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Bio-Based Chemicals Market to reach USD 97,267.0 million by 2023|BASF SE , Vertec BioSolvents

Sep 10, 2019 (AmericaNewsHour) --

Global Bio-Based Chemicals Market: Information By Type (Bio-Alcohols, Bio-Based Acids, Bioplastics, Bio-Lubricants, Bio-Surfactants, Bio-Solvents, and Others), Application (Food & Beverage, Pharmaceuticals, Detergents & Cleaners, Personal Care, Agriculture, Packaging, Paints & Coatings, Automobiles, Adhesives & Sealants, Paint Dispersions, and Others), and Region (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa)--Forecast till 2023

Market Synopsis of Global Bio-Based Chemicals Market
Bio-based chemicals are produced using renewable sources such as corn, wheat, other cereals, grains, vegetable oil, sugarcane, sugar beet, cassava, and lignocellulosic biomass, among others. The production of bio-based chemicals is increasing across the globe, as the chemical industry contributes over 20% of the industrial greenhouse gas emissions as of 2017, according to the US Environmental Protection Agency (US EPA). The growth of the global bio-based chemicals market is driven by stringent regulatory policies regarding the use of synthetic chemicals majorly in developed countries. The adoption of bio-based chemicals is increasing extensively in agricultural, automotive, personal care, food & beverage, packaging, detergents & cleaners, paints and coatings, adhesives and sealants, and pharmaceutical industries, among others. As per MRFR analysis, the global bio-based chemicals market is projected to exhibit a CAGR of 10.47% to reach around USD 97,267.0 million by the end of 2023. The growing use of bio-based alcohols in the food & beverage industry is majorly driving the global bio-based chemicals market. Besides, the growing demand for bio-based lubricants in the automotive and transportation industry is also fuelling the market growth. The increasing number of lignocellulosic biorefineries is expected to provide growth impetus to the players operating in the global bio-based chemicals market during the forecast period. Moreover, the increasing focus on cost optimization through technological innovation is the prevailing trend observed in the global bio-based chemicals market.

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By type, the bio-alcohols segment held the largest market share of over 40% by value in 2018 due to the growing adoption of bio-ethanol in industrial as well as potable applications and high demand for other bio-alcohols such as xylitol, sorbitol, bio-butanol, and bio-methanol in the food & beverage, cosmetics & personal care, and pharmaceutical industries. On the basis of application, the global bio-based chemicals market has been segmented into agriculture, automobile, personal care, packaging, food & beverage, paints and coating, detergents and cleaners, adhesives and sealants, paint dispersion, pharmaceuticals, and others. The food & beverage segment held the largest market share of over 26% by value in 2018 due to the high demand for bio-solvents, bio-alcohols, bio-surfactants, and bio-based acids for various applications. The growth of the segment is attributed to the increasing disposable income and changing lifestyles. However, the pharmaceutical segment is expected to register the highest CAGR during the forecast period. However, volatile raw material prices is expected to restrain the growth of the global market during the forecast period.
Global Bio-Based Chemicals Market Share, by Type, 2018 (%)

Sources: MRFR Analysis

Regional Analysis
The global bio-based chemicals market has been divided based on region into Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa.The European market accounted for the largest market share of over 33% in 2018 due to the stringent environmental regulatory policies in the region. The regional market was valued at USD 19,950.8 million in 2018 and is expected to register a CAGR of over 10% during the forecast period. Germany held the largest market share in 2018 and is expected to exhibit the highest CAGR of over 12% during the forecast period.
Asia-Pacific followed Europe in 2018 owing to the rapid industrial growth in the region. The regional market is projected to register the highest CAGR of 11.32% during the forecast period. China is the major growth-centric country in the region and is expected to register the highest CAGR of over 12% during the forecast period. India was the second-largest market in 2018 and is projected to exhibit a CAGR of over 11%.

Segmentation
The global bio-based chemicals market has been segmented based on type, application, and region.
On the basis of type, the global bio-based chemicals market has been segmented into bio-alcohols, bio-based acids, bioplastics, bio-lubricants, bio-surfactants, bio-solvents, and others. The bio-alcohols segment is further sub-segmented into bio-ethanol, sorbitol, xylitol, biobutanol, bio-methanol, and others. The bio-based acids segment is sub-segmented into citric acid, lactic acid, succinic acid, and others. The bioplastics segment is further divided into non-biodegradable and biodegradable. Non-biodegradable bioplastics include polyethylene terephthalate (PET), polyamide (PA), polyethylene (PE), and others. Biodegradable bioplastics include polybutyrate adipate terephthalate (PBAT), polybutylene succinate (PBS), polylactic acid (PLA), polyhydroxyalkanoate (PHA), starch blends, and others. Bio-lubricants are further segmented into vegetable oils and animal fats. Bio-surfactants is sub-segmented into glycolipids, lipopeptides, and others. Bio-solvents is sub-segmented into glycols, ketones, lactate ester, and others.
By application, the global bio-based chemicals market has been categorized into food & beverage, pharmaceuticals, agriculture, packaging, personal care, paints & coatings, automobiles, paint dispersions, adhesives & sealants, detergents & cleaners, and others. The global market, by region, has been categorized into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

