Bio-Based Chemicals Market To Worth Over US$ 296.5 Billion By 2032 | Astute Analytica

(MENAFN- GlobeNewsWire - Nasdaq) Bio-based chemical market is rapidly evolving, driven by sustainability demands and innovative technologies. With increasing consumer awareness and regulatory support, this sector presents immense opportunities for growth, paving the way for a greener future and transforming traditional industries.

New Delhi, Nov. 20, 2024 (GLOBE NEWSWIRE) -- The global bio-based chemicals market is projected to reach a valuation of US$ 296.5 billion by 2032 from US$ 134.3 billion in 2023 at a CAGR of 9.2% from 2024-2032.

The bio-based chemicals market is witnessing remarkable growth, emerging as a pivotal sector in the shift towards sustainable industrial practices. Projections indicate that the global market could reach a valuation exceeding US$ 296.76 billion by the end of 2032, driven by escalating environmental concerns, depletion of fossil fuel resources, and stringent regulations promoting renewable alternatives. Technological advancements in biotechnology and chemical engineering have enabled more efficient and cost-effective production processes, facilitating the commercialization of a diverse array of bio-based chemicals. With over 5,000 bio-based products available in the market, companies are capitalizing on innovation opportunities, creating extensive revenue prospects.

Request Sample Copy @

The revenue potential of the bio-based chemicals market is substantial, as bio-based chemicals find applications across various industries including agriculture, pharmaceuticals, packaging, automotive, and textiles. The bioplastics segment, for instance, is expected to see production capacities increase to over 2.8 million metric tons, addressing the growing demand for sustainable packaging solutions. Investments are pouring into the sector, with major corporations committing significant funds to develop bio-based production facilities; several leading chemical companies have allocated over $1 billion each toward bio-based research and infrastructure. Governmental support is also significant, with subsidies and funding exceeding $5 billion globally to promote bio-based initiatives. Additionally, more than 100 strategic partnerships and joint ventures have been established in recent years to accelerate market entry and expansion.

Understanding and targeting regional markets is crucial for market players aiming to maximize their reach and profitability. The Asia-Pacific region emerges as a high-growth area, with countries like China and India investing heavily in bio-based industries; China alone has established over 200 bio-refineries to leverage its abundant agricultural resources. Europe maintains a significant presence, supported by policies like the European Green Deal and funding programs allocating billions of euros toward bio-based projects. In North America, the United States, with over 150 operational bio-based chemical plants, continues to advance its market through initiatives like the USDA's BioPreferred Program, listing over 16,000 certified bio-based products. To effectively engage these regional markets, companies should analyze local feedstock availability, understand regulatory environments, and tailor strategies to local consumer preferences. With over 60 countries implementing bioeconomy strategies, aligning with regional goals and policies is essential for capturing the immense revenue opportunities presented by the expanding bio-based chemicals market.

Key Findings in Bio-Based Chemicals Market

Market Forecast (2032)	US$ 296.5 million
CAGR	9.2%
Largest Region (2023)	Europe (35.0%)
By Type	Bioplastic (28.8%)
By Application	Industrial (34.0%)
Top Drivers	Environmental sustainability demands for reduced carbon footprint and eco-friendly products. Government policies incentivizing renewable resources and bio-based chemical production. Technological advancements improving efficiency and cost-effectiveness in bio-based processes.
Top Trends	Expansion of bioplastics in packaging and single-use applications globally. Increasing investments in bio-refineries integrating multiple bio-based productions. Collaborations between biotech firms and chemical companies for innovation.
Top Challenges	High production costs compared to traditional petrochemicals limiting competitiveness. Feedstock availability and competition with food resources causing supply concerns. Scaling up from pilot to commercial-scale production presents technical hurdles.

Industrial Sector Drives Bio-Based Chemicals Market Through Eco-Friendly Innovations, Capture over 34% Market Share

The Industrial segment remains the dominant force in the bio-based chemicals market, holding the highest market share in 2023 and anticipated to grow at the highest CAGR moving forward. This dominance is fueled by the sector's shift towards sustainable practices, as industries seek alternatives to conventional chemicals that are biodegradable and environmentally friendly. Applications span across paints & coatings, adhesives, lubricants, polymers, and more, all witnessing increased integration of bio-based chemicals. Supporting this market leadership are several notable developments. In 2023, the industrial sector's consumption of bio-based chemicals exceeded 15 million tons globally. The adoption of bio-based adhesives has increased production efficiency by up to 25% in manufacturing processes. Leading industrial conglomerates have allocated over $3 billion towards the development of bio-based product lines. Additionally, the implementation of bio-based corrosion inhibitors has extended the lifespan of industrial equipment by an average of five years.

Environmental regulations are further propelling the industrial segment's prominence. Compliance with global sustainability standards, such as ISO 14001, is driving industries to adopt bio-based chemicals. The number of patents related to industrial bio-based applications reached over 2,500 in 2023. Moreover, bio-based polymers are now being used in construction materials, contributing to the building of over 1,000 eco-friendly structures worldwide. Industry conferences focusing on bio-based solutions have seen attendance growth, with over 10,000 participants in 2023. Apart from this, the industrial sector's commitment to sustainability is evidenced by the reduction of greenhouse gas emissions by an estimated 5 million tons due to the use of bio-based chemicals.

