The focus on sustainable products has increased considerably over the past few years in order to reduce the dependency on petroleum-based products. Fossil fuels are being utilized extensively since a very long time, and this is now resulting in their rapid decline. Ascribed to this, the demand for alternatives, which also have less negative impact on the environment, is increasing across the globe. It is because of this that the demand for biobased chemicals has been increasing significantly.
Biobased chemicals are derived from plants and several other renewable materials, including forestry, marine, and agricultural. The development of biobased chemicals is majorly increasing due to the increasing awareness regarding eco-friendly products. The awareness regarding the harmful effects of fossil fuel-based products is not just increasing among manufacturers but among consumers as well, which is why they are increasingly demanding products that do not cause harm to environment.
Attributed to this, the global biobased chemicals market is predicted to advance at a significant pace in the coming years. These chemicals are being utilized in a number of sectors, including industrial, agricultural, food & beverages, and pharmaceuticals. The demand for biobased chemicals has been significantly high from the industrial sector in the past. In the industrial sector, chemicals including acrylic acid, succinic acid, lactic acid, biobased dyes, and glycerol are used majorly. Although the cost of these chemicals is higher than conventional variants, they are being manufactured by several chemical companies all over the globe.
Among the different fuel types, the demand for biogas is expected to increase considerably in the years to come, owing to the fact that biogas finds application in a number of industries. The fuel is also utilized for generating electricity and as a domestic fuel, thereby leading to its increasing demand. Other than this, the demand for biodiesel has also been significant in the past, owing to its reliability and the fact it can be utilized easily in diesel engines with just making slight modification to the engines.
Geographically, Asia-Pacific is expected to emerge as a major biobased chemicals market in the years to come, since the requirement for biologically sourced chemicals is rising rapidly in the region. The steady development and growth in Japan, China, Malaysia, and India is the major reason behind the increasing demand for eco-friendly products. In addition to all this the demand for biobased chemicals is also expected to increase in the region due to the recently implemented strict environmental protection laws.
In conclusion, the demand for biobased chemicals is increasing because of the rising focus on eco-friendly and growing awareness among consumers regarding such products.