Bio-renewable Chemicals Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI3949
Bio-renewable Chemicals Market size is projected to show tremendous growth to 2025 owing to growing awareness relating to environmental hazards coupled with the presence of stringent regulations. Bio-renewable chemicals are a class of chemicals produced from biological feedstock.
The rising volatility in petroleum prices coupled with depleting oil resources across the globe is anticipated to be a major factor driving the global bio-renewable chemicals market throughout the assessment period.
The rising concern over the depletion of oil resources mainly in emerging economies shall oost the bio-renewable chemicals market during the review period. The major chemical companies are seen to adopt various renewable feedstock to produce chemicals. Biomass is extensively used for manufacturing wide range of chemicals. Biomass is a versatile non-petroleum feedstock which is widely used to produce chemicals for pharmaceuticals, solvents, cosmetics, detergents, paints and other industries. Furthermore, the growing research and development activities by major chemicals manufacturers is set to further add to the growth of the global bio-renewable chemicals market during the review period. For instance, BASF SE announced the development of polymers based on renewable raw materials such as sugar.
Bio-renewable chemicals manufacturing provides companies with carbon benefits, environment sustainability and diversification options which shall open up new opportunities for them in the market. Additionally, many companies in order to mitigate price volatility of petroleum feedstocks, are trying to shift towards bio-based alternatives which shall further propel the bio-renewable chemicals market from 2019 to 2025. However, lack of awareness about bio renewable chemical processes across the globe coupled with non-availability of bio based raw materials may be a major factor restraining the business growth.
In terms of products, the global bio-renewable chemicals market is segmented into succinic acid, lactic acid glycerin and others. Among the aforementioned segments, glycerin was the largest segment in 2018 and is projected to exhibit similar trend throughout the assessment period. Glycerin is widely used as a flatform chemical to produce bio-polymers, biofuels, monomers, and other chemical intermediates. Latic acid is likely to be another dominant product segment throughout the forecast period. The growing application of lactic acid in food and pharmaceutical industry is set to generate substantial revenue during the given period 2019-2025.
In terms of application, global bio-renewable chemicals market has been segmented into bio-solvents, bio-cleaners & detergents, bio-plastic and others. Among the aforementioned segments, bioplastic shall generate maximum revenue from 2019 to 2025. The growing demand for sustainable packing across the globe is likely to boost bio plastic segment growth. Moreover, the presence of stringent regulations mainly in the U.S. and Europe regarding the use of sustainable plastic shall further surge bioplastics demand.
Bio-solvent was another important segment in 2018 and projected to expand at a significant CAGR over the forecast timeframe. These are extensively used in adhesives, sealants, paints & coatings and printing Inks applications. The growing concern about the volatile organic compound (VOCs) in paints & coatings is likely to contribute substantially to the segment growth. Moreover, the growing demand for paints and coatings across the globe is anticipated to further boost the segment growth. Additionally, the rising demand for bio-solvents from pharmaceuticals and cosmetic industry shall further aid to the segment growth.
North America and Europe are likely to be chief revenue generating pockets during the assessment period. The presence of stringent regulations regarding the use of petroleum-based chemicals shall positively contribute to the global bio-renewable chemicals market. Some of the major regulations include, The Toxic Substances Control Act (TSCA) in the U.S. and REACH in Europe.
Asia Pacific market of bio-renewable chemicals is likely to witness a steady CAGR during the forecast period. The rising concern regarding the depletion of fossil fuel is projected to be a major factor driving the bio-renewable chemicals market. Moreover, the growing government initiatives to produce bio chemicals coupled with the easy availability of feedstock in the region shall further propel product demand during the forecast timeframe.
Some of the key market players in bio-renewable chemicals market include Amyris, ZeaChem, Solazyme, Elevance BASF SE, Solvay, Myriant, BioAmber, DuPont, Lanza Tech and Gevo etc.
Bio-renewable Chemicals Market, By Product, 2014-2025 (Tons) (USD Million)
- Succinic acid
- Lactic acid
Bio-renewable Chemicals Market, By Application, 2014-2025 (Tons) (USD Million)
- Bio-cleaners & detergents
The above information has been provided for the following regions and countries:
- North America
- South Korea
- Latin America
- South Africa
- Saudi Arabia
- BASF SE
- Lanza Tech
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