Market Overview
Bio-Based Chemicals are derivatives of biomass, produced from plants, trees, and animals. The Bio-Based Chemicals are broadly segmented on the basis of product, which is, bioplastics and biofuels. The biofuels segment is further segmented into biodiesel, biogas, and solid biomass. The biodiesel sub-segment is likely to fuel the market growth due to a higher rate of depletion of natural resources and increasing demand for sustainable transportation. The properties such as low carbon emissions increased fuel efficiency, and material compatibility makes biodiesel an excellent choice for diesel. Furthermore, the increased use of bioplastics in the manufacturing of disposable items such as packaging, and crockery is expected to propel the market growth. Bioplastics are further classified into biodegradable plastics and non-biodegradable plastics. Some of the bioplastics manufactured are polylactic acid, polyhydroxyalkanoates, bio-polyethyleneteraphtalate, polyamide, and others.
The various applications of Bio-Based Chemicals are industrial chemicals, agriculture, pharmaceuticals, and food product. Industrial chemicals are the leading segment of the Global Bio-Based Chemicals Market owing to their use in engineered polymers, additives, composites, and others. Agriculture is the second largest segment of the Bio-Based Chemicals on account of their extensive use as biopesticides and biofertilizers. The increasing use of agrochemicals to meet the demand for growing population and to increase crop productivity is anticipated to favor the market growth. Additionally, the product is a key ingredient for most of the pharmaceuticals and personal care ointments, which may further drive the market positively. Again, the various government policies towards sustainability program, increased use of eco-friendly products, and high volatility in crude oil prices are the major drivers of the Global Bio-Based Chemicals Market.
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Market Segmentation
The Global Bio-Based Chemicals Market is segmented on the basis of the products, applications, and region.
On the Basis of the Products, the Global Bio-Based Chemicals Market is segmented into bioplastics and biofuels.
Based on the Applications, the Global Bio-Based Chemicals Market is segregated into industrial chemicals, agriculture, pharmaceuticals, and others.
Regional Analysis
The Global Bio-Based Chemicals Market is spanned across Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa.
The Asia Pacific is expected to be the dominating region in the Global Bio-Based Chemicals Market owing to the highest production and consumption of the product. Availability of raw materials and technological developments coupled with various governmental policies for sustainability are the major drivers of the market in this region. According to a recent survey from the DuPont Green Living Survey: India, conducted by TNS Global, the majority of Indian consumers are familiar with green products and conclude that green products are better for the environment, and feel that bio-based ingredients enhance the desirability of a product.
The increasing development of value chains with bio-based feedstock, i.e., biorefineries and biochemicals production is the major driver of the European market. Furthermore, depletion of natural resources, rising prices of crude oil, and stringent government regulations favor the market growth in this region.
The North American market is likely to showcase a significant growth on account of the availability of low cost and abundant feedstock, shifting focus on the use of environment-friendly products, and implementation of government policies on usage of Bio-Based Chemicals.
Brazil and Argentina are the major contributors to the Bio-Based Chemicals Market in Latin America region due to the high production and exportation of sugarcane.
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