Global Bio-based Chemicals Market

Bio-based Chemicals Market Size, Share, Growth Analysis, By Type(Bio-Lubricants, Bio-Solvents), By End-user(Automotive, Personal Care) - Industry Forecast 2024-2031


Report ID: SQMIG15B2053 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 70 | Figures: 74

Bio-based Chemicals Market Insights

Global Bio-based Chemicals Market size was valued at USD 77.10 Billion in 2021 and is poised to grow from USD 84.35 Billion in 2022 to USD 173.07 Billion by 2030, at a CAGR of 9.4% during the forecast period (2023-2030).

The global bio-based chemicals market is experiencing significant growth as a result of increasing environmental awareness and the growing demand for sustainable products. Bio-based chemicals are derived from renewable sources such as plants, biomass, and agricultural waste, offering an alternative to traditional petrochemical-based chemicals. The market is driven by factors such as the rising need for bio-based alternatives to reduce carbon emissions and mitigate climate change. Additionally, government regulations and initiatives promoting the use of bio-based chemicals, along with consumer preferences for eco-friendly products, are boosting market growth.

One of the key growth drivers is the expanding application scope of bio-based chemicals across various industries such as packaging, textiles, agriculture, automotive, and personal care. Bio-based chemicals offer improved performance characteristics, lower toxicity, and reduced environmental impact compared to their conventional counterparts. They are used in the production of bioplastics, biofuels, bio adhesives, bio composites, and other bio-based materials. However, the global bio-based chemicals market also faces several challenges. One of the major challenges is the higher production cost compared to petrochemical-based chemicals.

The production processes for bio-based chemicals are often more complex and require specialized infrastructure, which can increase manufacturing costs. This cost factor poses a challenge in terms of market competitiveness and widespread adoption. Another challenge is the limited availability of feedstock for bio-based chemical production. The reliance on biomass and agricultural waste as feedstock can be constrained by factors such as seasonal variations in crop yields and land availability. This limitation can impact the scalability and consistent supply of bio-based chemicals, affecting market growth. Additionally, the market faces challenges related to technological advancements and commercialization. Research and development efforts are ongoing to improve the efficiency of production processes and develop new bio-based chemicals with enhanced properties. However, the scale-up of these technologies and their integration into existing manufacturing infrastructure can be complex and time-consuming.

Market snapshot - 2024-2031

Global Market Size

USD 77.10 Billion

Largest Segment

Bioplastics

Fastest Growth

Bioplastics

Growth Rate

9.4% CAGR

Global Bio-based Chemicals Market ($ Bn)
Country Share for North America Region (%)
Global Bio-based chemicals By Type ($ Bn)
Global Bio-based chemicals Market By Type (%)

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Bio-based Chemicals Market Segmental Analysis

Global Bio-based Chemicals Market is segmented on the basis of type, end-user, and region. By type, the market is segmented into Bio-Lubricants, Bio-Solvents, Bioplastics, Bio-Alcohols, Bio-Surfactants, Bio-Based Acids. By End-User the market is segmented into Automotive, Personal Care, Food & Beverages, Agriculture, Industrial, Pharmaceuticals, Packaging. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Analysis By Type

In the global bio-based chemicals market, the segment analysis by type reveals several key categories. Among them, bioplastics have emerged as the dominant segment due to their wide range of applications and growing demand for sustainable packaging solutions. Bioplastics are derived from renewable sources and offer biodegradability and reduced environmental impact compared to conventional plastics. They find extensive use in various industries, including packaging, automotive, electronics, and consumer goods.

On the other hand, the fastest-growing segment in the global bio-based chemicals market is bio-solvents. Bio-solvents are environmentally friendly alternatives to conventional solvents derived from fossil fuels. They are used in various applications such as paints and coatings, cleaning products, pharmaceuticals, and cosmetics. The demand for bio-solvents is driven by their low toxicity, biodegradability, and reduced emissions of volatile organic compounds (VOCs). The increasing emphasis on sustainable and green chemistry practices is fueling the growth of the bio-solvents segment.

Analysis By End User

In the global bio-based chemicals market, the segment analysis by end-use industry reveals several key categories. Among them, the dominant segment is the packaging industry. The demand for bio-based chemicals in the packaging industry is driven by the growing need for sustainable and eco-friendly packaging solutions. Bio-based chemicals are used to produce biodegradable and renewable packaging materials, reducing the environmental impact associated with conventional packaging.

The fastest-growing segment in the global bio-based chemicals market is the personal care industry. There is a rising demand for natural and organic personal care products among consumers, leading to the increased use of bio-based chemicals in this industry. Bio-based chemicals are utilized in the formulation of skincare, haircare, and cosmetic products, offering natural and sustainable alternatives to traditional ingredients.

Global Bio-based chemicals Market By Type, 2023 (%)

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Bio-based Chemicals Market Regional Insights

In the global bio-based chemicals market, the segment analysis by region reveals various key regions driving the market growth. One dominant region in the market is North America. North America has a significant market share in the bio-based chemicals industry due to the presence of a well-established bio-based chemicals manufacturing sector and increasing government initiatives to promote sustainable practices. The region has witnessed a surge in demand for bio-based chemicals across industries such as packaging, automotive, personal care, and agriculture.

