The Global Bio-Based Chemicals Market is expected to receive a major thrust from increasing ecological concerns during the forecast period (2016-2023), reports Market Research Future (MRFR) in their intensely analyzed report. A sea-change can be expected in the trends related to the consumption of oil, mostly crude oil, by diverse sectors in a time not far from now. Crude oil’s contribution cannot be ignored. However, fluctuating crude oil price is disrupting the traditional approach of using the component across sectors. This could prove beneficial for the Bio-Based Chemicals Market.
Drivers and Restraints:
Rapidly depleting fossil fuels and harmful chemicals getting exposed to the air have been raising eyebrows since long. However, only in recent time, this concept of using Bio-Based fuels have gained traction after the effects have reached an alarmingly high condition. Governments are also taking a keen interest in this matter and showing resolve by implementing regulations and policies favoring Bio-Based Chemicals. Stringent adherence to these strategies can prove beneficial. Also, the market has now turned more encouraging for the research and development sectors as green chemistry is getting many accolades and offers business sustainability.
Pharmaceutical sectors have also realized the practical aspects of Bio-Based Chemicals. Integration of the substances in medicines has taken pharmaceuticals in an all-new direction making the medicines more effective. Advancing societies are now witnessing a gradual shift in lifestyle that is changing the food and beverage consumption pattern. The sector has spurred the market of Bio-Based Chemicals by creating varied applications for it.
However, the supply chain strategy has not been properly devised which results in a scarcity of feedstock and raw materials. Also, the price a bit steep that can impede the market growth.
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The Bio-Based Chemicals Market is currently witnessing many new developments. Circa Group has recently launched a product called Cyrene that can also be used as an alternative to petroleum-derived dimethylformamide (DMF) and n-methyl-2-pyrrolidone (NMP). The fashion industry has also started going green as many of the designers have realized the adverse effect of fashion on the environment and have vowed to change the situation.
The Global Bio-Based Chemicals Market can be segmented by Products and Applications.
Product-wise segmentation includes bioplastics and biofuels. Biofuels can face some force in the near future as it is not altogether an eco-friendly method. Its manufacturing process requires fossil fuel. Hence, it is not entirely green.
Application-based segmentation includes industrial chemicals, agriculture, pharmaceuticals, and others. Recent times have seen companies such as Alfa Laval introducing a set of equipment that reduces production cost.
The Global Bio-Based Chemicals Market covers Asia Pacific (APAC), Europe, North America, Latin America (LATAM), and the Middle East & Africa (MEA).
The APAC is expected to dominate the market as the product here has registered the highest growth and consumption rate. Governments here are now preferring avoidance of the fluctuating price point of the crude oil and is taking Bio-Based Chemicals as leverage. Countries such as India, China, and Japan are the major market contributors.
Europe has emerged the second largest region owing to its rapid development in value chains. Depletion of fossil fuel have made governments implement stringent laws, and the rising prices of crude oil have impacted the Bio-Based Chemicals Market in a positive way.
North America is also expected to witness a rapid growth as it has plentiful feedstock and is also catching up with eco-friendly ways.
The LATAM is expecting a significant growth owing to the rise in production of the feedstock and the European market that imports much from the region.
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