New Delhi, Jan. 24, 2023 (GLOBE NEWSWIRE) -- Global bio-based chemicals market was valued at US$ 128.5 billion in 2022 and is estimated to reach a valuation of US$ 271.7 billion by 2031, at a CAGR of 9.2%.
In order to better understand the potential of the bio-based chemicals market, Astute Analytica conducted an analysis of the sector. The study found that the market for bio-based chemicals is currently small, but it is growing quickly and presents a significant opportunity for companies that are able to meet the challenges associated with commercializing these products.
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The study also identified a number of trends that are likely to shape the future development of the bio-based chemicals market. For example, the increasing availability of data and analytical tools is making it easier for companies to develop and commercialize new products. In addition, there is a growing trend towards using waste streams as feedstocks for bio-based chemicals, which presents an opportunity to create value from otherwise waste materials.
In particular, Astute Analytica sees opportunities for companies to develop new applications for existing technologies and to expand into new markets. For example, the use of enzymes for industrial processes is still in its early stages, but there is potential for enzymes to be used more widely in the future. In addition, many companies are focused on developing plant-based products, but there is also opportunity to develop products made from algae or other biomass sources.
As the industry grows, it will be important for companies to keep track of shifts in consumer preferences. For example, while baby boomers may be interested in sustainable products, younger consumers are often more concerned with price and performance. Bain’s analysis finds that companies that can successfully address these changing preferences will be well-positioned to succeed in the growing bio-based chemicals market.
Eco-friendly Evolution Trends: Bio-based Chemicals Market leading the charge
- Increasing demand for sustainable and environmentally-friendly products: As consumers become more environmentally conscious, they are demanding more sustainable products. This is driving the demand for bio-based chemicals, which are considered more eco-friendly than traditional chemicals.
- Government regulations: Governments around the world are imposing strict regulations on the use of traditional chemicals and promoting the use of bio-based alternatives. This is expected to drive the growth of the bio-based chemicals market in the forecast period.
- Investment in research and development: Companies are investing in the research and development of new, cost-efficient production methods to reduce the cost of production and improve the performance of bio-based chemicals.
- Growing use of bioplastics: Bioplastics, which are made from renewable resources, are a sustainable alternative to traditional plastics. They are increasingly being used in packaging, agriculture, and automotive applications, among others.
- Development of advanced bio-based chemicals: Companies are investing in R&D to develop new bio-based chemicals with improved properties. These advanced bio-based chemicals are expected to have increased strength and durability, which will boost the market's growth over the forecast period.
- Expansion of bio-based chemicals in industrial applications: The increasing use of bio-based products in industrial applications, such as paints & coatings, adhesives, lubricants, and polymers among others, is expected to drive the market's growth in the industrial segment.
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Archer Daniels Midland Company, Cargill Incorporated, Dow Chemicals, Toray Industries Inc, Mitsubishi Chemicals Corporation and BASF SE are top 6 Players in the Global Bio-Based Chemicals Market
In terms of market share, Archer Daniels Midland Company, Cargill Incorporated, Dow Chemicals, Toray Industries, Mitsubishi Chemicals Corporation and BASF SE are top 6 players in the global biobased chemical market. They are collectively holding over 33.9% global market share. Wherein, Dow Chemicals holds a significant share of the market, due to its strong product portfolio and ongoing investments in research and development. The company is well-positioned to continue to lead the market in the future, thanks to its strong focus on innovation and sustainability.
According to Astute Analytica's analysis, Dow Chemicals is one of the leading players in the bio-based chemicals market. The company has a strong presence in the market and offers a wide range of bio-based products, such as bio-based plastics, bio-lubricants, and bio-surfactants. Dow Chemicals has a strong focus on research and development, which allows them to constantly innovate and improve their products.
Dow Chemicals has also been actively investing in the development of bio-based products and technologies. The company has invested in the development of bio-based polyethylene and bio-based propylene, which are used in a variety of applications, such as packaging, transportation and consumer goods. They also have research and development facility in the area of bio-based chemicals and bio-plastics that are used in the automotive, packaging, and construction industries.
Additionally, the company has also been actively working towards reducing its environmental impact. Dow Chemicals has set a goal to reduce its greenhouse gas emissions by 25% by 2030 and to use 100% renewable energy by 2050.
Top 5 Revenue Pockets in Bio-based Chemicals Market
There are several new revenue pockets in the bio-based chemicals industry that companies can explore. Some of these include:
Bioplastics: Bioplastics are made from renewable resources such as sugarcane, corn, and cassava, and are biodegradable. This makes them an attractive option for a variety of applications, including packaging, agriculture, and automotive. The market for bioplastics is expected to grow at a significant rate due to the increasing demand for sustainable and environmentally-friendly products, as well as government regulations promoting the use of bio-based alternatives.
Biobased lubricants: Biobased lubricants are made from renewable resources such as vegetable oils and animal fats. They are biodegradable and have a lower environmental impact than traditional lubricants. Biobased lubricants are used in a variety of applications, including automotive, industrial, and marine. The market for biobased lubricants is expected to grow due to the increasing demand for sustainable and environmentally-friendly products, as well as government regulations promoting the use of bio-based alternatives.
Biobased surfactants: Biobased surfactants are made from renewable resources such as vegetable oils and animal fats. Biobased surfactants are being used in a variety of applications across global bio-based chemicals market, including personal care, household, and industrial cleaning. The market for biobased surfactants is expected to grow due to the increasing demand for sustainable and environmentally-friendly products, as well as government regulations promoting the use of bio-based alternatives.
Biobased alcohols: Biobased alcohols are used as an alternative to traditional petrochemical-based alcohols. They are made from renewable resources such as sugarcane, corn, and cassava, and are biodegradable, which makes them an attractive option for the pharmaceutical, food, and cosmetics industries.
Bio-based Acids: Bio-based acids are used as an alternative to traditional petrochemical-based acids. They are made from renewable resources such as sugarcane, corn, and cassava, and are biodegradable, which makes them an attractive option for the food, pharmaceuticals, and industrial applications.
Some of the Top Market Players Are:
- AGAE Technologies
- Archer Daniels Midland Company
- BASF SE
- Braskem SA
- Cargill Incorporated
- Koninklijke DSM N.V
- Dow Chemicals
- DuPont
- Evonik Industries
- GFBiochemicals Ltd.
- IP Group PLC
- Lyondellbasell
- Mitsubishi Chemical Corporation
- Toray Industries Inc.
- Total Energies
- Vertec BioSolvents
- Other Prominent Players
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