Global Bio Based Molecules Market - 2024-2031

Overview

The global bio-based market reached US$ 1,336.72 million in 2023 and is expected to reach US$ 2,437.83 million by 2031 growing with a CAGR of 7.8% during the forecast period 2024-2031.

Bio-based molecules are defined as materials that are either wholly or partially derived from biological sources, such as plants, animals, or microorganisms. They can include a wide range of products, such as biofuels, bio-based polymers, and biochemicals, which are used in various applications across multiple industries, including pharmaceuticals, agriculture, and consumer goods.

These materials are produced from renewable resources and can serve as alternatives to traditional petroleum-based products, contributing to sustainability and reducing environmental impact. Many bio-based molecules are biodegradable, meaning they can break down naturally in the environment, reducing waste and pollution associated with traditional plastics and chemicals, advances in technology and production processes are making bio-based molecules increasingly competitive with fossil-based alternatives, both in terms of cost and performance.

Market Dynamics: Drivers

Technological advancements

The demand for the global bio-based molecule market is driven by multiple factors. One of the primary factors is the technological advancements in the bio-based molecules industry that would drive this market growth.

The bio-based molecules market is undergoing rapid transformation, driven by significant technological advancements that enhance production efficiency, product performance, and sustainability. Innovations in the production and application of bio-based molecules are enhancing their viability and effectiveness across various industries, including pharmaceuticals, cosmetics, and packaging.

Moreover, key technological innovations in the industry include advanced production technologies such as fermentation technology, enzymatic processes, biotechnology and genetic engineering, polymer chemistry innovations, and integration of renewable feedstocks all these factors help to drive this market growth.

In addition, key players in the industry have innovative product launches and key developments propel this market growth. For instance, in April 2023, Global Bioenergies launched Isonaturane 16, its second cosmetic ingredient, during the Cosmetics Global trade show in Barcelona. The company has successfully produced the initial volumes of this new ingredient and is now making it available to potential customers, including brand owners, manufacturers, and distributors.

Also, in March 2023, Solvay introduced Polycare Heat Therapy, a new functional active ingredient designed to safeguard hair from thermal damage caused by the frequent use of high-temperature styling tools. This non-ecotoxic, double-derivatized cationic guar ingredient aligns with the growing demand for bio-based and silicone-free options in hair care, providing excellent thermal protection in transparent formulations.

Restraints

Factors such as high production costs, fluctuating raw material prices, limited awareness & acceptance among individuals, and limited regulatory support are expected to hamper the market.

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Segment Analysis

The global bio-based molecule market is segmented based on product type, raw material, application, and region.

The biofuels segment accounted for approximately 45.4% of the global bio-based molecule market share.

The biofuels segment is expected to hold the largest market share over the forecast period. Biofuels are renewable energy sources derived from organic materials, including plant biomass, agricultural residues, and waste. They serve as alternatives to fossil fuels, contributing to energy security and environmental sustainability.

The biofuels segment of the bio-based molecules market is driven by environmental sustainability, supportive government policies, technological advancements, energy security concerns, increased investment in R&D, and rising consumer demand drive this segment growth of the market.

Moreover, major players in the industry's key developments help to drive this segment growth. For instance, in March 2024, New Energy Blue established a new subsidiary, New Energy Chemicals, aimed at producing bio-sourced ethylene for sustainable aviation fuel (SAF) and renewable plastics. This initiative will initially focus on supplying bio-based ethylene for the renewable plastics sector before expanding operations at its Texas facility to include SAF production.

Also, in January 2023, the National Renewable Energy Laboratory (NREL) launched a synthetic biology project aimed at enhancing biofuel discovery technologies in collaboration with LanzaTech, Northwestern University, and Yale University. This initiative focuses on utilizing genome engineering and machine learning to quickly identify solutions for the large-scale, carbon-negative production of biofuels and biochemicals.

Geographical Analysis

North America accounted for approximately 35.5% of the global bio-based molecule market share.

