In a recent published report, Kenneth Research has updated the market report for Bio-Based Chemicals Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Bio-Based Chemicals Market products.
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Moreover, amongst all the continents that used pesticides, Asia registered as the largest user of pesticides by attaining a share of 52.4% in the year 2018. It was followed by the Americas, Europe, Africa and Oceania with 32.3%, 11.6%, 2% and 1.7% respectively. The statistics also stated that China was the largest user of pesticides amongst all the nations worldwide, utilizing 1,763,000 tonnes of pesticides for agricultural use.
The global bio-based chemical and polymer production (excluding bio-fuels) is currently estimated to be around 50 million tons. Compared to petrochemical based chemicals such as polyethylene, di-acids, diols, etc their use is miniscule but fast growing. Some examples of bio-based chemicals are non-food starch, regenerated cellulose fibers and derivatives, bio PET, Bio PE, PLA, PHA, bio-degradable polyesters, bio-fuels, bio fertilizers, bio enzymes, fatty acids and fermentation products such as ethanol and citric acid.
Key Motivators of Bio-based Chemicals Market
For bio-based chemicals to compete against traditional petrochemicals products in terms of market and growth is definitely not easy. The growth, though slow, is however steady. A strong focus on consumer preference for products that are environment-friendly and bio-degradable and government mandates are helping the bio-based chemicals market to grow. High oil price is further motivating the growth of bio-based chemicals and polymers. The renewable resources of bio-energy and bio-fuels are produced as a result of development of bio-based building blocks (chemicals and polymers) and materials (fibre products, start derivatives, etc).
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
In addition to those mentioned above, there are a number of other drivers that are impacting the industry positively. These include the need for a global economy that is environmentally, economically and socially sustainable; limited reserves of non-renewable resources such as oil, gas, coal which are expected to reach their peak production; countries that are dependent on other nations for their fuel and energy resources are especially keen to find alternatives that can be commercialized soon; climate change and carbon emissions have resulted in increased focus on producing environment friendly alternatives and the wide use of these bio-based chemicals is also expected to have a positive effect on regional and rural development across global economies.
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With the immense focus on the industry and the benefits and incentives provided by the government, there is hardly any doubt regarding its growth. Some of the challenges that are expected to restrict the industry include competition from petrochemicals-based chemicals, quality, consistency and cost of production. Production requires huge amount of investments resulting in slow growth.
COMPANIES MENTIONED
1. BioAmber Inc.
2. Mitsui & Co., Ltd.
3. Myriant Technologies LLC
4. BASF AG
5. Purac
6. Royal DSM
7. PTT Global
8. Natureworks
9. Mitsubishi Chemicals
10. Zhejiang Hisun Biomaterials Co., Ltd
11. Synbra
12. Tenjin
13. Metabolix Inc.
14. Braskem
15. Meredian Inc.
16. Indorama Ventures Public Co. Ltd
17. Novamont S.P.A
18. BlueFire Renewables
19. Raizen Energia Participacoes
20. Aventine Renewable Energy Holdings
21. Australian Renewable Fuels Limited
22. Renewable Energy Group
23. Solazyme Inc.
24. Tianjin GreenBio Materials Co. Ltd
25. Shenzhen Ecomann Technology Co. Ltd
26. Corbion NV
27. Innovia Films Ltd.
28. Bioome Technology PLC
29. Bio-On SRL
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