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Bio-based chemicals are the products that are manufactured by applying various techniques such as fermentation. Bio-alcohols are bio-based chemicals that are widely used in the food and beverage industry, especially in bioethanol. It is used as an intoxicating agent in a varying amount in the production of alcoholic beverages. It is also used to extract and concentrate flavors and aromas, which are then used as a flavoring agent in the food & beverage industry. Bio-based chemicals find applications in various industries like pharmaceuticals, food industry, animal feed, and consumer goods manufacturing industries.

MARKET DYNAMICS

The bio-based chemicals market has witnessed a significant growth owing to factors such as growing demand for bio-based lubricants in the automotive and transportation sectors. Moreover, stringent government regulations regarding the use of synthetic chemicals in developed countries provides a huge market opportunity for the key players operating in the bio-based chemicals market. However, volatile raw material prices is projected to hamper the overall growth of the bio-based chemicals market.