According to the estimations put forth by Inkwood Research, the Global Bio-based Chemicals Market is anticipated to project a CAGR of 14.51% in terms of revenue during the forecasting years of 2019-2028.
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Market Forecast 2019-2028.”
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As per the United States Department of
Agriculture (USDA), bio-based products are derived from plants as well as
numerous other agricultural, forestry, and marine materials. They also offer an
alternative to traditional petroleum-derived products, such as detergents,
lubricants, fertilizers, bioplastics, and inks. Likewise, bio-based chemicals
are defined as chemical products, partially or entirely derived from
biologically originated materials. These include feedstock, biomasses, plants,
crops, trees, algae, marine organisms, and biological waste.
Use of
Eco-Friendly Products Facilitate Market Growth
The use of eco-friendly products, such as
bioplastics, plays an essential role in the global bio-based chemicals market
growth. Bio-based products are more eco-friendly as they are formed by a
relatively lesser polluting process in the petrochemical industry. Likewise,
PLA products are biodegradable, and they can be recycled at an industrial
recycling unit. For instance, Galactic started a pilot unit for chemically recycling
PLA. The process entails converting the end-product of PLA, into a lactic acid
monomer. The process, ‘LOOPLA,’ can recover nearly 100% of lactic acid, and
handle the contamination, as well.
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BioPlastics
is the Fastest-Growing Product Type
Presently, bioplastics account for nearly
1% of over 359 million tons of plastic manufactured, annually. Its market is
continually growing and diversifying, owing to an increase in demand, as well
as the emergence of more complex biopolymers, products, and applications. For
instance, the global bioplastics production capacity is anticipated to increase
from nearly 2.11 million tons in 2019, to over 2.40 million tons, by 2024. They
are also used across multiple industries, such as, catering products, packaging,
consumer electronics, agriculture and horticulture, automotive, toys, and
textiles, among various others. Nevertheless, the applications’ portfolio
continues to diversify.
Asia
Pacific to Lead and Dominate the Global Market by 2028
The transitioning consumer preferences
inclined towards organic products, and the rising health and ecological
concerns, owing to the use of synthetic petroleum-based chemicals,
predominantly fuel the bio-based chemicals market in the Asia Pacific.
Moreover, emerging countries like China and Japan are among the significant
economies facilitating the region’s market growth. This is mainly attributed to
favorable government initiatives and the augmenting manufacturing sectors. For
instance, Japan’s government continually monitors the negative impacts of
conventional chemicals, and encourages adopting bio-based chemicals.
The high fixed capital costs included in
research and development, and the high exit barriers, lead to intense rivalry
among players. On the other hand, the competitors are not strategically
diverse, and are of unequal sizes, in terms of revenue. As a result, the
industrial rivalry across the global bio-based chemicals market is anticipated
to be moderately high. Distinguished enterprises operating in the market are,
Corbion NV, Mitsubishi Chemical Holdings Corporation, PTT Global Chemical
Public Company Limited, BASF SE, Cargill Incorporated, etc.
About
Inkwood Research
Inkwood Research specializes in syndicated
& customized research reports and consulting services. Market intelligence
studies with relevant fact-based research are customized across industry
verticals such as technology, automotive, chemicals, materials, healthcare, and
energy, with an objective comprehension that acknowledges the business environments.
Our geographical analysis comprises of North & South America, CEE, CIS,
Middle East, Europe, Asia, and Africa.
Contact Us
https://www.inkwoodresearch.com
+1 857-302-4704
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