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.
Competitive Landscape
Some of the Major Key Players in the Bio-based Aromatics Market are
- BASF SE
- Chevron Phillips Chemical
- Dow Chemical Company
- DSM
- ExxonMobil Chemical
- LG Chem
- LyondellBasell Industries
- Neste
- Reliance Industries Limited
- SABIC
- Other Prominent Players
Market Segmentation:
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.
Based on the Type, the Xylene Bio-based Aromatics Market Segment is Accounted as a Major Contributor to the Bio-based Aromatics Market
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.
Pharmaceuticals Segment to Witness Growth at a Rapid Rate
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.
In the Region, the North American Bio-based Aromatics Market Holds a Significant Revenue Share
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.
Recent Developments:
- In April 2024, BASF's Coatings department revealed that it was expanding its e-coat production facility at its Manila site. This strategic expansion is motivated by the growing demand for e-coat solutions from the ASEAN and South Asian markets, as well as from regional automotive OEM clients in India.
- In May 2024, DSM and Firmenich combined, forming a new business that unites among the largest networks for invention and creativity in the fields of healthcare, nutrition, and cosmetics. With a workforce of around 30,000 and unmatched skills derived from innovative study, DSM-Firmenich is poised to lead the way in the production, conjunction, and regeneration of vital minerals, tastes, and perfumes.
Bio-based Aromatics Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 2.81 Bn |
|
Revenue Forecast In 2031 |
USD 4.53 Bn |
|
Growth Rate CAGR |
CAGR of 6.4% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn, Volume (Tons) and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
|
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 |
|
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 |
|
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. |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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