The Global Bio-based Aromatics Market is valued at approximately USD 3.0 billion in 2023 and is anticipated to grow with a healthy growth rate of more than 6.8% over the forecast period 2024-2034. The bio-based aromatics market is expected to experience substantial growth in the next few years due to the surge in consumer demand for sustainable and environment-friendly products. The market is expected to grow at a robust CAGR, driven by advancements in production technologies and a shift toward renewable resources.
Key trends include the increase in application of bio-based aromatics in sectors such as chemicals, food and beverages, and personal care products. The cosmetics industry is adopting bio-based aromatics for perfumes and skincare products due to consumer preference for natural and organic ingredients. Regulatory frameworks promoting renewable materials and reducing carbon footprints further support the demand for bio-based alternatives. Furthermore, growth in environmental awareness among consumers encourages manufacturers to innovate and adopt bio-based solutions.
The Global Bio-based Aromatics Market refers to the production and consumption of aromatic compounds derived from renewable, plant-based sources instead of traditional petrochemical feedstock. Bio-based aromatics serve as sustainable alternatives to fossil-fuel-derived aromatics in various applications. Aromatics are a class of organic compounds that contain one or more aromatic rings, with benzene being the simplest aromatic compound. Common aromatics include benzene, toluene, xylene, and styrene.
Bio-based aromatics are produced from renewable biomass such as agricultural waste, forestry residues, energy crops, and municipal solid waste using processes including fermentation, pyrolysis, and catalytic depolymerization. Major applications of bio-based aromatics include the production of polymers, resins, adhesives, solvents, and fine chemicals used in industries such as plastics, paints and coatings, textiles, automobiles, and pharmaceuticals.
Key regions considered for the Global Bio-based Aromatics Market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. In terms of revenue, Asia Pacific dominated the landscape in 2023. China, Japan, and India are anticipated to be the region's largest markets. Asia Pacific is predicted to be the fastest-growing market for bio-based aromatics, fueled by major chemical manufacturing hubs in China, India, Japan, and South Korea. Abundant biomass feedstock, favorable government policies, and rise in end-use industry demand are driving market dynamics in the region.
Major market players included in this report are:
BASF SE
Chevron Phillips Chemical
Dow Chemical Company
DSM
ExxonMobil Chemical
LG Chem
LyondellBasell Industries
Neste
Reliance Industries Limited
SABIC
Borregaard
Clariant
MetGen Oy
Arzeda
Amyris, Inc.
The detailed segments and sub-segment of the market are explained below:
By Type:
Benzene
Toluene
Xylene
Styrene
Phenol
Others
By End-use:
Chemicals
Food & Beverages
Pharmaceuticals
Personal Care & Consumer
Others
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
Saudi Arabia
South Africa
RoMEA
Years considered for the study are as follows:
Historical year - 2022
Base year - 2023
Forecast period - 2023 to 2032
Key Takeaways:
Market Estimates & Forecast for 10 years from 2022 to 2032
Annualized revenues and regional level analysis for each market segment.
Detailed analysis of geographical landscape with Country level analysis of major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations on future market approach.
Analysis of competitive structure of the market.
Demand side and supply side analysis of the market.