The fastest-growing region in the global bio-based chemicals market is the Asia Pacific. This region experienced rapid industrialization and urbanization, leading to increased consumption of bio-based chemicals. Countries like China, India, and Japan are witnessing significant growth in the market due to rising environmental concerns, stringent regulations, and the growing demand for sustainable products. Additionally, the expansion of end-use industries such as automotive, food and beverages, and pharmaceuticals in the region is driving the demand for bio-based chemicals.

Global Bio-based Chemicals Market By Region, 2024-2031
  • Largest
  • Fastest

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Bio-based Chemicals Market Dynamics

Drivers

Increasing Environmental Concerns

  • Growing awareness about the environmental impact of conventional chemicals has led to a shift towards bio-based chemicals. Bio-based chemicals are considered more sustainable and environmentally friendly, reducing carbon emissions and dependence on fossil fuels.

Government Regulations and Incentives

  • Governments worldwide are implementing stringent regulations to promote the use of bio-based chemicals and reduce the usage of petroleum-based products. Incentives such as tax credits, grants, and subsidies are provided to encourage the adoption of bio-based chemicals, driving market growth.

Restraints

Limited Feedstock Availability

  • The availability of sustainable and cost-effective feedstock for bio-based chemical production is a significant challenge. Dependence on specific feedstocks, such as agricultural crops or waste materials, may create supply constraints and limit the scalability of bio-based chemical production.

Technological Limitations

  • Some bio-based chemical processes and technologies are still in the early stages of development, facing technical challenges and limitations. This can impact the production capacity, quality, and cost-effectiveness of bio-based chemicals, hindering their widespread adoption.

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Bio-based Chemicals Market Competitive Landscape

The competitive landscape of the global bio-based chemical market is characterized by intense competition and a diverse range of players. The market comprises various companies, ranging from large multinational corporations to small and medium-sized enterprises. These players are engaged in research and development activities, strategic collaborations, and product innovations to gain a competitive edge in the market. The market is witnessing a significant influx of new entrants, including start-ups and technology-driven companies, who are introducing novel bio-based chemical solutions. This has intensified the competition and fostered innovation in the industry.

Additionally, established players are investing in expanding their production capacities and strengthening their distribution networks to meet the growing demand for bio-based chemicals. Furthermore, partnerships and collaborations between bio-based chemical manufacturers and end-user industries are becoming increasingly common. These collaborations aim to develop customized bio-based chemical solutions to cater to the specific needs of various sectors, such as automotive, personal care, packaging, and agriculture. Such partnerships not only enhance product development capabilities but also ensure a steady market demand for bio-based chemicals. In addition to established players and new entrants, research institutions and academic organizations play a vital role in the competitive landscape. They contribute to the development of new technologies, process improvements, and the exploration of alternative feedstocks for bio-based chemical production.

Top Player’s Company Profile

  • Lyondellbasell Industries Holdings BV (Netherlands)
  • Ultimate Chem India Pvt. Ltd (India)
  • Alpha Chemika (India)
  • Haihang Industry (China)
  • Ronas Chemicals (China)
  • Merck KGaA (Germany)
  • Alfa Aesar (U.S.)
  • FUSO CHEMICAL CO., LTD. (China)
  • FUJIFILM Wako Pure Chemical Corporation (Japan)
  • Dupont (U.S.)
  • KURARAY CO., LTD. (Japan)
  • DAIKIN (Japan)
  • Cargill Incorporated (U.S.)
  • IP Group plc (U.K.)
  • Novozymes (Denmark)
  • Yield10 Bioscience Inc (U.S.)

Recent Developments

  • In March 2023, Braskem, a Brazilian petrochemical company, announced that it is investing $1 billion in a new bio-based chemicals plant in Brazil.
  • In April 2023, The International Energy Agency (IEA) released a report forecasting that the global bio-based chemicals market will reach $144.63 billion by 2028.
  • May 2023: The European Bioplastics Association released a report forecasting that the European bio-based chemicals market will reach €10.5 billion by 2025.

Bio-based Chemicals Key Market Trends

  • Growing Demand for Sustainable and Eco-Friendly Products: The increasing awareness about environmental concerns and the need for sustainable alternatives has led to a rise in demand for bio-based chemicals. Consumers and industries are actively seeking bio-based alternatives to reduce their carbon footprint and promote sustainability.
  • Favorable Government Policies and Regulations: Many governments around the world are implementing policies and regulations to promote the adoption of bio-based chemicals. This includes incentives, tax benefits, and subsidies to encourage the use of bio-based materials and reduce reliance on fossil fuels. Such supportive measures are driving market growth.

