According to the business intelligence report titled ‘GLOBAL Bio-Based Chemicals Market 2019-2028’, available with Market Study Report, global bio-based chemicals market is projected to grow at an annual rate of 13.64% between 2019-2028.
 

Fluctuating crude oil prices, coupled with rising efforts of automotive manufacturers to decrease carbon footprint are key factors driving global bio-based chemicals market growth. Increasing usage of eco-friendly products like bioplastics, and favorable government policies will spur industry expansion as well.
 

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On the other hand, high production cost is poised to hinder market proliferation over the analysis period.
 

Based on type, worldwide bio-based chemicals market is divided into bioplastics (bio-degradable, non-biodegradable), and biofuels (solid biomass, bio-diesel, biogas). Speaking of end user spectrum, the industry is bifurcated into industrial chemical, pharmaceutical, food products, and agriculture.
 

From the regional frame of reference, Asia Pacific bio-based chemicals industry is anticipated to record significant expansion between 2019-2028. Consumer demand, availability of raw material, and adoption of favorable policies are the factors contributing to this growth. Moreover, surging demand for green products and ideal production conditions will aid market proliferation in APAC. Notably, China is the second largest chemical producer globally and ranks first in Asia Pacific. Introduction of guidelines to avoid environmental damage and use marginal land is a key factor credited for market expansion in APAC.
 

Key players shaping global bio-based chemicals market trends are Abengoa S.A., Teijin Limited, BASF SE, Braskem S.A., Royal DSM N.V., Methanex Corporation, Cargill Incorporated, PTT Global Chemical Public Company Limited, Corbion N.V., Novozymes A/S, Danimer Scientific Inc., NatureWorks LLC, Mitsui & Co. Ltd., and Mitsubishi Chemical Corporation.
 

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 the market share.