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Bio-based Chemicals Market Overview, Key Players Analysis, Opportunities, Driving Factor, Competitive Landscape and Forecast to 2028
The global Bio-based chemicals market size amounted to USD 73.16 billion in 2020. The market is predicted to grow from USD 77.10 billion in 2021 to USD 144.63 billion in 2028 at a CAGR of 9.4% during the forecast period. The increasing consumption of Bio-based solutions to ensure environmental sustainability will propel the market forward during the projected timeframe, states Fortune Business Insights in its report titled “Bio-based Chemicals Market, 2021-2028."

Bio-based chemicals are derived from Bio-based sources such as sugar, corn, biodegradable waste, cellulosic feedstock, or biomass. The demand for these chemicals is rising across several industries including food & beverage, pharmaceutical, automotive, textiles, and others. This rise in demand is due to depleting petroleum resources and growing unavailability of conventional fossil fuel based products. The growing need for sustainable solutions across industries will foster the market growth in the forthcoming years.



COVID-19 Impact:

Supply Chain Hurdles amid Pandemic to Affect Market Dynamics

The sudden outbreak and rapid spread of the COVID-19 pandemic led to various disruptions, including supply chain problems. Strict containment measures introduced by the respective governments constrained the movement of raw materials and affected industrial operations. Nationwide lockdown restrictions led to the stockpiling of long-lasting foods and basic staples such as wheat, rice, sugar, and other products. The rising agricultural consumption resulted in the shortage of raw materials required for chemicals production. These factors caused a slowdown in Bio-based chemicals market growth during the pandemic period.

Market Segments:

Based on product category, the market is segmented into adhesives, platform chemicals, paints, coatings, inks & dyes, polymers for plastics, surfactants, adhesives, cosmetics & personal care products, man made fibers, and others.

In terms of application, the market is divided into agricultural, industrial, pharmaceutical, and others.

Geographically, the market broken down into North America, Asia Pacific, Europe, and the Rest of the World.

Drivers & Restraints:

Depleting Fossil Fuel Resources to Provide Momentum to Market

Bio-based chemicals market growth is driven by the depletion of fossil fuel resources and rising greenhouse gas emissions. These factors have led to increased adoption of biomaterials. Ongoing initiatives to limit harmful emissions is supporting the adoption of Bio-based products across industries. The growing concept of green chemistry will further boost this adoption rate. Supportive government initiatives to limit the usage of harmful chemicals will work in favor of the market growth.

However, the market development could be hampered by the high cost of the product.

Regional Insights:

Europe registered revenue gains worth USD 35.59 billion in 2020 and will dominate the Bio-based chemicals market share over the assessment period. Leading position of the region can be contributed to the growing initiatives by the European Union to promote green and circular economy. Active steps to increase reliance on biomaterials will strengthen the regional outlook.

The market in Asia Pacific will witness robust growth led by the widespread shift towards Bio-based solutions and tightening environmental regulations. Meanwhile, North America will experience substantial growth led by growing R&D in the field of biomaterials.

Notable Industry Development:

December 2020: DuPont Nutrition & Biosciences and Kemira formed a strategic alliance for the formulation and commercialziation of the enzymatic polymerization-based polysaccharide platform technology by DuPont for various applications.

Browse Summary:

https://www.fortunebusinessins....ights.com/bio-based-

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Specialty Chemicals Market Size, Share, Industry Analysis, Global Trends, Revenue Analysis and Regional Forecasts, 2021-2028
According to Fortune Business Insights™, The global global specialty chemicals market size is projected to reach USD 882.6 billion by 2028, exhibiting a CAGR of 4.7% during the forecast period. The market’s value stood at USD 627.7 billion in 2020 and is expected to hit USD 641.2 billion in 2021.

However, the market growth slumped by 2.8% in 2020 owing to the devastation caused by the COVID-19 pandemic outbreak. With transportation and travel activities heavily restricted to contain the coronavirus, chemical companies and suppliers faced huge inventory shortages, triggering a precipitous drop in sales and revenues. On the flip side, the integral role played by chemical companies in the battle against COVID-19 will prove crucial in the post-pandemic period for them

Solvay Launches New Line of High-Performance PPA Compounds

Specialty chemicals giant Solvay released Amodel Supreme PPA, its new suite of high-performance PPA (polyphthalamide) compounds in April 2021. Formulated to serve complex e-mobility and metal replacement applications, Amodel Supreme promises to deliver superior performance for systems that demand exceptional electrical, mechanical, and thermal properties. With its outstanding features, the application range of this product covers components for telecommunication equipment, electric & electronic devices, housings for high-temperature electrical connectors, and electrically powered units for battery-based motors. The launch of this breakthrough polymer-based family of compounds will enable Solvay to deepen its footprint in the chemical industry.



Mounting Concerns over Food Security Worldwide to Benefit the Agrochemicals Segment

On the basis of type, the market has been divided into agrochemicals, dyes & pigments (which held a market share of 22.5% in 202, construction chemicals, specialty polymers, textile chemicals, base ingredients, surfactants, functional ingredients, water treatment, and others. Among these, the agrochemicals segment is expected to dominate the market on account of the skyrocketing demand for specialty chemicals in the agriculture industry to boost farm yield.

The underlying cause for this is the intensifying concerns surrounding food security in many parts of the world, driven by increasing populations and depleting resources. According to the Food and Agriculture Organization (FAO), food production will need to be increased by 70% between 2005 and 2050 to feed the global population, which is projected to surpass 9 billion over the next three decades. Agrochemicals are set to play a significant role in enabling governments and international organizations to meet the productivity requirements in the farming sector.

Browse Detailed Summary of Research Report with TOC:

https://www.fortunebusinessins....ights.com/specialty-

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