Bio-based Aromatics: Introduction
- Bio-based aromatics is an alternative to plastic, which is made from oil and petrochemical feedstock. These aromatics are majorly manufactured using lignin and sugar, which are derived from cellulose and hemicellulose. About 40% of all chemicals are made of benzene and its products such as toluene and xylene, which are called aromatics.
- Bio-based aromatics are primarily used in diverse applications including textiles, wood panels and laminates, polymers, paints & coatings, fragrance & aroma, pharmaceutical, and fine chemicals
Key Drivers and Restraints of Global Bio-based Aromatics Market
- The bio-based aromatics market has developed significantly of late. This can be primarily ascribed to the high performance and increasing recognition of bio-based aromatics globally. Rise in depletion of fossil fuel feedstock and increase in ban on polymer-based products are anticipated to fuel the demand for bio-based products in the near future. Growth in awareness about bio-based products among consumers is also projected to fuel the bio-based aromatics market across the globe.
- Bio-based aromatics have the potential to replace chemicals made from fossil fuels. This is a key factor boosting the bio-based aromatics market. Furthermore, shift in consumer preference toward bio-based products is offering significant opportunities to the development of technologically advanced materials across the globe. Additionally, bio-based aromatics offer increased safety and high environmental characteristics, thus boosting the market.
- Bio-based aromatics have the potential to decrease the heavy dependency on crude oil. Additionally, lower carbon footprint is likely to benefit the manufacturers by increasing economic stability and avoiding social crises within oil exporting regions such as GCC. Production of bio-based aromatics is likely to require considerable funding to develop the machinery and processes to manufacture such products. Furthermore, lack of large quantity of biomass required for commercialization of bio-aromatics is anticipated to hamper the market in the near future.
Bio-based Aromatics: Type Segment
- In terms of type, the global bio-based aromatics market can be segmented into drop-in aromatics and functionalized aromatics
- The drop-in aromatics segment is expected to account for significant share of the global bio-based aromatics market during the forecast period. It is anticipated to be followed by the functionalized aromatics segment.
Bio-based Aromatics: Raw Material Segment
- In terms of raw material, the global bio-based aromatics market can be segmented into straw, grain, chaff, cobs, and starch
- The grain segment is expected to account for significant share of the global bio-based aromatics market during the forecast period. It is anticipated to be followed by the straw segment.
Bio-based Aromatics: Application Segment
- In terms of application, the global bio-based aromatics market can be segmented into plastics, paints & coatings, special chemicals, and others
- The plastics segment is estimated to expand at a rapid pace during the forecast period. It is projected to be followed by the paints & coatings segment.
- The special chemicals segment is likely to expand at a healthy CAGR during the forecast period, owing to the increase in demand for aromatic chemicals across the globe
COVID-19 Impact on Bio-based Aromatics Market
- On January 30, 2020, the International Health Regulations Emergency Committee of the World Health Organization (WHO) declared the Coronavirus disease (COVID-19) outbreak a public health emergency of international concern. Originating in China, the virus has spread to at least 213 countries and territories around the world.
- Several governments and private sector businesses are operating at a limited capacity or have ceased operations completely due to recent events surrounding the COVID-19 pandemic.
- Manufacture of various consumer goods and other products across the globe has come to a halt due to the unavailability of raw materials, shortage of labor, etc. This is expected to hamper the bio-based aromatics market.
Europe to Dominate Bio-based Aromatics Market
- In terms of region, the global bio-based aromatics market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Europe dominated the global bio-based aromatics market in 2020. This trend is anticipated to continue during the forecast period owing to the increase in regulations on usage of fossil fuel-based products and rise in restrictions on the usage of hazardous chemicals in the region. The bio-based aromatics market in Asia Pacific is anticipated to expand at a rapid pace owing to the increase in demand for bio-chemicals in emerging countries such as China and India.
Key Manufacturers Operating in Global Bio-based Aromatics Market
The global bio-based aromatics market was consolidated in 2020. Major players have prominent presence in developed and developing countries. Key manufacturers operating in the global bio-based aromatics market include:
- BASF SE
- IFP Energies nouvelles
- Koninklijke DSM N.V
- Anellotech, Inc.
Global Bio-based Aromatics Market: Research Scope
Global Bio-based Aromatics Market, by Type
- Drop-In Aromatics
- Functionalized Aromatics
Global Bio-based Aromatics Market, by Raw Material
Global Bio-based Aromatics Market, by Application
- Paints & Coatings
- Special Chemicals
Global Bio-based Aromatics Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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