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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
  • Biorizon
  • Koninklijke DSM N.V
  • Dow
  • 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

  • Straw
  • Grain
  • Chaff
  • Cobs
  • Starch

Global Bio-based Aromatics Market, by Application

  • Plastics
  • Paints & Coatings
  • Special Chemicals
  • Others

Global Bio-based Aromatics Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Russia & CIS
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • ASEAN
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

With a robust experience in creating exceptional market reports, Transparency Market Research has emerged as one of the trusted market research companies among a large number of stakeholders and CXOs. Every report at Transparency Market Research goes through rigorous research activity in every aspect. The researchers at TMR keep a close watch on the market and extract beneficial growth-boosting points. These points help the stakeholders to strategize their business plans accordingly.

TMR researchers conduct exhaustive qualitative and quantitative research. This research involves taking inputs from the experts in the market, focused attention on recent developments, and others. This method of research makes TMR stand out from other market research firms.

Here's how Transparency Market Research helps the stakeholders and CXOs through the reports:

Inculcation and Evaluation of Strategic Collaborations: The TMR researchers analyze recent strategic activities like mergers, acquisitions, partnerships, collaborations, and joint ventures. All the information is compiled and included in the report.

Perfect Market Size Estimations: The report analyzes the demographics, growth potential, and capability of the market through the forecast period. This factor leads to the estimation of the market size and also provides an outline about how the market will retrieve growth during the assessment period.

Investment Research: The report focuses on the ongoing and upcoming investment opportunities across a particular market. These developments make the stakeholders aware of the current investment scenario across the market.

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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