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The Vision of Sustainable Environment Break Grounds for Growth in the Global Bio-based Chemicals Market

Bio-based chemicals are the bio-based products that are derived from sources such as plants, marine, forestry, and other agricultural materials. Various examples of bio-based chemicals are cellulose fibres & cellulose derivatives, fatty acids, non-food starch, tall oil, and fermentation products like ethanol & citric acid. The bio-based products are an environment-friendly alternative to the conventional petroleum-derived products as they are safe and cause little or no damage to both the ecosystem & human health.
The use of bio-based materials like bio-based chemicals, bioplastics, and biofuels is increasing across various industrial verticals due to growing environmental concerns accompanied by stringent ecological regulations levied by governments and rising consumer demands for eco-friendly products. As a result, the need for sustainable solutions and rising applications of bio-based chemicals in industrial chemicals, pharmaceuticals, food products, and agriculture, the global bio-based chemicals market is growing at a noteworthy pace.
According to the US Environment Protection Agency (EPA), petroleum-derived contaminants are one of the most dominant sources of environmental degradation and human illnesses like lung diseases, skin rashes, and others. The toxicity of petroleum contributes to air pollution, acid rain, along with fueling climate change by increasing greenhouse gas (GHG) emissions. This mounting concerns about environmental pollution issues compelled companies to adopt safe and sustainable alternatives. As a result of this, along with high crude oil prices and increasing population, there is end-users’ shift towards bio-based chemicals from conventional petroleum-based chemicals.
Further, the ever-increasing popularity of bio-based products due to its environment-based benefits is also boosting the bio-based chemicals market growth. Bio-based chemicals used for plastics or bioplastics are widely used as people are becoming aware of the harmful effects of traditional plastics and government initiatives like a ban on plastics. Also, petroleum-based plastics release harmful toxins into the water and surrounding, in turn contaminating the environment. To address the plastics pollution issue, biopolymer like PLA (Polylactic Acid) which is biodegradable and recyclable is used across the globe. Companies like DuPont and Tate & Lyle developed bio-based chemical 1.3 Propanediol that reduces GHGs emissions by 56%. Similarly, non-biodegradable bioplastics such as Bio-PE, Bio-PET, and Bio-PA are more eco-friendly than conventional plastics as they do not contain poisonous substances like lead and lithium, thus assist in creating a sustainable environment.
Moreover, the volatile crude oil prices, energy security, and rising emissions levels attribute to the growing interest in alternative fuels like biofuels. The environmental concerns caused by depleting fossil fuel reserves are further driving the R&D efforts towards producing efficient renewable biofuels like biodiesel, biogas, and solid biomass. According to the US EPA, biodiesel produces 50-80% less greenhouse gas emissions than conventional fuels and emits less than 15% parts per million sulfur into the atmosphere. The biodiesel blends also reduce hydrocarbon emissions by 67%, therefore extensively consumed in vehicles. Also, companies like Abengoa S.A. are engaged in converting biomass into biofuels like biodiesel and assisting in sustainability efforts.
Thus, the environmental initiatives by national, international, and private organizations together with bio-based products & its numerous environmental perks are aiding in creating a sustainable environment. Accordingly, thanks to its advantages, the demand for bio-based chemicals is surging, eventually elevating its market growth.

Inkwood Research

Author: Inkwood Research

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