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The global bio based chemicals market is expected to have a CAGR of 13.6% during the forecast period 2016-2023 Bio based chemicals are is made up of bio based products such as wood, leather, sugar, proteins, fats, oil etc. The usage of bio based chemicals is increasing due to its application in manufacturing of lactic acid, acrylic acid, succinic acid, bio based dyes etc. The major reason for this shift of trend in people preferring bio based chemicals over standard chemicals is the high price of crude oil. Concerns regarding the adverse effects of conventional chemicals on the environment are contributing to the growth of the global bio based chemicals market. The factors driving the global bio based chemicals market are as follows:
Bio based chemicals are made up of bio based feedstock by fermentation process which increases the total production cost of bio based chemicals. Petrochemical based chemicals are still cheaper as compared to the bio based chemicals. The higher price of bio based chemicals is mainly due to lack of proper supply chain model, which is one of the major challenges faced by global bio based chemicals market. Lack of awareness also acts a as challenge for the growth of global bio based chemicals market.
Source: OBRC Analysis
Global bio based chemicals market is segmented on the basis of products and end users. Products can be sub segmented into:
End-user can be sub segmented into:
The revenue for the above end-user segment is specific to the global bio-based chemicals market. However, the total revenue of these end-users in general has been excluded from the scope of the report. Also, the total market revenue has been calculated by summing up product segment.
Geographically, global bio based chemicals market is segmented into:
Asia pacific dominates the global bio based chemicals market. The increasing population and the rising demand for bio based chemicals are the major reasons for growth of bio based chemicals market in APAC. Bio based chemicals require feedstock such as oil, leather, cornstarch, wood etc., which are available in an ample amount. Asia Pacific is an agriculture market which aids the production of abundant raw materials for the manufacturing of bio based chemicals. Rest of the world is has the fastest growth rate in the global bio based chemicals market with the CAGR of 15%. Rising usage of bio based fertilizers and abundant amount of bio based feedstock is the major reason for the growth of this region. European region is also showing a positive growth majorly due to environmental concerns related to adverse effect of standard chemicals. North America is shows a sluggish growth rate during the forecast period.
Global bio based chemicals market is segmented into products and end users. Products are further divided into bioplastics and biofuels. Bioplastics is subdivided into biodegradable bioplastics which is again divided into PLA, PHA, regenerated cellulose, biodegradable polyester, others. Non-biodegradable bioplastics are subdivided into bio PET, Bio PE, Bio PA, and others. Bio fuels segment is subdivided into bio diesel, ethanol, other alcohols, bio gas, and solid biomass. On the basis of end users, the market is further segmented into Industrial chemicals pharmaceuticals food product agriculture. Industrial chemicals are divided into succinic acid, alcohols, bio based dyes, lactic acid, glycerol, acrylic acid and other chemicals. Pharmaceutical segment is divided into enzymes, amino acid, vitamins and related compounds, antibiotics and others. Food products are segmented into alcoholic beverages and others. Agriculture is segmented into bio fertilizers, bio pesticide and others. Bio-plastics are expected to be the fastest growing product segment in the forecast period. Bio-degradable bio plastics are expected to grow due to the benefits associated with them regarding the safety of the environment. Agriculture sub segment is also showing a rapid growth rate. Bio fertilizers and bio pesticides usage in agriculture fields enhance the agriculture sub segment.
Fats & oils, sugars, proteins and lignin are amongst the key components of bio-based materials. Manufacture of industrial chemicals like succinic acid, bio-based dyes, lactic acid, glycerol, acrylic acid and many more are some of the well- known examples of bio based chemicals. Bio-based chemicals are also used in other sectors like pharmaceuticals, food products and agriculture. Some of the major bio based products are bio-plastics which can be bio-degradable or non-biodegradable in nature, and Bio fuels are another bio based products which are finding huge popularity across the globe driven by a large number of factors such as rising fluctuations in the price of crude oil. The bio-based chemicals are addressing our socioeconomically and environmentally unsustainable reliability on petroleum feedstock. Researches are being conducted all around the world to commercially produce bio-fuel for transport industry. The concerns regarding the environment due to dangerous chemicals and depletion of fossil fuels are leading to the rise of the production of the bio-based chemicals market.
The major players of global bio based chemicals market are as follows-
These companies use various strategies such as merger & acquisition, collaboration, partnership and product launch and Joint venture is the key strategy adopted by the companies in the global bio-based chemicals market.
For example: In October 2016, BASF entered into a joint venture agreement with Avantium. Due to this agreement, BASF integrated Avantium’s specific manufacturing technologies and application expertise for PEF and FDCA with the assets of BASF.
The report covers detailed analysis of companies which comprises of overview, SCOT analysis, product portfolio, strategic initiative, strategic analysis, competitive landscape and market share analysis in the global bio based chemicalsmarket.
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At Occams we provide an extensive portfolio which is comprehensive market analysis along with the market size, market share, and market segmentations. Our report on the global bio based chemicals market offers detailed analysis of strategic models such as investment vs. adoption model, see saw analysis and others strategic models. Also, the report contains the detailed analysis of application, adoption scenario and decision support for each segment. The report discusses competitive landscape of the global bio based chemicalsmarket, with giving extensive SCOT analysis of key companies.
Key findings of the global bio based chemicals market:
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