The market for bio-based chemical is anticipated to grow at a CAGR of 16.53% over the forecast period of 2018-2026.The numerous government policies towards business sustainability programs, preference for the usage of the eco-friendly product among the end users, intensive fluctuations in the crude oil prices, and the high market probable of bio-based chemical products are some of the major drivers responsible for the boom in the bio-based chemical market.
The bio-based markets can be segmented on the basis of the type of products and on the basis of applications. The varied types of products include biodegradable and non-biodegradable bioplastics and different kinds of biofuels. Although the biofuels market, which comprises of biodiesel, biogas, and solid biomass, generated the highest revenue in 2017, it is the bioplastics market which is anticipated to grow at a faster CAGR during the forecast period. The application segment can be further sub-divided into various areas like industrial chemicals, agriculture, pharmaceuticals, food products etc. The industrial chemicals that include succinic acid, industrial alcohol, bio-based dyes, lactic acid, glycerol, acrylic acid and others, is the application which is currently dominating the global bio-based chemical market.
Asia-Pacific region currently holds the biggest market for the bio-based chemicals, accounting for xx% share of the total market. The demand for the bio-based chemicals from this region is expected to further rise during the forecasted years. The European bio-based chemicals market is the second-largest bio-based chemicals market in the world. Italy currently dominates this market. However, it is the North American market which is expected to show the highest growth in CAGR over the forecast period owing to a shift in consumer perception towards more eco-friendly products.
The major players in the market include Abengoa Bioenergia S.A., BioAmber Inc., Braskem, Cargill, Incorporated, CORBION, Meredian Inc., Metabolix Inc., Methanex Corporation, Myriant Technologies LLC, NatureWorks, Novozymes ASS, Royal DSM, Synbra, Teijin and Zhejiang Hisun Biomaterials Co., Ltd.