MRFR Published Half Cooked Research Report on “Global Bio-Based Chemicals Market Research Report – Forecast to 2023”.
Synbra Holding bv, Mitsui & Co., Ltd., Zhejiang Hisun Biomaterials Co., Ltd, TEIJIN LIMITED, BASF SE, BioAmber Inc., Braskem, Danimer Scientific, Mitsubishi Chemical Corporation, Myriant Corporation, Koninklijke DSM N.V., PTT Global Chemical Public Company Limited, NatureWorks LLC, Corbion, and Metabolix, Inc. among others are the prominent market players at the forefront of competition in the Global Bio-Based Chemicals Market and are profiled in MRFR Analysis.
Bio-Based Chemicals Market – Overview
Bio-Based Chemicals are produced from animals, trees, and plants. Bio-Based Chemicals possess excellent properties such as low carbon emission, enhanced fuel efficiency, and excellent material compatibility which make them suitable for usage in numerous end use application such as pharmaceuticals, agriculture, industrial chemicals, food products, and others. The Bio-Based Chemicals Market is expected to witness significant growth due to their unique properties along with excellent usage in various end use industries specifically in pharmaceutical and agriculture. Among the product segment, in 2016, biofuels holds for the largest product segment and is expected to retain their dominance on account of rising environmental concern and depleting crude oil reservoirs. The factors attributed to the Bio-Based Chemicals Market growth are significant growth of personal & homecare in developing countries, rising demand of biofertilizer in agriculture industry, and expanding packaging industry. Moreover, expanding population coupled with burgeoning demand for good quality food has raised the consumption of bio-based fertilizer in agriculture which is likely to propel the growth of the market over the assessment period.
Geographically, Asia Pacific is estimated to hold the largest Bio-Based Chemicals Market share in 2016 which is followed by North America and further trailed by Europe. North American bio-based chemicals market is predicted to exhibit moderate growth during the forecast period owing to increasing awareness regarding the benefits associated with product along with raised consumption in end use application in this region. Asia Pacific is anticipated to witness tremendous growth during the review period in Bio-Based Chemicals Market on account of rising application of Bio-Based Chemicals in various end use application segment. In Asia Pacific, the demand for Bio-Based Chemicals is predicted to expand in various countries such as China, Indonesia, the Philippines, Japan, South Korea, Taiwan, and India due to increasing population along with shifting of manufacturing facilities for most of the key operating players in this region. In Europe, Bio-Based Chemicals Market is expected to register above average growth due to stringent regulations of REACH and shifting consumer preference towards the Bio-Based Chemicals.
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Industry/ Innovation/ Related News:
May 2018- DuPont Industrial Bioscience, a subsidiary of DowDupont, along with Archer Daniels Midland (ADM) opened world’s first bio-based furan dicarboxylic methyl ester (FDME) pilot production facility in Illinois. This material is expected to fulfill the demand for bio-based plastic in packaging application.
March 2018- Joint venture DuPont Tate & Lyle Bio Products, LLC announced to expand its Loudon, Tenn., production facility to raise the annual production of bio-based 1,3-propanediol by 35 million pounds. This capacity expansion will help company to expand its market reach in personal care, cosmetics, fibers, flavors, and polyurethane markets.
November 2017- Braskem and Haldor Topsoe signed an agreement to manufacture bio-based chemicals. This new established partnership will help company to develop MOnoSAccharide IndustrIal Cracker solution that forms the basis for a rising portfolio of bio-based chemicals manufactured through patenteted processes.
The Bio-Based Chemicals Report has examined the level of competition amid the major manufacturers in Bio-Based Chemicals Market as well as industry growth and market scenario. The Global Bio-Based Chemicals Market composed of wide range of producers operating in the market which involves small scale and medium level suppliers. Some of the major operating manufacturers of Bio-Based Chemicals which has strong hold in the market have shifted their focus towards growth association specifically by Asia Pacific as moderate level and high-level suppliers belongs to this province specifically from Taiwan, Japan, Australia, China, the Philippines, Malaysia, South Korea, India, and Thailand. Furthermore, the key manufacturers of Bio-Based Chemicals are observed to follow various strategic plans to enhance their product portfolio such as product launches, strategic acquisition, distribution agreements, joint ventures, and mergers, and exclusive agreements. Some of the key producers in this market are estimated to enhance their manufacturing capacity of bio-based chemicals to meet the increasing demand for Bio-Based Chemicals across the globe.
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