Global Bio-Based Chemicals Market to Witness Steady Growth as Eco-Friendly Products’ Usage Rises
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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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.
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