Bioplastics Lead Bio-Based Chemicals Market with Strong Growth in Eco-Friendly Materials

In the bio-based platform chemicals market, bioplastics have emerged as the dominant segment, capturing the highest market share of 28.8% in 2023. This leadership position is expected to be maintained over the forecast period, supported by the highest Compound Annual Growth Rate (CAGR). The increasing demand for eco-friendly plastics is driving this growth, as bioplastics offer a sustainable alternative to traditional, non-biodegradable synthetic plastics that contribute to environmental pollution and landfill pressure.

Several factors underline the dominance of bioplastics in the bio-based chemicals market. Global production capacity for bioplastics reached 2.4 million tons in 2023, reflecting a significant increase from previous years. Additionally, over 1,000 companies worldwide are now engaged in the production and development of bioplastics, indicating robust industrial investment. Major brands in packaging, such as Coca-Cola and Nestlé, have committed to incorporating bioplastics in their products, further driving demand. Furthermore, European Union regulations have mandated the reduction of single-use plastics, boosting the adoption of bioplastics across member countries.

Advancements in bioplastic technology have led to the development of novel materials like polylactic acid (PLA) and polyhydroxyalkanoates (PHA), which offer improved properties and biodegradability. Investments in R&D have exceeded $2 billion globally in 2023, focusing on cost-efficient production methods. The Asia-Pacific region has emerged as a significant producer and consumer of bioplastics, with countries like China and Japan increasing production capacities. Government incentives, such as tax credits for bio-based product manufacturers in the United States, are also fueling market growth. Lastly, consumer awareness and demand for sustainable products have led to a market value of bioplastics projected to reach $7.5 billion by the end of 2023.

Request For Customization:

Archer Daniels Midland: Leading the Global Bio-Based Chemicals Market with Innovation and Sustainability Initiatives

Archer Daniels Midland Company (ADM) has firmly established itself as a leader in the market, driven by strategic partnerships, sustainability initiatives, and a commitment to innovation. As of 2023, ADM's market leadership is underpinned by its diverse offerings, including bio-based propylene glycol and other plant-based chemicals, which cater to the increasing demand for sustainable solutions. The company has a significant market share, with the bio-based chemicals market expected to grow from US$ 134.35 billion in 2023 to US$ 296.76 billion by 2032. ADM's investment in research and development further bolsters its competitive edge, allowing it to continuously improve and expand its product portfolio.

ADM's global operations are extensive, with a presence in over 160 countries and more than 270 plants and 420 crop procurement facilities worldwide. This global footprint enables ADM to effectively manage market fluctuations and meet regional demands. The company's European headquarters in Rolle, Switzerland, and its global headquarters in Chicago, Illinois, USA, highlight its reach and influence in the industry. ADM's production capacity is substantial, with facilities capable of producing millions of units of bio-based chemicals like propylene glycol, supporting its leadership in the sector.

ADM's dominance in the bio-based chemicals market is exemplified by strategic collaborations and innovative projects. Examples include its partnership with Pacific Northwest National Laboratory to produce biobased propylene glycol and its development of bio-based platform chemicals. The company's success in creating sustainable industrial biomaterials and alternative proteins further showcases its commitment to innovation and eco-friendly practices. With the bio-based propylene glycol market expected to grow substantially, ADM is well-positioned to capitalize on emerging opportunities and maintain its leadership in the bio-based chemicals industry.

Global Bio-Based Chemicals Market Key Players

• AGAE Technologies
• Archer Daniels Midland Company
• BASF SE
• Braskem SA
• Cargill Incorporated
• Koninklijke DSM N.V
• Dow Chemicals
• DuPont
• Evonik Industries
• GFBiochemicals Ltd.
• IP Group PLC
• Lyondellbasell
• Mitsubishi Chemical Corporation
• Toray Industries Inc.
• Total Energies
• Vertec BioSolvents
• Other Prominent Players

Key Segmentation:

By Type

• Bio-Lubricants
• Bio-Solvents
  • Tetrahydrofuran
  • Cyclopentanone
  • Tetrahydropyran
  • Others
• Bioplastics
  • Biodegradable Bioplastics
  • Non-Biodegradable Bioplastics
• Bio-Alcohols
  • 1,3-propanediol
  • 1,6-hexanediol
  • 1,10-decanediol
  • Others
• Bio-Surfactants
• Bio-Based Acids
  • Succinic acid
  • Furfural
  • Butadiene
  • 1-4 BDO
  • Others
• Others

By Application

• Automotive
• Personal Care
• Food & Beverages
• Agriculture
• Industrial
• Pharmaceuticals
• Packaging
• Others

By Region

• North America
• Europe
• Asia Pacific
• Middle East & Africa (MEA)
• South America

Browse the Table of Contents to access and purchase individual report sections:

About Astute Analytica

Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.

Contact Us:
Astute Analytica
Phone: +1-888 429 6757 (US Toll Free); +91-0120- 4483891 (Rest of the World)
For Sales Enquiries: ...
Website:
LinkedIn | Twitter | YouTube

CONTACT: Contact Us: Astute Analytica Phone: +1-888 429 6757 (US Toll Free); +91-0120- 4483891 (Rest of the World) For Sales Enquiries: ... Website:

MENAFN20112024004107003653ID1108907368