Key Players
The key players operating in the global bio-based chemicals market are BASF SE (Germany), Vertec BioSolvents (US), AGAE Technologies, LLC (US), TOTAL (France), BioAmber Inc (US), Archer Daniels Midland Company (US), DowDuPont (US), Braskem SA (Brazil), Evonik Industries (Germany), Toray Industries Inc (Japan), Cargill, Incorporated (US), Itaconix PLC (UK), GFBiochemicals Ltd (UK), Mitsubishi Chemical Corporation (Japan), and Royal DSM NV (The Netherlands).

Key Findings 
? The global bio-based chemicals market was valued at USD 59,117.6 million in 2018 and is expected to exhibit a CAGR of 10.47% to reach around USD 97,267.0 million by the end of 2023.
? By type, the bio-alcohols segment was valued at over USD 24,000 million in 2018; it is expected to register a CAGR of 9.89% during the forecast period.
? On the basis of application, the food & beverage is estimated to be the largest segment of the global bio-based chemicals market, which accounted for a 26.2% value share in 2018.
? By region, the European market accounted for the largest share of 33.75% by value in 2018. .

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Geographic Analysis
The report covers brief analysis of geographies including:
World
? North America
- US
- Canada
? Europe
- Germany
- UK
- France
- Spain
- Italy
- Russia
- Belgium
- Poland
- The Netherlands
- Rest of Europe
? Asia Pacific
- China
- India
- Japan
- Thailand
- Malaysia
- South Korea
- Indonesia
- Australia & New Zealand
- Rest of Asia Pacific
? Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
? Middle East & Africa
- Turkey
- Israel
- Saudi Arabia
- UAE
- Egypt
- Rest of the Middle East & Africa
Intended Audience
? Bio-based chemical manufacturers
? Suppliers and traders
? Government, associations, and industrial bodies
? Investors and trade experts
? Consulting in chemical experts
DC - Description
? renewable chemicals
? bio-lubricants
? biochemicals
? sustainable chemicals
? bioplastics

How does the report examine the growth drivers and restraints of  Bio-Based Chemicals Market ?

  • The factors resulting in the expansion of Bio-Based Chemicals Market are elaborated in the report after thorough primary and secondary research.
  • Analytical strategies focused on gain indicators affecting the growth of Bio-Based Chemicals Market are presented in graphical formats.
  • The business-related trends driving the product consumption are discussed in detail in the report along with industry expertise to minimize the barriers to Bio-Based Chemicals Market growth.

What is the key information extracted from the report?

  • Extensive information on factors estimated to affect Bio-Based Chemicals Market growth and Bio-Based Chemicals Market share during the forecast period is presented in the report.
  • The report offers the present scenario and future growth prospects of Bio-Based Chemicals Market in various geographical regions.
  • The competitive landscape analysis on Bio-Based Chemicals Market as well as the qualitative and quantitative information is delivered.
  • The SWOT analysis is conducted along with Porter's Five Force analysis.
  • The in-depth analysis provides an insight into Bio-Based Chemicals Market , underlining the growth rate and opportunities offered in the business.

About Us

Kenneth Research is a reselling agency providing market research solutions in different verticals such as Automotive and Transportation, Chemicals and Materials, Healthcare, Food & Beverage and Consumer Packaged Goods, Semiconductors, Electronics & ICT, Packaging, and Others. Our portfolio includes set of market research insights such as market sizing and market forecasting, market share analysis and key positioning of the players (manufacturers, deals and distributors, etc), understanding the competitive landscape and their business at a ground level and many more. Our research experts deliver the offerings efficiently and effectively within a stipulated time. The market study provided by Kenneth Research helps the Industry veterans/investors to think and to act wisely in their overall strategy formulation

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Email:sales@kennethresearch.com
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The post Bio-Based Chemicals Market to reach USD 97,267.0 million by 2023|BASF SE , Vertec BioSolvents appeared first on America News Hour.

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