Bio-Based Chemicals Market – Competitive Analysis
Highly competitive, the Bio-Based Chemicals Market Forecast appears well established due to the presence of many notable players. To garner a larger competitive share in the market, these players incorporate strategic initiatives such as mergers & acquisitions, collaborations, expansion, and technology launch. Manufacturers try to deliver best quality products developed with innovative technologies and best practices. The market demonstrates high growth potential, which is expected to intensify the competition further, attracting many entrants to the market.
Major Players:
Players Leading the Global Bio-Based Chemicals Market include Toray Industries Inc. (Japan), BASF SE (Germany), Vertec BioSolvents (US), Mitsubishi Chemical Corporation (Japan), TOTAL (France), AGAE Technologies, LLC (US), Braskem SA (Brazil), BioAmber Inc. (US), Itaconix PLC (UK), Archer Daniels Midland Company (US), Evonik Industries (Germany), DowDuPont (US), GFBiochemicals Ltd (UK), Cargill, Incorporated (US), and Royal DSM NV (The Netherlands).
Industry/ Innovation /Related News:
March 12, 2020 – Koninklijke DSM NV (Royal DSM - Netherlands), a global science-based product company active in health & nutrition materials, announced a partnership with SABIC and UPM Biofuels to create bio-based Dyneema. SABIC is a leading global petrochemical manufacturing company based in Saudi Arabia, and UPM Biofuels is a Finland-based raw material producer.
Partnership with these chemical industry players would help DSM to reduce the environmental footprint of the world's strongest fiber - Dyneema. The collaboration will see Dyneema's transition to bio-based feedstock using SABIC's ground-breaking TRUCIRCLE solutions for certified renewable products.
Bio-Based Chemicals Market – Regional Analysis
Europe dominates the Global Bio-Based Chemicals Market, heading with the rising demand for biofuels. Progressive policies concerning the reduction of carbon footprint, alongside constructive programs such as REACH in the region, are encouraging the market growth, creating a huge demand for Bio-Based Chemicals. European countries such as the UK and Germany account for prominent consumer markets due to the rising production of bio-fuels and bio-polymers, well-developed end-use industries, and rising expenditure on innovation & research.
In 2018, the region accounted for the largest as in 33.75% of the market share in the overall Bio-Based Chemicals Market. Driven by the stringent environmental regulatory policies, the Bio-Based Chemicals Market in Europe had touched a valuation of USD 19,950.8 MN in 2018, which would further appreciate at 10.85% CAGR during the assessment period. Germany, the largest market for bio-based chemicals in the region, is estimated to grow at 12.34% CAGR throughout the forecast period.
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The Asia Pacific region takes the second lead in the Global Bio-Based Chemicals Market. Rapid industrialization, alongside favorable regulatory policies in emerging economies in the region, drives the market growth, predominantly. Besides, the rising consumption of Bio-Based Chemicals in various applications such as biofuels, pharmaceuticals, personal care, and paints & coating, is influencing the market growth extensively.
The APAC Bio-Based Chemicals Market is projected to register 11.32% CAGR during the assessment period. China is the largest market for Bio-Based Chemicals in the region, which is expected to register12.60% CAGR during the review period. The Indian Bio-Based Chemicals Market is anticipated to grow at 11.40% CAGR, holding the second-largest position in the region.
Moreover, consistent population growth in the region is surging foreign crude imports, leading to encouraging the adoption of Bio-Based Chemicals in an effort to reduce dependency. The region attracts foreign investors with the ample availability of renewable raw materials required for the production of these chemicals and supportive government policies, which is a major driving force behind the regional market growth. The APAC Bio-Based Chemicals market would register over 13.79% CAGR during the review period.
Market Outlook:
Global Bio-Based Chemicals Market has been witnessing a constant uptick, mainly due to the growing environmental concerns that are prompting the dire need of these eco-friendly substrates. Bio-Based Chemicals offer an unparalleled combination of properties compared to conventional chemicals that emit good degrees of volatile organic compounds (VOC). Rapidly deteriorating impact on the environment is prompting the need for sustainable green solutions.
According to Market Research Future (MRFR), the Global Bio-Based Chemicals Market is predicted to touch a valuation of over USD 97.2 BN by 2023, continually growing at 10.47% CAGR over the assessment period (2018-2023). Biofuels and biopolymers are driving huge market demand, witnessing their rising applications in consumer goods, construction, and automotive vehicles, among others. Besides, a considerable amount of consumption of Bio-Based Chemicals in the manufacturing sector is boosting the market growth colossally.
Bio-Based Chemicals Market – Segmentation
The analysis has three layers.
By Type: Bio-Alcohols (Bio-ethanol, Sorbitol, Xylitol, Biobutanol, Bio-methanol, others), Bio-Based Acids (Citric Acid, Lactic Acid, Succinic Acid, others), Bioplastics {Non-Biodegradable (Polyethylene Terephthalate (PET), Polyamide (PA), Polyethylene (PE), others) and Biodegradable (Polybutyrate Adipate Terephthalate (PBAT), Polybutylene Succinate (PBS), Polylactic Acid (PLA), Polyhydroxyalkanoate (PHA), Starch Blends, others)}, Bio-lubricants (Vegetable Oils and Animal Fats), Bio-surfactants (Glycolipids, Lipopeptides, others), Bio-solvents (Glycols, Ketones, Lactate Ester, others), and others.
By Application: Food & Beverages, Pharmaceuticals, Detergents & Cleaners, Personal Care, Agriculture, Packaging, Paints & Coating, Automotive, Adhesives & Sealants, Paint Dispersions, and others.
By Regions: Europe, Americas, Asia Pacific, Middle East & Africa, and Rest-of-the-World.
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