New Delhi, Jan. 24, 2023 (GLOBE NEWSWIRE) — The global bio-based chemicals market was valued at $128.5 billion in 2022 and is estimated to reach $271.7 billion by 2031, at a CAGR of 9.2%.
To better understand the potential of the biobased chemicals market, Astute Analytica conducted an analysis of the industry. The research found that the market for bio-based chemicals is currently small but growing rapidly and presents a major opportunity for companies 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 makes it easier for companies to develop and commercialize new products. In addition, there is a growing trend to use waste streams as raw materials for biobased chemicals, which offers an opportunity to create value from other 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 infancy, 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 are also opportunities to develop products made from algae or other biomass sources.
As the industry grows, it becomes important for businesses to keep up with 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 shows that companies that can successfully respond to these changing preferences are well positioned to succeed in the growing market for bio-based chemicals.
Eco-Friendly Evolution Trends: Biobased Chemicals Market Leader
- Increasing demand for sustainable and environmentally friendly products: As consumers become more environmentally aware, they demand more sustainable products. This is driving demand for bio-based chemicals, which are considered more environmentally 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 biobased alternatives. This is expected to drive the growth of the bio-based chemicals market over the forecast period.
- Investing in research and development: Companies invest in research and development of new, cost-efficient production methods to reduce production costs and improve the performance of bio-based chemicals.
- Increasing use of bioplastics: Bioplastics, made from renewable raw materials, are a sustainable alternative to traditional plastic. They are increasingly being used in packaging, agriculture and automotive applications, among other things.
- Development of advanced biobased chemicals: Companies invest in R&D to develop new biobased chemicals with improved properties. These advanced bio-based chemicals are expected to be stronger and more durable, driving the growth of the market 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 and coatings, adhesives, lubricants, and polymers, among others, is expected to drive the growth of the market 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 among the 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 among the top 6 players in the global biobased chemicals market. Together they have a global market share of more than 33.9%. Dow Chemicals has a significant market share here thanks to its strong product portfolio and continued investment in research and development. The company is well positioned to remain a market leader 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 biobased chemicals market. The company has a strong presence in the market and offers a wide range of biobased products, such as biobased plastics, biolubricants and biosurfactants. Dow Chemicals has a strong focus on research and development, which allows them to continuously innovate and improve their products.
Dow Chemicals has also actively invested in the development of bio-based products and technologies. The company has invested in the development of biobased polyethylene and biobased propylene, which are used in a variety of applications such as packaging, transportation and consumer goods. They also have research and development facilities in bio-based chemicals and bioplastics used in the automotive, packaging and construction industries.
In addition, the company has also actively worked to reduce its impact on the environment. Dow Chemicals has set a goal of reducing greenhouse gas emissions by 25% by 2030 and using 100% renewable energy by 2050.
Top 5 Revenue Pockets in the Biobased Chemicals Market
There are several new revenue streams in the bio-based chemical industry for companies to explore. Some of these are:
Bioplastics: Bioplastics are made from renewable resources such as sugar cane, corn and cassava and are biodegradable. This makes them an attractive option for a variety of applications, including packaging, agriculture and automotive. The bioplastics market is expected to grow significantly due to increasing demand for sustainable and environmentally friendly products and government regulations encouraging the use of biobased alternatives.
Bio-based lubricants: Biobased lubricants are made from renewable sources 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 bio-based lubricants is expected to grow due to the increasing demand for sustainable and environmentally friendly products and government regulations that encourage the use of bio-based alternatives.
Bio-based surfactants: Biobased surfactants are made from renewable resources such as vegetable oils and animal fats. Bio-based surfactants are used in a variety of applications in the global bio-based chemicals market, including personal care, household and industrial cleaning. The biobased surfactants market is expected to grow due to increasing demand for sustainable and environmentally friendly products and government regulations encouraging the use of biobased alternatives.
Bio-based alcohols: Biobased alcohols are used as an alternative to traditional petrochemical alcohols. They are made from renewable resources such as sugar cane, corn and cassava and are biodegradable, making them an attractive option for the pharmaceutical, food and cosmetics industries.
Biologically based acids: Bio-based acids are used as an alternative to traditional petrochemical-based acids. They are made from renewable resources such as sugar cane, corn and cassava and are biodegradable, making them an attractive option for food, pharmaceutical and industrial applications.
Some of the best players on the market are:
- AGAE Technologies
- Sagittarius Daniels Midland Company
- BASF SE
- Braskem SA
- Cargill included
- Royal DSM NV
- Dow chemicals
- Evonik Industries
- GF Biochemicals Ltd.
- IP Group PLC
- Mitsubishi Chemical Corporation
- Toray Industries Inc.
- Total energy
- Vertec Bio Solvents
- Other prominent players
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