The global bio-based chemicals market size was US$ 75.9 billion in 2021. The global bio-based chemicals market is forecast to grow to US$ 185.1 billion by 2030 by registering a compound annual growth rate (CAGR) of 9.1% during the study period from 2022 to 2030.
Bio-based chemicals are chemicals made from renewable resources like feedstock, plants, crops, trees, and biological waste. Bio-based chemicals are an environmentally friendly and appropriate alternative. The use of these chemicals can widely help users in maintaining ecological balance while lowering carbon emissions by employing this method. Technological development producers can create new investment chances to ensure a steady supply of raw materials in prevalent industries like automotive.

Factors Influencing the Market
The unavailability of resources of non-renewable resources will primarily drive the demand for bio-based chemicals. In addition, the implementation of stringent government regulations promoting the use of environment-friendly products will escalate the demand for bio-based chemicals in the coming years.
Bio-based alcohols, such as bioethanol, are widely used in the food & beverage sector. The product act as an intoxicant in the production of alcoholic beverages, including rum, vodka, beer, etc. Thus, the rising demand for alcoholic beverages will drive the demand for bioethanol. Further, high disposable income and the rising trend of parties, and clubs, will also contribute to the growth of the global bio-based chemicals market. On the contrary, the high cost associated with bio-based chemicals may limit the market growth during the forecast period.
Rising initiatives by government bodies to minimize carbon emissions and increase investments in R&D activities will also benefit the global bio-based chemicals market.

COVID-19 Impact Analysis
Due to the COVID-19 pandemic, the demand for bio-based chemicals declined abruptly. The market also witnessed a myriad of operational challenges, such as delays in transportation, and travel restrictions, which ultimately affected the growth of the market. Apart from that, the pandemic had a drastic impact on the automotive, packaging, the end-use industries of bio-based chemicals. Therefore, it reduced the demand for bio-based chemicals.

Regional Analysis
Europe is forecast to hold the highest share in the bio-based chemicals market. The growth of the market is primarily driven by the increasing demand for bio-based chemicals due to rising crude oil prices. Further, stringent government regulations to lower the rate of pollution will drive this regional bio-based chemicals market forward. The market may also witness substantial growth opportunities due to industrial growth in the region.

Competitors in the Market
BASF
DowDuPont
Cargill
Evonik
Chevron
BioAmber
ADM
Metabolix
DSM
Natureworks
Other Prominent Players

Market Segmentation
The global bio-based chemicals market segmentation focuses on Type, Application, and Region.
By Type
Bioplastics
Bio-Lubricants
Bio-Based Acids
Bio-Solvents
Bio-Surfactants
Bio-Alcohols
Others
By Application
Industrial Chemicals
Food & Beverages
Pharmaceuticals
Detergents & Cleaners
Agriculture
Personal Care
Packaging
Paints & Coating
Automotive
Others
By Region
? North America
o The U.S.
o Canada
o Mexico
? Europe
? Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
? Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
? Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
? Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
? South America
o Brazil
o Argentina
o Rest of South America