The global bio-based chemicals market is expected to grow at a higher rate. As per a report by industry experts, the market is set to register a higher compound annual growth rate (CAGR) of 10.47% in the coming years. The market is anticipated to reach US$97.2 billion by the end of 2023. The report provides a market forecast up to 2023 for the projected time frame. The market research study considers the current state of the market for bio-based chemicals and its business patterns for the projected period. It gives a detailed study of multiple market growth opportunists, shortcomings, and metrics. The report presents the market with both quantitative and qualitative data. It profiles and analyses the industry's innovative and other prominent organisations.
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A detailed market segmentation based on several parameters including type and applications is included in the global bio-based chemicals market research report. The market for bio-based chemicals is rising among end-user industries due to high demand, more buying power, the involvement of major players around the world, demand for widespread use of the food and beverage industry, increasing alcohol intake, demand for bio-based alcohol. In the small country-level economies of North America, Europe, APAC and the rest of the world, consumers are gradually selecting goods and services focused on the bio-based chemicals industry. Because of the strong demand from new ventures across leading markets and developing country-level industries, the market share of bio-based chemicals in the bio-based products industry is projected to hold a greater proportion.
Other developments are expected to even further fuel demand across various market segments, including the consumer buying power and vigorous research and development (R&D) in the bio-based chemicals market.
The global bio-based chemicals market has been segmented based on type and application. On the basis of type, the market for bio-based chemicals is segmented based on bioplastics, bio-solvents, bio-lubricants, bio-based acids, bio-alcohols, and bio-surfactants. Additionally, the market on the basis of application, is segmented into packaging, pharmaceuticals, agriculture, and food & beverage.
Due to the growing acceptance of bio-based products, market growth, and technical advances through different organizations in the bio-based chemicals market, European regional market is expected to lead the bio-based chemicals market in terms of revenue over through the forecast timeframe. Large companies and small and medium-sized enterprises in the region have recognised the importance of optimising manufacturing costs and are open to introducing dedicated strategies to address core problems facing enterprises for monetary gains in the market. The demand for bio-based chemicals has been ready and willing to survive the financial crisis of the past few years better than several of the other industries as a supplier of critical goods. The low exchange rate has driven up the price of imported products and finished goods.
Based on major regions that are further segmented into country-level markets, the global demand for bio-based chemicals has been segmented to perform analysis and present regional-market relevant knowledge to key companies distributed around the bio-based chemicals market. North America, APAC, Europe, and the rest of the globe are the main regions covered in the study. Country-level markets for bio-based chemicals are seeing rapid growth in the US, Mexico and Canada. In addition, the bio-based chemicals industry in Europe is distributed across Germany, France, Italy, Spain and the rest of Europe. The Middle East, Latin America, and Africa are other main country-level biobased chemical markets that have also been studied to perform biobased chemical market analysis.
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A detailed analysis of the existing market trends and forecasts for the forecast horizon is presented by the bio-based chemicals market research report to help identify the growth prospects in place and expand on them. The study offers an in-depth analysis of the pattern of the bio-based products field, covering existing and future trends to represent the prevalent investment brackets of the industry.
In a new contract signed by both companies, Ginkgo Bioworks has reported that it has acquired Novogy. Ginkgo will be able to use the infrastructure constructed and operated by Novogy over the years as part of the contract. It is also expected that the agreement will help Ginkgo Bioworks further extend its presence across the region and open up new markets and investment pockets for its operations.
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