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Bio-Based Chemicals 2019 Global Market to Reach US$ 97,267.0 million and Growing at CAGR of 10.47% by 2023

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Bio-Based Chemicals 2019 Global Market to Reach US$ 97,267.0 million and Growing at CAGR of 10.47% by 2023

September 06
05:46 2019
Bio-Based Chemicals 2019 Global Market to Reach US$ 97,267.0 million and Growing at CAGR of 10.47% by 2023

Bio-Based Chemicals Market
WiseGuyReports.Com Publish a New Market Research Report On –“ Bio-Based Chemicals 2019 Global Market to Reach US$ 97,267.0 million and Growing at CAGR of 10.47% by 2023”.

 

Bio-Based Chemicals Industry 2019

Description:-

Bio-based chemicals are produced using renewable sources such as corn, wheat, other cereals, grains, vegetable oil, sugarcane, sugar beet, cassava, and lignocellulosic biomass, among others. The production of bio-based chemicals is increasing across the globe, as the chemical industry contributes over 20% of the industrial greenhouse gas emissions as of 2017, according to the US Environmental Protection Agency (US EPA). The growth of the global bio-based chemicals market is driven by stringent regulatory policies regarding the use of synthetic chemicals majorly in developed countries. The adoption of bio-based chemicals is increasing extensively in agricultural, automotive, personal care, food & beverage, packaging, detergents & cleaners, paints and coatings, adhesives and sealants, and pharmaceutical industries, among others. 

 

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As per MRFR analysis, the global bio-based chemicals market is projected to exhibit a CAGR of 10.47% to reach around USD 97,267.0 million by the end of 2023. The growing use of bio-based alcohols in the food & beverage industry is majorly driving the global bio-based chemicals market. Besides, the growing demand for bio-based lubricants in the automotive and transportation industry is also fuelling the market growth. The increasing number of lignocellulosic biorefineries is expected to provide growth impetus to the players operating in the global bio-based chemicals market during the forecast period. Moreover, the increasing focus on cost optimization through technological innovation is the prevailing trend observed in the global bio-based chemicals market. 

By type, the bio-alcohols segment held the largest market share of over 40% by value in 2018 due to the growing adoption of bio-ethanol in industrial as well as potable applications and high demand for other bio-alcohols such as xylitol, sorbitol, bio-butanol, and bio-methanol in the food & beverage, cosmetics & personal care, and pharmaceutical industries. 

On the basis of application, the global bio-based chemicals market has been segmented into agriculture, automobile, personal care, packaging, food & beverage, paints and coating, detergents and cleaners, adhesives and sealants, paint dispersion, pharmaceuticals, and others. The food & beverage segment held the largest market share of over 26% by value in 2018 due to the high demand for bio-solvents, bio-alcohols, bio-surfactants, and bio-based acids for various applications. The growth of the segment is attributed to the increasing disposable income and changing lifestyles. However, the pharmaceutical segment is expected to register the highest CAGR during the forecast period. 

However, volatile raw material prices is expected to restrain the growth of the global market during the forecast period. 
Global Bio-Based Chemicals Market Share, by Type, 2018 (%) 

Regional Analysis 
The global bio-based chemicals market has been divided based on region into Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa. 
The European market accounted for the largest market share of over 33% in 2018 due to the stringent environmental regulatory policies in the region. The regional market was valued at USD 19,950.8 million in 2018 and is expected to register a CAGR of over 10% during the forecast period. Germany held the largest market share in 2018 and is expected to exhibit the highest CAGR of over 12% during the forecast period. 
Asia-Pacific followed Europe in 2018 owing to the rapid industrial growth in the region. The regional market is projected to register the highest CAGR of 11.32% during the forecast period. China is the major growth-centric country in the region and is expected to register the highest CAGR of over 12% during the forecast period. India was the second-largest market in 2018 and is projected to exhibit a CAGR of over 11%. 

Segmentation 
The global bio-based chemicals market has been segmented based on type, application, and region. 

On the basis of type, the global bio-based chemicals market has been segmented into bio-alcohols, bio-based acids, bioplastics, bio-lubricants, bio-surfactants, bio-solvents, and others. The bio-alcohols segment is further sub-segmented into bio-ethanol, sorbitol, xylitol, biobutanol, bio-methanol, and others. The bio-based acids segment is sub-segmented into citric acid, lactic acid, succinic acid, and others. The bioplastics segment is further divided into non-biodegradable and biodegradable. Non-biodegradable bioplastics include polyethylene terephthalate (PET), polyamide (PA), polyethylene (PE), and others. Biodegradable bioplastics include polybutyrate adipate terephthalate (PBAT), polybutylene succinate (PBS), polylactic acid (PLA), polyhydroxyalkanoate (PHA), starch blends, and others. Bio-lubricants are further segmented into vegetable oils and animal fats. Bio-surfactants is sub-segmented into glycolipids, lipopeptides, and others. Bio-solvents is sub-segmented into glycols, ketones, lactate ester, and others. 

By application, the global bio-based chemicals market has been categorized into food & beverage, pharmaceuticals, agriculture, packaging, personal care, paints & coatings, automobiles, paint dispersions, adhesives & sealants, detergents & cleaners, and others. 
The global market, by region, has been categorized into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. 

 

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Key Players 
The key players operating in the global bio-based chemicals market are BASF SE (Germany), Vertec BioSolvents (US), AGAE Technologies, LLC (US), TOTAL (France), BioAmber Inc (US), Archer Daniels Midland Company (US), DowDuPont (US), Braskem SA (Brazil), Evonik Industries (Germany), Toray Industries Inc (Japan), Cargill, Incorporated (US), Itaconix PLC (UK), GFBiochemicals Ltd (UK), Mitsubishi Chemical Corporation (Japan), and Royal DSM NV (The Netherlands). 

Key Findings 
• The global bio-based chemicals market was valued at USD 59,117.6 million in 2018 and is expected to exhibit a CAGR of 10.47% to reach around USD 97,267.0 million by the end of 2023. 
• By type, the bio-alcohols segment was valued at over USD 24,000 million in 2018; it is expected to register a CAGR of 9.89% during the forecast period. 
• On the basis of 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. 
• By region, the European market accounted for the largest share of 33.75% by value in 2018. 

Table Of Content – Major key Points

1Executive Summary

2Market Introduction

3 Market Insights 

4 Research Methodology 

5 Market Dynamics 

6 Market Factor Analysis 

7 Global Bio-Based Chemicals Market, by Type 

Continued…..

Latest Update Of Food and Bevrages Industry 2019:

The food & beverage industry is booming owing to multiple factors. The industry is expected to exhibit a steeper rise in the growth curve over the next few years. Industry leaders are quick to respond to shifts in consumer preferences which is anticipated to fuel demand for food products and beverages in the years to come. In addition, the rising middle-income population is further projected to favor the expansion of the industry in the upcoming years. With the rise in income levels, the consumption levels are also prognosticated to witness an upsurge. Thus, the demand is expected to increase substantially over the next couple of years.

The exponentially increasing working population has fueled the demand for convenience food. The growth pattern of the industry is expected to benefit from the rising demand for convenience food. Industry leaders are focusing on product innovation and product portfolio development for capitalizing on the growing need. Participants of the industry have not only responded to demand but also created demands by introducing new products. Flavor innovation is one of the key strategies executed by the industry leaders for gaining an edge over competitors. In addition, an influx of new entrants is also expected in the upcoming years. This, in turn, is poised to catapult the industry on a growth trajectory in the nearby future.

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