Global Bio-based Chemicals Market Forecast 2019-2028
The global bio-based chemicals market is expected to record a CAGR of 14.51%, during the forecast years of 2019 to 2028. The market growth is attributed to factors like, intensive fluctuations in crude oil prices, the high market potential of bio-based chemical products, government policies towards business sustainability programs, and the use of eco-friendly products.
Bio-based chemicals are defined as the chemical products, partly or wholly derived from materials having a biological origin like, feedstock, biomasses, and plants such as, crops, algae, trees, biological waste, and marine organisms. Previously, bio-based chemicals were seldom capable of competing with traditional chemical products and processes. However, presently, with the developments in chemical methods and technology, the bio-based chemical sector has become very lucrative, and likely to garner a larger market share.
Petroleum products’ prices are continually increasing because of the growth opportunities across the oil market. Moreover, crude oil, in addition to its derivatives, assists as feedstocks for the petrochemical sector. As a result, the rising crude oil costs have led to increased market prices of several chemical intermediates and plastic, as well as surging petrochemical costs. Likewise, fluctuations in crude oil prices invariably impact the investment, production, and financial decisions of petrochemical industries.
Growing crude oil prices are also compelling manufacturers to shift the bio-based chemicals’ production. This further increases the need for platform chemicals, primarily utilized in renewable raw materials, such as animal fats, vegetable oil, starch, and sugar. Thus, the extensive fluctuations in crude oil prices are anticipated to fuel the market growth, over the forecast period.
Europe, North America, the Asia Pacific, and the rest of the world are analyzed for the global bio-based chemicals market growth assessment. Transitioning consumer preferences inclined towards organic products, and the rising health and environmental concerns, owing to the use of synthetic petroleum-based chemicals, predominantly fuel the bio-based chemicals market in the Asia Pacific. Similarly, emerging economies like Japan and China are the prime markets facilitating market growth, mainly because of favorable government initiatives and proliferating manufacturing divisions. As a result, the Asia Pacific is anticipated to be the leading region, across the global market.
The high exit barriers and high fixed capital costs involved in research and development, lead to increased competition between players. However, the competitors are of unequal sizes in terms of revenue, and not strategically diverse. Thus, the industrial rivalry within the global bio-based chemicals market is projected to be moderately high. Some of the prominent companies operating in the market include, Cargill Incorporated, Corbion NV, BASF SE, PTT Global Chemical Public Company Limited, etc.
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