According to the research report titled ‘Global Bio-Based Chemicals Market 2019-2028’, available with Market Study Report, global bio-based chemicals market is anticipated to expand at a yearly rate of 13.64% between 2019-2028.
 

Rising demand for ecofriendly products like bioplastics, increasing product applications, and implementation of favorable government policies are the key factors spurring global bio-based chemicals market expansion. Furthermore, growing efforts by automotive manufacturers to reduce carbon footprint, and fluctuating crude oil prices will aid revenue inflow in the industry.
 

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On the other hand, high production cost is poised to act as a challenge for businesses operating in this domain.
 

Based on end user spectrum, the market is split into chemical, industrial, food products, pharmaceutical, and agriculture. Moving on to product type, the business sphere is bifurcated into biofuels (solid biomass, biodiesel, biogas) and bioplastics (bio-degradable, and non-biodegradable).
 

Regionally speaking, Asia Pacific bio-based chemicals industry is projected to grow rapidly between 2019-2028, owing to easy availability of raw material, rising consumer demand for bio-based chemicals, and favorable government policies. Ideal production conditions, and growing demand for green products will contribute to the overall revenue as well.
 

Considering a country-level breakdown of the industry, China is a major producer of chemicals in Asia Pacific as well as the world. The nation’s inclination towards development of biotechnology, and stringent guidelines by government to use marginal land and avoid environmental damage are propelling regional industry growth.
 

Key players formulating the competitive landscape of the market sphere are, BASF SE, Abengoa S.A., Novozymes A/S, Teijin Ltd., Mitsubishi Chemical Corporation, Braskem S.A., Cargill Incorporated, Mitsui & Co. Ltd., Royal DSM N.V., Danimer Scientific Inc., Methanex Corporation, NatureWorks LLC, PTT Global Chemical Public Co. Ltd., and Corbion N.V.
 

These companies have made strategic moves such as mergers & acquisitions, alliances, product launches, partnerships, and investments in R&D to enhance profit generation and capture a significant portion of global bio-based chemicals market share.