The Global Biobased Chemicals Market is expected to exhibit a strong 10.47% CAGR over the forecast period from 2018 to 2023, according to the latest research report from Market Research Future (MRFR). The Global Biobased Chemicals Market is studied in detail in the report, which profiles the market’s major drivers and restraints, as well as analyzing the leading players in the Global Biobased Chemicals Market and providing readers with an accurate overview of the competitive landscape of the market. Major economic and legal factors underpinning the Biobased Chemicals Market’s growth are also studied in the report to provide readers with a comprehensive overview of the Global Biobased Chemicals Market’s growth trajectory over the forecast period.
Biobased Chemicals are a replacement for synthetic chemicals and are produced from biological feedstock such as plants and animals. The growing environmental awareness around the world has been the major driver for the Biobased Chemicals Market. Governments around the world are starting to pay more attention to the overall environmental impact of industrial products such as chemicals, including monitoring the processes used to produce said chemicals. This has resulted in a growing government support to the Biobased Chemicals Market. Increasing adoption of global, international treaties and norms to make industrial production more environmentally sustainable has also provided economic incentives to make use of Biobased Chemicals, while many countries have introduced fines and other punishments for the use of synthetic chemicals in certain sectors. These measures are likely to be a major driver for the Biobased Chemicals Market over the forecast period.
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The growing demand for Biobased Lubricants and fertilizers is likely to be a key driver for the Global Biobased Chemicals Market. Biobased Lubricants are developed for the automotive and aerospace industries, apart from other mechanical engineering applications. These lubricants have quickly become the favored option among automotive and aerospace market players, who are witnessing significant profits thanks to the government initiatives designed to increase the use of Biobased Chemicals. Growing demand from automotive consumers for environmentally viable production of their commodities is likely to play a key role in the growth of the Biobased Chemicals Market over the forecast period. Biobased alcohols, acids, and plastics are also likely to be key segments for the Global Biobased Chemicals Market over the forecast period.
Leading Players in the Global Biobased Chemicals Market include Royal DSM NV, Mitsubishi Chemical Corporation, GFBiochemicals Ltd., Itaconix plc, Cargill Inc., Toray Industries Inc., Evonik Industries, Braskem SA, DowDuPont, Archer Daniels Midland Company, BioAmber Inc., TOTAL, AGAE Technologies LLC, Vertec BioSolvents, and BASF SE.
In September 2019, Chemour developed Teflon EcoElite, a renewably sourced repellent for use in the consumer textile industry. John Sworen, leader of the team that developed the chemical, received the 2019 SCI Gordon E. Moore medal for the achievement. The development of Teflon EcoElite is part of Chemours’ larger commitment to developing products with sustainability profiles that rank high in the industry.
In May 2018, BASF SE signed an agreement with Huafon Group for the development of biofibers in China.
The Global Biobased Chemicals Market is segmented based on Type, Application, and Region.
By Type, the Global Biobased Chemicals Market is segmented into bio-alcohols, biobased acids, bioplastics, bio-lubricants, bio-surfactants, bio-solvents, and others. The bio-alcohols segment is likely to hold the dominant share in the Global Biobased Chemicals Market over the forecast period due to the growing demand for Biobased Alcohols in the food and beverage industry. The segment accounted for 41.7% of the Global Biobased Chemicals Market in 2018 and is expected to exhibit a robust 9.89% CAGR over the forecast period from 2018 to 2023.
By Application, the Global Biobased Chemicals Market is segmented into food and beverages, pharmaceuticals, detergents and cleaners, personal care products, agriculture, packaging, paints and coatings, automotive, adhesives and sealants, paint dispersions, and others. The food and beverages industry are likely to hold the dominant share in the Global Biobased Chemicals Market over the forecast period.
Europe holds the largest share in the Global Biobased Chemicals Market due to the strong government support to environmental initiatives in the region. Asia Pacific is also a major market for biobased chemicals and is likely to exhibit steady growth in the coming years.
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