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

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Global Bio-Based Chemicals Market to Witness
Steady Growth as Eco-Friendly Products Usage
Rises
According to the estimations put forth by Inkwood
Research, the Global Bio-based Chemicals Market
is anticipated to project a CAGR of 14.51 in
terms of revenue during the forecasting years of
2019- 2028. Browse 115 Market Data Tables and
80 Figures spread over 347 Pages, along with an
in-depth TOC on the Global Bio-based Chemicals
Market Forecast 2019-2028.
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As per the United States Department of
Agriculture (USDA), bio-based products are
derived from plants as well as numerous other
agricultural, forestry, and marine materials.
They also offer an alternative to traditional
petroleum-derived products, such as detergents,
lubricants, fertilizers, bioplastics, and inks.
Likewise, bio-based chemicals are defined as
chemical products, partially or entirely derived
from biologically originated materials. These
include feedstock, biomasses, plants, crops,
trees, algae, marine organisms, and biological
waste. Use of Eco-Friendly Products Facilitate
Market Growth The use of eco-friendly products,
such as bioplastics, plays an essential role in
the global bio-based chemicals market growth.
Bio-based products are more eco-friendly as they
are formed by a relatively lesser polluting
process in the petrochemical industry. Likewise,
PLA products are biodegradable, and they can be
recycled at an industrial recycling unit. For
instance, Galactic started a pilot unit for
chemically recycling PLA. The process entails
converting the end-product of PLA, into a lactic
acid monomer. The process, LOOPLA, can recover
nearly 100 of lactic acid, and handle the
contamination, as well. To know more about this
report, request a free sample copy. BioPlastics
is the Fastest-Growing Product Type Presently,
bioplastics account for nearly 1 of over 359
million tons of plastic manufactured, annually.
Its market is continually growing and
diversifying, owing to an increase in demand, as
well as the emergence of more complex
biopolymers, products, and applications. For
instance, the global bioplastics production
capacity is anticipated to increase from nearly
2.11 million tons in 2019, to over 2.40 million
tons, by 2024. They are also used across multiple
industries, such as, catering products, packaging,
consumer electronics, agriculture and
horticulture, automotive, toys, and textiles,
among various others. Nevertheless, the
applications portfolio continues to
diversify. Asia Pacific to Lead and Dominate
the Global Market by 2028 The transitioning
consumer preferences inclined towards organic
products, and the rising health and ecological
concerns, owing to the use of synthetic
petroleum-based chemicals, predominantly fuel the
bio-based chemicals market in the Asia Pacific.
Moreover, emerging countries like China and Japan
are among the significant economies facilitating
the regions market growth. This is mainly
attributed to favorable government initiatives
and the augmenting manufacturing sectors. For
instance, Japans government continually monitors
the negative impacts of conventional chemicals,
and encourages adopting bio-based chemicals. The
high fixed capital costs included in research and
development, and the high exit barriers, lead to
intense rivalry among players. On the other hand,
the competitors are not strategically diverse,
and are of unequal sizes, in terms of revenue. As
a result, the industrial rivalry across the
global bio-based chemicals market is anticipated
to be moderately high. Distinguished enterprises
operating in the
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market are, Corbion NV, Mitsubishi Chemical
Holdings Corporation, PTT Global Chemical Public
Company Limited, BASF SE, Cargill Incorporated,
etc. About Inkwood Research Inkwood Research
specializes in syndicated customized research
reports and consulting services. Market
intelligence studies with relevant fact-based
research are customized across industry verticals
such as technology, automotive, chemicals,
materials, healthcare, and energy, with an
objective comprehension that acknowledges the
business environments. Our geographical analysis
comprises of North South America, CEE, CIS,
Middle East, Europe, Asia, and Africa.
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