The Bio-based Aromatics Market Size was valued at USD 2.81 Bn in 2023 and is predicted to reach USD 4.53 Bn by 2031 at a 6.4% CAGR during the forecast period for 2024-2031.
Bio-based aromatics are made by microbial fermentation, combustion, and chemical degradation from sustainable biomass, such as debris from forestry, agricultural production, and solid waste from the community. The bio-based aromatics business is benefiting from encouraging regulations and beneficial government initiatives, which are driving market expansion. Manufacturers are being encouraged to participate in the bio-based aromatics sector via funding for technological advancement, tax breaks, and incentives. In addition, laws that support environmental preservation and sustainability encourage businesses to develop and employ cleaner methods, which aligns with the growing customer demand for environmentally conscious goods.
However, market growth is hampered by the highly competitive market. The advent of easily accessible replacements, primarily cycloalkanes, is one of the major issues facing the global aromatics industry. These substances are attractive substitutes for aromatics because they share beneficial properties in several applications. Because they have simple production methods or an ample supply of ingredients, substitutes frequently come onto the competition at a reduced price. Rivalry in pricing may arise from this, which may affect common aromatic substances' earnings. In specific applications, replacements such as cyclists provide structural similarities, but their performance attributes differ from those of aromatics. It is difficult to guarantee that replacements fulfil similar quality and efficiency requirements.
The bio-based aromatics market is segmented based on type and end-use. By type, it is divided into benzene, toluene, xylene, styrene, and phenol. By end-use, it is divided into chemicals, food and beverages, pharmaceuticals, personal care and consumer, and others.
The xylene segment is holding a major global market share in 2023. Xylene is used as a drying agent in the manufacturing of paints, substances, bonds, and agronomic fertilizers. It's also used in the production of resins, notably phthalic acid, as well as fuels and greases. Because xylene works so well at cleaning previous coatings from a range of surfaces, it is frequently employed as a painted cleaner. Due to these features, xylene composites are expected to be in great demand during the projected period.
The pharmaceutical industry accounts for the bulk of bio-composite materials usage because pharmaceuticals are shipped to be ingested by people. They stand for the most important connection in a logistical network. To ensure the drugs are given to the end user correctly, complete oversight of every step of the manufacturing process is necessary, especially in countries like the US, Germany, the UK, China, and India.
The North American, bio-based aromatics market, is expected to register the highest market share in revenue in the near future. This can be attributed to the area gains from the existence of reputable chemical businesses, strong research and development capacities, and growing consumer recognition of ecologic technologies. In addition, Asia Pacific is projected to grow rapidly in the global bio-based aromatics market because of the sustainability objectives, stringent environmental regulations, and growing consumer appetite for environmentally friendly products.
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Report Attribute |
Specifications |
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Market Size Value In 2023 |
USD 2.81 Bn |
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Revenue Forecast In 2031 |
USD 4.53 Bn |
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Growth Rate CAGR |
CAGR of 6.4% from 2024 to 2031 |
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Quantitative Units |
Representation of revenue in US$ Bn, Volume (Tons) and CAGR from 2024 to 2031 |
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Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Type, By End-use, and By Region |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
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Competitive Landscape |
BASF SE, Chevron Phillips Chemical, Dow Chemical Company, DSM, ExxonMobil Chemical, LG Chem, LyondellBasell Industries, Neste, Reliance Industries Limited, SABIC, and other prominent players. |
