Bio-based Chemicals Market size is predicted to experience tremendous growth in the near future. Our research indicates that the market was crossed over USD 76.5 Billion in 2022 and is projected to record more than 9.1% growth rate from 2023 - 2032, reaching a valuation of approximately USD 160.5 Billion by the end of the forecast period.
The COVID-19 pandemic has had a tremendous impact on the world, causing immense human suffering, economic damage, and significant changes to the health, social, and environmental sectors. According to WHO, as of December 31, 2020, over 82 million people have been infected and 1.8 million have died from the virus. Supply chain management has struggled with the sudden increase in demand for certain products and the restrictions on travel and production that have been in place since the pandemic began. Companies are trying to adapt to the new reality, and changes that will persist after the pandemic is over are likely to emerge.
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Furthermore, the resilience challenge has been addressed in distinctly different ways by various industries. Healthcare providers stand out as resilience leaders, as 60% of healthcare respondents have regionalized their supply chains and 33% have relocated production closer to end markets.
Market Value Insights conducted a comprehensive analysis of the Bio-based Chemicals Market, utilizing a 360-degree approach that combines both primary and secondary research methods. This approach allowed us to gain a deep understanding of the current market conditions, including the supply-demand balance, pricing trends, customer preferences, and other important factors.
Our primary research involved collecting insights from industry experts and opinion leaders from around the world, allowing us to validate our findings and gain a broader perspective of the market. To ensure the accuracy and reliability of our data, we employed various market estimation and data validation techniques and developed a proprietary model to forecast market growth until 2032. By using these research methods, we provide our clients with a comprehensive understanding of the Bio-based Chemicals Market, allowing them to make informed business decisions and stay ahead of the competition.
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The North America region is expected to account for XX% of the global Bio-based Chemicals Market by 2032, due to the presence of major players in the region and the adoption of advanced technologies. The United States, which is the most technologically advanced and industrially developed country in the region, accounts for more than half of the North America market.
The Asia Pacific Bio-based Chemicals Market is projected to achieve a CAGR of XX% during the forecast period, driven by favorable government regulations and increasing industrialization in the region. The growth of economies such as China and India is expected to contribute to the growth of the market over the forecast period.
Top players in the Bio-based Chemicals Market are
· BASF SE
· Vertec BioSolvents Inc.
· AGAE Technologies, LLC
· TOTAL
· ADM
· DuPont
· Evonik Industries
· Toray Industries, Inc.
· Cargill, Incorporated
· GF Biochemicals Ltd.
· Mitsubishi Chemical Corporation
· DSM
· Others
In-depth analysis of Bio-based Chemicals Market for the below segments:
· Product (Adhesives, Platform Chemicals, Polymers for Plastics, Man Made Fibers, Cosmetics & Personal Care Products, Paints, Coatings, Inks & Dyes, Surfactants),
· Application (Pharmaceutical, Industrial, Agricultural),
· Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa)
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Asia-Pacific held a dominant share in the global bio-based platform chemicals market in 2015, and is expected to maintain this position throughout the forecast period.Platform chemicals represent a group of twelve (one not commercialized yet) building block chemicals that can be produced from sugars via biological conversions.
Furthermore, rising adoption of bio-based chemicals in different industries such as personal care, pharmaceuticals, food & beverages including others are some of the key factors driving the market growth.
However, high production cost of bio-based chemicals is likely to hamper the market growth.Do Enquiry for Sample Report @ https://www.alliedmarketresearch.com/request-sample/1086C-3 chemicals (Glycerol and 3-hydroxypropionic acid) accounted for the highest consumption in 2015, owing to its unique property of getting converted into various other useful chemicals such as alcohols, acids and resins.
3-HP can be transformed into different high-value chemicals such as 1,3-propanediol, acrylic acid, methyl acrylate, acrylamide, malonic acid, ethyl 3-HP, propiolactone and acrylonitrile.
These high value chemicals are used in a variety of applications such as solvents, plastics & molding, fibers & resins, composites, adhesives, laminates, floor polishes, paints & coatings, aliphatic polyesters & copolyesters, wastewater treatment, gel electrophoresis, papermaking, ore processing, vitamins and disinfectants used to sterilize vaccines, tissue grafts, blood plasma, surgical instruments and enzymes.C-5 chemicals forms second most dominating group in bio-based chemicals market with glutamic acid as major contributor apart from levulinic acid, itaconic acid and xylitol.
I. du Pont de Nemours and CompanyPrinova LLC.Key Findings of Bio-Based Platform Chemicals MarketC-3 and C-5 platform chemicals, together, accounted for more than 89% of total bio-based platform chemicals consumption in 2015.LAMEA bio-based platform chemicals consumption is projected grow at the CAGR of 8.5% during analysis period.Asia-Pacific was the highest consumer of bio-based platform chemicals across the globe in 2015.Bio-medical industry application segment of glycerol (C-3 platform chemicals) is projected to grow at the CAGR of 25.2%.Out of total C-3 chemicals consumed, 3-hydroxypropionic acid accounted for more than 60% share in 2015.Fumaric acid accounted the largest share of the total C-4 platform chemicals.North America was the highest consumer of glutamic acid (C-5 platform chemical) in 2015 and is expected to maintain its lead through 2020.Similar Reports:Furfural MarketReinforcement Materials MarketMedical Polymers MarketFungicides MarketAbout Us:Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small & medium enterprises.
