Global Bio-based Chemicals Market | Size, Growth, Share

1
The Global Bio-based Chemicals Market to Flourish
at CAGR of 13.64 by 2028
Triton Market Research presents the Global
Bio-based Chemicals Market report segmented by
End-user (Food Products Alcoholic Beverages,
Other Food Products, Industrial Chemical
Glycerol, Bio-based Dyes, Succinic Acid, Lactic
Acid, Alcohol, Acrylic Acid, Other Industrial
Chemicals, Agriculture Biopesticides,
Bio-Fertilizers, Other Agriculture,
Pharmaceuticals Amino Acid, Antibiotics,
Enzymes, Vitamins Related Compounds), Type
(Biofuels Biogas, Bio-Diesel, Solid Biomass,
Bioplastics Non- Biodegradable (Bio PA, Bio
PET, Bio PE, Other Non-Biodegradable Plastics),
Bio-Degradable (Regenerated Cellulose, PLA,
Bio-Degradable Polyester, PHA, Other
Bio-Degradable Plastics)), and Geography (Latin
America, Asia-Pacific, Europe, North America,
Middle East and Africa). The report further
discusses the Market Summary, Industry Outlook,
Market Definition, Key Insights, Impact of
COVID-19, Porters Five Forces Analysis, Market
Attractiveness Index, Vendor Scorecard, Key
Impact Analysis, Drivers, Restraints,
Opportunities, Challenges, Competitive Landscape,
Research Methodology Scope, Global Market Size,
Forecasts Analysis (2019-2028).
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st-free-sample Tritons report denotes that the
global bio-based chemicals market is anticipated
to exhibit a CAGR of 13.64 during the projected
phase of 2019-2028. Bio-based chemicals
production is not a new concept as it includes
tall oils, fatty acids, non-food starch,
cellulose fiber, and more. The improvement in oil
prices, along with consumer demand for
environment- friendly products, has increased
the demand for bio-based chemicals in the global
market. These chemicals are widely used in
sectors such as pharmaceuticals, food products,
and agriculture.
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Petroleum prices are surging owing to the changes
in the oil market. The crude oil is utilized as
feedstock for the petrochemical industry. Thus,
the rising crude oil prices lead to a rise in the
cost of petrochemical and other chemical
intermediates. Moreover, higher crude oil prices
have influenced manufacturers to produce
bio-based chemicals. Hence, uncertain crude oil
prices offer several growth opportunities for
the global market. The focus of automotive
manufacturers on reducing carbon footprint is
another factor that generates numerous
opportunities for the bio-based chemicals market.
However, the lack of a supply chain model in raw
material and feedstock poses a major challenge
affecting the studied markets progress to a
large extent. The Asia-Pacific holds the largest
market for bio-based chemicals, and is expected
to continue its hold till 2028. The regions
strong dominance is attributable to the shifting
consumer preference towards organic products,
along with rising health and environmental
concerns relating to the use of petroleum- based
chemicals. In the region, China and Japan are
augmenting the markets growth owing to the
growing manufacturing sector and favorable
government initiatives. Moreover, the Japanese
government is strictly regulating the toxic
effects of conventional chemicals, further
encouraging the use of bio-based chemicals. This
further propels the bio-based chemicals market on
a growth path. The well-known competitors in the
market include Royal DSM NV, Teijin Limited,
Corbion NV, PTT Global Chemical Public Company
Limited, Mitsubishi Chemical Corporation,
NatureWorks LLC, Danimer Scientific Inc, Cargill
Incorporated, Abengoa SA, Braskem SA, Methanex
Corporation, Mitsui Co Ltd, BASF SE, and
Novozymes. In the bio-based chemical market, the
new players are expected to produce advanced and
innovative chemicals, which are more efficient
than petroleum-based chemicals. Here, the
establishment cost of a production plant is
high, along with high operational cost and
failure threat. Hence, these factors largely
restrict the entry of new players in the
bio-based market. On the other hand, the high
fixed capital in RD and elevated operation
cost, display the intense competition among the
existing players. Although, these market players
are not strategically diverse and are unequal in
terms of revenue. Therefore, based on the
above-stated factors, new players entry is
expected to be high whereas, the rivalry among
the competitors is likely to be moderately
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