North America region is expected to hold the largest market share over the forecast period owing to the rising consumer demand for sustainable products, there is a growing awareness among consumers regarding environmental issues and the negative impact of petrochemical products. This awareness is leading to a strong preference for bio-based alternatives in various sectors, including personal care, food packaging, and pharmaceuticals propelling this market growth in the region.

North American governments are implementing policies and regulations that promote the production and use of bio-based chemicals. This includes incentives for research and development in bio-based technologies and support for companies transitioning to sustainable practices. Favorable regulations encourage investment in bio-based product development, which is crucial for market growth.

Moreover, in this region, major key players' presence & product launches, technological advancements, investments in R&D, and growing applications across various industries would help to drive this market growth in the region.

For instance, in April 2024, Advancion Corporation unveiled a new multifunctional amino alcohol that is bio-based and specifically designed for beauty and personal care products. This innovative ingredient, which is 50% derived from biological sources, offers outstanding performance features, including efficient neutralization, stabilization of emulsions, and effective pigment dispersion.

Market Segmentation

By Product Type

• Bio-Based Platform Chemicals
  • C3 Chemicals
  • C4 Chemicals
  • C5 Chemicals
  • C6 Chemicals
  • Others
• Carboxylic Acids
• Alcohols
• Esters
• Others

By Raw Material

• Plant-based Feedstocks
• Agricultural
• Waste Forestry Materials

By Application

• Food and Beverage
• Personal Care
• Pharmaceuticals
  • Biofuels
  • Solvent
  • Bioplastics
  • Biochemicals
  • Biomaterials
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • U.K.
  • France
  • Spain
  • Italy
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • The rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of Asia-Pacific
• Middle East and Africa

Competitive Landscape

The major global players in the bio-based molecule market include Arkema, GEA Group Aktiengesellschaft, IEA Bioenergy, DE Smet Engineers & Contractors, AVA Biochem AG, Borregaard AS, Jiangmen Xinshuo New Materials Co., Ltd, Northern Technologies International Corporation (NTIC), Gevo and Covestro AG among others.

Key Developments

• In July 2024, at the German Rubber Conference (DKT) 2024, Dow introduced NORDEL REN Ethylene Propylene Diene Terpolymers (EPDM), a bio-based variant of its EPDM rubber. This new material is designed for a variety of applications, including automotive, infrastructure, and consumer products.
• In July 2024, ZymoChem introduced BAYSE, the first scalable, fully bio-based, and biodegradable Super Absorbent Polymer (SAP) in the world. This groundbreaking innovation is set to revolutionize the $145 billion global hygiene industry and pave the way for a more sustainable future.
• In April 2024, INEOS Nitriles commenced sales of its innovative bio-based acetonitrile, branded as INVIREO, marking a significant milestone in pharmaceutical production. This new solvent offers a remarkable 90% reduction in carbon footprint compared to traditional acetonitrile, which is essential for the development, purification, and production of various pharmaceuticals, including insulin and vaccines.
• In February 2024, Covestro AG inaugurated the world's first pilot plant dedicated to the production of bio-based aniline at its facility in Leverkusen, Germany. This initiative represents a significant advancement in the quest for sustainable plastics derived from plant biomass, effectively eliminating the reliance on petroleum-based raw materials.
• In January 2024, Avient Corporation, a leading provider of specialized and sustainable material solutions, is showcasing its portfolio of bio-based polymer solutions at Pharm Pack 2024, Europe's premier trade show for pharmaceutical packaging and drug delivery devices. The company's offerings include bio-based polymer colorants, additives, and bio-derived thermoplastic elastomers (TPEs) with reduced product carbon footprint (PCF) values, which are verified by Avient's PCF Calculator certified for ISO 14067 compliance by TUV Rheinland.

Why Purchase the Report?

• To visualize the global bio-based molecule market segmentation based on product type, raw material, application, and region and understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of the bio-based molecule market with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping is available in Excel consisting of key products of all the major players.

The global bio-based molecule market report would provide approximately 62 tables, 65 figures, and 184 pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies