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.
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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.
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.
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.
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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