Bio-based Chemicals Market Value By Product (Adhesives, Platform Chemicals, Polymers for Plastics, Man Made Fibers, Cosmetics & Personal Care Products, Paints, Coatings, Inks & Dyes, Surfactants), By Application (Pharmaceutical, Industrial, Agricultural), By Region - Industry Share & Forecast, 2023 - 2032

Market Overview:

Bio-based Chemicals Market size valued at USD 76.5 Billion in 2022 and is predicted to showcase a CAGR of over 9.1% from 2023 to 2032. By the end of the forecast period, the market is anticipated to surpass more than USD 160.5 Billion.

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Bio-based chemicals are chemical compounds that are derived from renewable biomass feedstocks, such as plants, algae, or waste materials. These chemicals are seen as a promising alternative to traditional petroleum-based chemicals, which are finite and have a significant impact on the environment. Bio-based chemicals can be used in a variety of applications, including cosmetics, plastics, and fuels. The use of bio-based chemicals has been gaining momentum in recent years due to growing concerns about the environmental impact of traditional chemical production. Bio-based chemicals have the potential to significantly reduce the carbon footprint of the chemical industry, as they are derived from renewable resources and have a lower greenhouse gas emissions profile than traditional chemicals.

The bio-based chemicals market is also seeing increased investment from private companies and venture capital firms. For example, in 2021, LanzaTech, a U.S. based bio-based chemical company, raised $72 million in a Series E funding round to scale up its production of sustainable aviation fuel and other bio-based chemicals.

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Growth Factors: 

• Sustainable and Renewable Feedstocks: One of the primary drivers of the bio-based chemicals industry is the increasing demand for sustainable and renewable feedstocks. Bio-based chemicals are derived from biomass, which can be replenished naturally, making them a more sustainable and renewable alternative to traditional petroleum-based chemicals. As concerns about climate change and environmental sustainability continue to grow, there is a greater focus on using bio-based chemicals to reduce greenhouse gas emissions and move towards a more circular economy.
   
• Government Support and Policies: Government policies and support have been instrumental in driving the growth of the bio-based chemicals market. Many governments have implemented regulations and incentives to promote the production and use of bio-based chemicals. For example, in the European Union, the Bioeconomy Strategy aims to promote the use of sustainable and renewable resources, including bio-based chemicals. Similarly, in the United States, the Renewable Fuel Standard (RFS) program requires a certain volume of bio-based fuels to be blended into transportation fuel each year.

By Application Synopsys:      

The bio-based chemicals market is segmented based on its application into industrial, agricultural, pharmaceutical, and other sectors. In 2020, the industrial segment dominated the market and is expected to continue doing so during the forecast period due to the high demand from end-use industries such as composites, additives, and engineered plastics. During the review period, the agricultural segment is projected to experience the highest compound annual growth rate (CAGR). This growth can be attributed to the extensive application of bio-based chemicals in bio-pesticides and bio-fertilizers. Additionally, the demand for biodegradable mulch films will also support the growth of this segment.

Regional Overview:

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Europe is a major market for bio-based chemicals, accounting for over 40% of global bio-based chemical production. The region has a strong focus on sustainability and has implemented policies and regulations aimed at reducing greenhouse gas emissions. The European Union's Bioeconomy Strategy aims to promote the transition towards a more sustainable and circular bioeconomy, which includes the development and production of bio-based chemicals. Major companies in the region include BASF SE and DSM. In 2020, the European Commission launched its new Bioeconomy Strategy, which aims to promote the transition towards a more sustainable and circular bioeconomy.

The Asia-Pacific region is seeing significant growth in the bio-based chemicals market, driven by increasing demand for sustainable materials and products, as well as government support for the development of the bioeconomy. Countries such as China, India, and Japan are emerging as key players in the market. For example, China has set a goal of achieving a bio-based chemicals output of 10 million tons by 2025. Major companies in the region include Mitsubishi Chemical Corporation and PTT Global Chemical Public Company Limited.

Key Development:

• In August 2021, BASF and Eni have formed a partnership to jointly develop innovative technology for producing bio-propanol using glycerin, which is a byproduct of industrial biodiesel or fatty acid methyl ester production.
   
• In September 2019, Archer Daniels Midland Company and LG Chem have agreed to collaborate in the joint development of bio-based acrylic acid, an essential ingredient in the production of superabsorbent polymers (SAPs) that are used in various hygiene products.

Top companies includes in the global bio-based chemicals market:

• BASF SE
• Vertec BioSolvents Inc.
• AGAE Technologies, LLC
• TOTAL
• ADM 
• DuPont 
• Evonik Industries
• Toray Industries, Inc.
• Cargill, Incorporated 
• GF Biochemicals Ltd.
• Mitsubishi Chemical Corporation 
• DSM
• Others

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In-depth analysis of bio-based chemicals market along with industry coverage and forecasting for the following segments:

Market Size, By Product

• Adhesives
• Platform Chemicals
• Polymers for Plastics
• Man Made Fibers
• Cosmetics & Personal Care Products
• Paints, Coatings, Inks & Dyes
• Surfactants
• Others

Market Size, By Application

• Pharmaceutical
• Industrial
• Agricultural
• Others

Market Size, By Region

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America