Bio-based Chemicals Market - Size, Share, Outlook, and Opportunity Analysis, 2019 – 2027

  • To Be Published : Jul 2019 |
  • Format : CMI Insight PPT Format CMI Insight PDF Format

The global bio-based chemicals market size is expected to witness potential gains in the future, and register a significant CAGR of 15.74% over the forecast period (2019 - 2027).

Market Overview

Bio-based chemicals are products derived from plants and other renewable agricultural, marine, and forestry materials. Some of the examples of bio-based chemicals include, non-food starch, cellulose fibers and cellulose derivatives, tall oils, fatty acids, and fermentation products such as ethanol and citric acid. Methane, methanol, carbon monoxide, and formic acid are some commercially produced and used bio-based chemicals. Anaerobic digestion or fermentation of biodegradable materials, syngas, and biofine processes are some of the methods used to produce bio-based chemicals. Bio-based chemicals are used in various applications such as production of biogas and synthesis gas. Bio-based chemicals are also used in the agriculture sector in the form of bio-pesticides and bio-fertilizers. 

Market Dynamics

Increasing demand for biofuels in order to mitigate the impact of greenhouse gas emission and pollution is expected to contribute to the market size for bio-based chemicals. Moreover, fluctuations in crude oil prices can also boost the market growth. Bio-chemicals can also be used to produce degradable plastics.    Microorganisms can convert cornstarch into a resin that is as rigid as petroleum-based plastics. Increasing demand for bio-based chemicals from the pharmaceutical industry is also expected to boost the market growth. In the pharmaceutical industry, bio-based chemicals are used for the development of medicines & therapies.

Lack of legislation regarding production and use of bio-based chemicals is major factor retraining growth of the market. Several countries lack the presence and implementation of law or legislation about production, usage or waste management of bio-based chemicals. Recycling of bio-based chemical products is also a major issue as bio-based chemicals might actually contaminate the recycling process when not separated from conventional chemical products. High costs of bio-based chemicals compared to their conventional counterparts may play a significant role in market outlook. However, large-scale industrial production may help to reduce costs.

Glycerol, a bio-based chemical, is a major byproduct in biodiesel production. Glycerol can be converted into several value-added products via several reactions such as fuels, fuel additives, and other precursor chemicals. Moreover, although some of the reactions leading to the production bio-based chemicals have been patented, only a few of the products have reached commercial production stage such as epichlorohydrin. Key players can focus on research and development in order to commercialize bio-based chemicals by introducing integrated process systems and highly tolerant and novel catalysts in production of bio-based chemicals.

Market Outlook

Asia Pacific is expected to hold dominant position in the global bio-based chemicals market over the forecast period. This is attributed to increasing demand for clean energy and significant growth of pharmaceuticals industry in the region. Europe is expected follow Asia Pacific in terms of market share, owing to increasing development of value chains with bio-based feedstock.

Key Players

Some of the key players in the global bio-based chemicals market include, BioAmber Inc., Danimer Scientific, Metabolix, Inc., Myriant Corporation, NatureWorks LLC, Koninklijke DSM N.V., PTT Global Chemical Public Company Limited, Corbion, BASF SE, Braskem, Mitsui & Co., Ltd., Mitsubishi Chemical Corporation, Synbra Holding BV, Zhejiang Hisun Biomaterials Co., Ltd, and Teijin Limited

Research Methodology

Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.

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Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
  • Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.

Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

  • Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
  • Trade association, National and international media and trade press.
  • Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
  • Scientific journals, and other technical magazines and whitepapers.
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Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization:

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
  • Macro-economic indicators
  • Environmental indicators
  • Socio-political indicators
  • Technology indicators

Data Processing

Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.

Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
  • Manufacturers
  • System Integrators
  • Distributors
  • End-users

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