The "Global Bio-Based Chemicals Market 2019-2028" report has been added to ResearchAndMarkets.com's offering.
According to this report, the global market for bio-based chemicals is anticipated to surge at a CAGR of 13.64% during the forecast period of 2019-2028.
The favorable government policies towards bio-based products, growth in the use of eco-friendly products like bioplastics, the high market potential of bio-based chemical products, are key factors driving the global market on a growth path. Additionally, the uncertain prices of crude oil and the focus of the automotive manufacturers to reduce carbon footprints are creating numerous opportunities for the bio-based chemicals market's progress.
However, the high production cost of bio-based chemicals causes cost constraints, further limiting the market's expansion.
The global bio-based chemicals market covers the Asia-Pacific, North America, Latin America, Europe, and the Middle East and Africa regions.
The Asia-Pacific is anticipated to become the fast-evolving market globally during the years of 2019-2028. The region's market is expected to be primarily driven by the availability of raw materials, industrial production conditions, consumer demand, and policy adoption. Moreover, the growing demand for green products is an essential factor that is augmenting the demand for bio-based chemical products. This further enhances the development of the bio-based chemicals market in the APAC region.
In the region, China is the largest chemical producer, and ranks second largest globally. The country's interest in the biotechnology sector is a major element responsible for industrial development. China has also adopted several actions, setting guidelines to use marginal land and avoiding environmental damage. Numerous countries in the region have also adopted similar policies. Hence, the APAC region is likely to show growth over the projected phase, especially in China, India, and Japan, owing to rapid industrial demand.
The key companies involved in the market include NatureWorks LLC, Cargill Incorporated, Corbion NV, Mitsui & Co Ltd, Braskem SA, Teijin Limited, Mitsubishi Chemical Corporation, Royal DSM NV, Abengoa SA, Methanex Corporation, PTT Global Chemical Public Company Limited, Novozymes, BASF SE, and Danimer Scientific Inc.
Cargill Incorporated is involved in providing food, agricultural, financial, and industrial products and services. It also produces commodities for food feed and fuel handles. Further, the company's bio-industrial products comprise industrial vegetable oils, epoxy additives, industrial hydrocolloids, and others. The company has its operations in North America, Latin America, Asia-Pacific, Europe, and the Middle East and Africa regions. It is headquartered in the United States.
Favorable Government Policies Towards Bio-Based Products
Growing Use of Eco-Friendly Products Like Bioplastics
High Market Potential of Bio-Based Chemical Products
Volatile/Uncertain Crude Oil Prices
Automotive Manufacturers' Focus on Reducing Carbon Footprint
Lack of Supply Chain Model in Raw Materials and Feedstock
Danimer Scientific Inc
Mitsubishi Chemical Corporation
Mitsui & Co Ltd
PTT Global Chemical Public Company Limited
Royal Dsm Nv
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View source version on businesswire.com: https://www.businesswire.com/news/home/20201030005589/en/
Laura Wood, Senior Press Manager
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