-based solvents, and bio-based polymers.

Bio-based Chemicals Market Overview

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Bio-based Chemicals Market Trends

  • Depletion of Fossil Fuel Resources Will Boost Market

The market for bio-based chemicals is expanding as a result of increased greenhouse gas emissions and the depletion of fossil fuel supplies. The use of biomaterials has grown as a result of these considerations. The use of bio-based goods across sectors is supported by ongoing measures to reduce hazardous emissions. The expanding idea of "green chemistry" will help to accelerate this acceptance rate. Government measures that are supportive of reducing the use of dangerous chemicals will help the industry.

Bio-based Chemicals Market Segment Insights

Bio-based Chemicals Type Insights

The market segmentation, based on Type, includes Inductive Bio-alcohols, Bio-plastics, Bio-lubricants, Bio-solvents, Bio-surfactants, and Bio-based acids. The bio-alcohols category accounted for the biggest market share of the market. As of the broad expanding demand from major end-use sectors such as food and beverage, pharmaceutical, cosmetics, and personal care.

Bio-based Chemicals Application Insights

Based on Application, the market segmentation includes Food & beverages, Agriculture, Automotive, Personal Care, Packaging, Detergents & cleaner, Paints & coating, Adhesives and sealants, Pharmaceuticals, and Paint dispersion. The Paints & coating segment is expected to dominate the market. The demand for bio-based chemicals in this segment is being driven by the need for sustainable and eco-friendly alternatives to traditional petroleum-based chemicals, which are associated with environmental concerns.

Figure 2: Bio-based Chemicals Market, by Type, 2022 & 2030 (USD Billion)Bio-based Chemicals Market, by Type, 2022 & 2030Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Bio-based Chemicals Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific had the largest market share and is expected to expand at the quickest rate in the industry. This is mostly due to the increased need for bio-based chemicals in the Asia-Pacific agriculture business. Additionally, bio-based chemicals have a broad range of uses in agriculture, such as bio-pesticides and bio-fertilizers, which are fueling the Asia-Pacific market.

Figure 3: BIO-BASED CHEMICALS MARKET SHARE BY REGION 2022 (%)BIO-BASED CHEMICALS MARKET SHARE BY REGIONSource: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Due to strict government controls and considerable spending on R&D and technology developments, Europe accounted for the second-largest share of the worldwide market. North America comes after Europe. Because of tight environmental rules imposed by the Environmental Protection Agency (EPA) governing the use of synthetic chemicals, North America saw slow development in the worldwide market.

Bio-based Chemicals Key Market Players & Competitive Insights

The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Bio-based Chemicals industry must offer affordable products.

Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the Bio-based Chemicals industry to benefit customers and expand the market sector. Major market players, including ADM, DuPont, Evonik Industries, Toray Industries, Inc, and others, are attempting to increase market demand by funding R&D initiatives.

Archer Daniels Midland (ADM) is a firm that produces and processes agricultural products. Its goods include specialist food and feed additives, animal nutrition solutions, ethanol, biodiesel, industrial chemicals, fertilizers, plastics, and paper. Furthermore, the organization provides logistical, financial, and farming services.

Toray Industries is focused on developing new materials for use in industrial, automotive, aerospace, and other fields. It produces, processes, and sells items related to fibers and textiles, performance chemicals, carbon fiber composites, the environment, engineering, and life sciences. The business offers engineering, condos, industrial machinery, information-related equipment, water treatment membranes, construction materials, materials for civil engineering applications, materials for housing, and other services.

List of the Major Companies in the Bio-based Chemicals Market Includes:

Bio-based Chemicals Industry Development

July 2021: Archer Daniels Midland Corporation (ADM) has agreed to buy Sojaprotein, the largest manufacturer of plant-based proteins in southern Europe. The acquisition of Sojaprotein is anticipated to boost the company's manufacturing capacity and meet the nutritional demands of consumers.

June 2021: TotalEnergies, MPG Manifattura Plastica, and Froneri announced the commercial release of bio-based ice cream plastic cups produced from Certified Renewable Polypropylene. Its bio-based naphtha-based renewable polypropylene delivers virgin-like performance with a lower carbon footprint and is totally recyclable.

Bio-based Chemicals Market Segmentation

Bio-based Chemicals Type Outlook

  • Bio-alcohols

  • Bio-plastics

  • Bio-lubricants

  • Bio-solvents

  • Bio-surfactants

  • Bio-based acids

Bio-based Chemicals Application Outlook

  • Food & beverages

  • Agriculture

  • Automotive

  • Personal Care

  • Packaging

  • Detergents & cleaner

  • Paints & coating

  • Adhesives and sealants

  • Pharmaceutical

  • Paint dispersion

Bio-based Chemicals Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

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