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.

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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.

On the basis of product type, the biobased chemicals market can be categorized as polymers, alcohols, ketones, 1,3-Propanediol, epichlorohydrin and organic acids.

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.

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.

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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.