Bio-based Chemicals Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

According to our global bio-based chemicals market analysis, the increasing demand for sustainable and eco-friendly products, favorable government policies and regulations, advancements in technology and research, growing consumer preference for bio-based products, and expanding application areas are the key growth drivers. The demand for bio-based chemicals is driven by the rising awareness about environmental concerns and the need to reduce dependence on fossil fuels. Consumers and industries are actively seeking bio-based alternatives to lower their carbon footprint and promote sustainability. Governments across the world are also supporting the adoption of bio-based chemicals through incentives, tax benefits, and subsidies, which is further driving market growth.

Advancements in technology and research are improving the production processes and properties of bio-based chemicals, making them more viable and competitive compared to traditional petroleum-based chemicals. This has led to an expansion of application areas in industries such as packaging, automotive, construction, personal care, and agriculture. The versatility of bio-based chemicals offers new opportunities for market growth and innovation. Collaborations and partnerships among industry players are on the rise, enabling the sharing of expertise, resources, and market reach. This fosters innovation and accelerates market growth. Additionally, the growing consumer preference for bio-based products is creating a strong demand for bio-based chemicals across various industries. However, the global bio-based chemicals market also faces challenges. The high production costs associated with bio-based chemicals compared to traditional chemicals can hinder their widespread adoption. Additionally, the availability and sourcing of sustainable feedstock for bio-based chemicals production can pose challenges in meeting the growing demand.

Report Metric Details
Market size value in 2023 USD 77.10 Billion
Market size value in 2031 USD 173.07 Billion
Growth Rate 9.4%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • Bio-Lubricants, Bio-Solvents, Bioplastics, Bio-Alcohols, Bio-Surfactants, and Bio-Based Acids.
  • End-user
    • Automotive, Personal Care, Food & Beverages, Agriculture, Industrial, Pharmaceuticals, Packaging
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Lyondellbasell Industries Holdings BV (Netherlands)
  • Ultimate Chem India Pvt. Ltd (India)
  • Alpha Chemika (India)
  • Haihang Industry (China)
  • Ronas Chemicals (China)
  • Merck KGaA (Germany)
  • Alfa Aesar (U.S.)
  • FUSO CHEMICAL CO., LTD. (China)
  • FUJIFILM Wako Pure Chemical Corporation (Japan)
  • Dupont (U.S.)
  • KURARAY CO., LTD. (Japan)
  • DAIKIN (Japan)
  • Cargill Incorporated (U.S.)
  • IP Group plc (U.K.)
  • Novozymes (Denmark)
  • Yield10 Bioscience Inc (U.S.)
Customization scope

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Bio-based Chemicals Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Bio-based Chemicals Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Bio-based Chemicals Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Bio-based Chemicals Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Bio-based Chemicals Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Bio-based Chemicals Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Bio-based Chemicals Market size was valued at USD 77.10 Billion in 2021 and is poised to grow from USD 84.35 Billion in 2022 to USD 173.07 Billion by 2030, at a CAGR of 9.4% during the forecast period (2023-2030).

The competitive landscape of the bio-based chemical market is characterized by intense competition and a diverse range of players. The market comprises various companies, ranging from large multinational corporations to small and medium-sized enterprises. These players are engaged in research and development activities, strategic collaborations, and product innovations to gain a competitive edge in the market. The market is witnessing a significant influx of new entrants, including start-ups and technology-driven companies, who are introducing novel bio-based chemical solutions. This has intensified the competition and fostered innovation in the industry. 'Lyondellbasell Industries Holdings BV (Netherlands)', 'BASF SE (Germany)', 'Thermo Fisher Scientific (U.S.)', 'Ultimate Chem India Pvt. Ltd (India)', 'Alpha Chemika (India)', 'Haihang Industry (China)', 'Ronas Chemicals (China)', 'Merck KGaA (Germany)', 'Alfa Aesar (U.S.)', 'FUSO CHEMICAL CO., LTD. (China)', 'FUJIFILM Wako Pure Chemical Corporation (Japan)', 'Dupont (U.S.)', 'Braskem (Brazil)', 'KURARAY CO., LTD. (Japan)', 'DAIKIN (Japan)', 'Cargill Incorporated (U.S.)', 'IP Group plc (U.K.)', 'Novozymes (Denmark)', 'Yield10 Bioscience Inc (U.S.)'

Growing awareness about the environmental impact of conventional chemicals has led to a shift towards bio-based chemicals. Bio-based chemicals are considered more sustainable and environmentally friendly, reducing carbon emissions and dependence on fossil fuels.

Growing Demand for Sustainable and Eco-Friendly Products: The increasing awareness about environmental concerns and the need for sustainable alternatives has led to a rise in demand for bio-based chemicals. Consumers and industries are actively seeking bio-based alternatives to reduce their carbon footprint and promote sustainability.

In the bio-based chemicals market, the segment analysis by region reveals various key regions driving the market growth. One dominant region in the market is North America. North America has a significant market share in the bio-based chemicals industry due to the presence of a well-established bio-based chemicals manufacturing sector and increasing government initiatives to promote sustainable practices. The region has witnessed a surge in demand for bio-based chemicals across industries such as packaging, automotive, personal care, and agriculture.

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Global Bio-based Chemicals Market

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