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Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions
Chapter 2. Executive Summary
Chapter 3. Global Bio-based Aromatics Market Snapshot
Chapter 4. Global Bio-based Aromatics Market Variables, Trends & Scope
4.1. Market Segmentation & Scope
4.2. Drivers
4.3. Challenges
4.4. Trends
4.5. Investment and Funding Analysis
4.6. Industry Analysis – Porter’s Five Forces Analysis
4.7. Competitive Landscape & Market Share Analysis
4.8. Impact of Covid-19 Analysis
Chapter 5. Market Segmentation 1: by Type Estimates & Trend Analysis
5.1. by Type & Market Share, 2019 & 2031
5.2. Market Size (Value (US$ Mn) & Volume (Tons)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Type:
5.2.1. Benzene
5.2.2. Toluene
5.2.3. Xylene
5.2.4. Styrene
5.2.5. Phenol
5.2.6. Others
Chapter 6. Market Segmentation 2: by End-users Estimates & Trend Analysis
6.1. by End-users & Market Share, 2019 & 2031
6.2. Market Size (Value (US$ Mn) & Volume (Tons)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by End-users:
6.2.1. Chemicals
6.2.2. Food & Beverages
6.2.3. Pharmaceuticals
6.2.4. Personal Care & Consumer
6.2.5. Others
Chapter 7. Bio-based Aromatics Market Segmentation 3: Regional Estimates & Trend Analysis
7.1. North America
7.1.1. North America Bio-based Aromatics Market Revenue (US$ Million) & Volume (Tons) Estimates and Forecasts by Type, 2024-2031
7.1.2. North America Bio-based Aromatics Market Revenue (US$ Million) & Volume (Tons) Estimates and Forecasts by End-users, 2024-2031
7.1.3. North America Bio-based Aromatics Market Revenue (US$ Million) & Volume (Tons) Estimates and Forecasts by country, 2024-2031
7.2. Europe
7.2.1. Europe Bio-based Aromatics Market Revenue (US$ Million) & Volume (Tons) Estimates and Forecasts by Type, 2024-2031
7.2.2. Europe Bio-based Aromatics Market Revenue (US$ Million) & Volume (Tons) Estimates and Forecasts by End-users, 2024-2031
7.2.3. Europe Bio-based Aromatics Market Revenue (US$ Million) & Volume (Tons) Estimates and Forecasts by country, 2024-2031
7.3. Asia Pacific
7.3.1. Asia Pacific Bio-based Aromatics Market Revenue (US$ Million) & Volume (Tons) Estimates and Forecasts by Type, 2024-2031
7.3.2. Asia Pacific Bio-based Aromatics Market Revenue (US$ Million) & Volume (Tons) Estimates and Forecasts by End-users, 2024-2031
7.3.3. Asia Pacific Bio-based Aromatics Market Revenue (US$ Million) & Volume (Tons) Estimates and Forecasts by country, 2024-2031
7.4. Latin America
7.4.1. Latin America Bio-based Aromatics Market Revenue (US$ Million) & Volume (Tons) Estimates and Forecasts by Type, 2024-2031
7.4.2. Latin America Bio-based Aromatics Market Revenue (US$ Million) & Volume (Tons) Estimates and Forecasts by End-users, 2024-2031
7.4.3. Latin America Bio-based Aromatics Market Revenue (US$ Million) & Volume (Tons) Estimates and Forecasts by country, 2024-2031
7.5. Middle East & Africa
7.5.1. Middle East & Africa Bio-based Aromatics Market Revenue (US$ Million) & Volume (Tons) Estimates and Forecasts by Type, 2024-2031
7.5.2. Middle East & Africa Bio-based Aromatics Market Revenue (US$ Million) & Volume (Tons) Estimates and Forecasts by End-users, 2024-2031
7.5.3. Middle East & Africa Bio-based Aromatics Market Revenue (US$ Million) & Volume (Tons) Estimates and Forecasts by country, 2024-2031
Chapter 8. Competitive Landscape
8.1. Major Mergers and Acquisitions/Strategic Alliances
8.2. Company Profiles
8.2.1. BASF SE
8.2.2. Chevron Phillips Chemical
8.2.3. Dow Chemical Company
8.2.4. DSM
8.2.5. ExxonMobil Chemical
8.2.6. LG Chem
8.2.7. LyondellBasell Industries
8.2.8. Neste
8.2.9. Reliance Industries Limited
8.2.10. SABIC
8.2.11. Other Prominent Players
Bio-based Aromatics Market- By Type
Bio-based Aromatics Market- By End-use
Bio-based Aromatics Market- By Region
North America-
Europe-
Asia-Pacific-
Latin America-
Middle East & Africa-
InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.
Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.
Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.
Secondary research
The secondary research sources that are typically mentioned to include, but are not limited to:
The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista
Primary Research:
Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies
The contributors who typically take part in such a course include, but are not limited to:
Data Modeling and Analysis:
In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.
The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.
