Bio based Chemicals Market

The global bio-based chemicals market was valued at USD 59,117.6 million in 2018 and is expected to register a CAGR of 10.47% to reach around USD 97,267.0 million by the end of 2023. In terms of volume, the global market was sized at 40,081.1 thousand tons in 2018 and is expected to register a CAGR of 9.58% to reach 63,330.1 thousand tons by the end of 2023. The growing application of bio-based alcohols in the food & beverage industry is expected to boost the growth of the global bio-based chemicals market. Besides, increasing regulations on conventional synthetic plastics across the globe is also supporting the growth of the global bio-based chemicals market. The growing demand for bio-based lubricants is also booting the product market growth. Additionally, an increasing number of lignocellulosic biorefineries is expected to provide lucrative opportunities to the players operating in the global bio-based chemicals market during the forecast period. However, volatile raw material prices is a factor expected to hamper the growth of the global market during the forecast period. Moreover, increasing focus on production cost optimization through technological innovation is a prevailing trend in the bio-based chemicals market.

According to Wantstats analysis, the global bio-based chemicals market has been segmented based on type, applications, and region. By type, the global market has been categorized into bioplastics, bio-lubricants, bio-solvents, bio-surfactants, bio-based acids, bio-alcohols, and others. The bio-alcohols segment accounted for the largest share of 41.7% by value in 2018 due to the large-scale adoption of bio-ethanol in industrial as well as potable applications. Industrial applications of bio-ethanol include manufacturing of flavors and aromas, pharmaceutical formulations, and cosmetics and personal care formulations. The segment was valued at USD 24,653.9 million in 2018; it is expected to register a CAGR of 9.89% to reach USD 39,507.9 million by the end of 2023. In terms of volume, the segment was sized at 22,722.0 thousand tons. The segment is projected to exhibit a CAGR of 9.27% to reach 35,398.4 thousand tons by the end of 2023.

On the basis of application, the global bio-based chemicals market has been classified into agriculture, automotive, personal care, food & beverage, packaging, detergents and cleaners, paints and coating, adhesives and sealants, pharmaceuticals, paint dispersion, and others. The food & beverage segment accounted for the largest share of 26.2% by value and was valued at USD 15,494.6 million in 2018. The segment is expected to register a CAGR of 8.79% to reach USD 23,614.4 million by the end of 2023. In terms of volume, the segment was sized at 9,605.0 thousand tons in 2018 and is projected to exhibit a CAGR of 7.87% to reach 14,031.1 thousand tons by the end of 2023.

The European market held the largest market share of 33.7% by value in 2018 due to the high production cost in the region and stringent regulatory standards on synthetic chemicals. The regional market was valued at USD 19,950.8 million in 2018 and is expected to exhibit a CAGR of 10.85% to reach USD 33,389.5 million by the end of 2023. In terms of volume, the Asia-Pacific market held the largest market share of 34.4% in 2018 due to the availability of raw materials at low cost, low production and labor cost, rapid industrialization in emerging economies, and growing awareness regarding the advantages of bio-based chemicals. The regional market was sized at 13,769.5 thousand tons in 2018 and is projected to register a CAGR of 10.40% to reach 22,581.5 thousand tons by the end of 2023.