The biobased chemicals market is growing with a considerable rate due to increased consumer awareness about environmental responsibility, increased oil prices, movement towards sustainability by manufacturers and increased support for biobased chemical companies. Manufacturers are forced to shift to the production of biobased chemicals due to rise in prices of crude oils, which have improved, the demand for platform chemicals using renewable raw materials such as animal fat, vegetable oils, starch and sugar.

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Biobased chemicals release less carbon dioxide (CO2) than chemicals manufactured with conventional feedstock. The production of biobased chemicals reduces the greenhouse gas emissions of the downstream users and petrochemical industry.

Some of the factors driving the growth of the biobased chemicals market are technological innovations, boost for rural economy, abundant and low cost feedstock and growing popularity of biopolymers and platform chemicals.

On the basis of applications, the biobased chemicals market can be categorized as fertilizers, pharmaceutical, agriculture, housing, health and hygiene, textiles, transportation, recreation, and industrial.

Emerging economies such as BRIC (Brazil, Russia, India and China) countries require increasing amount of oil and other fossil fuel based products, providing more opportunities for the biobased chemicals market. Some of the factors restraining the growth of the biobased chemicals market are cost issues, production issues and trade off with vital resources.

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Some of the competitors in the biobased chemicals market are Genomatica, Inc., Myriant Corporation, Global Bio-chem Technology Group Company Limited, BioAmber Inc., India Glycols Limited, Archer Daniels Midland Company, Braskem, Metabolix, Inc., and Biomethanol Chemie Nederland B.V.

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