India Bio-Based Chemicals Market Share, Report, and Size 2031
The India bio-based chemicals market size is projected to reach US$ 21.25 million by 2031 from US$ 13.88 million in 2023. The market is expected to register a CAGR of 5.5% during 2023–2031. Technological innovation and process optimization are likely to bring new market trends.
India Bio-Based Chemicals Market Analysis
As consumer awareness of environmental issues increases and regulations on plastic use tighten, there is a growing demand for sustainable packaging solutions. This trend is pushing the packaging industry to seek alternatives to traditional petroleum-based plastics, creating opportunities for bio-based chemicals. Bio-based chemicals are derived from renewable resources such as plants, algae, or waste materials. They are increasingly being used to produce biodegradable and compostable packaging materials. These materials offer functionality similar to conventional plastics but have a reduced environmental impact. The food and beverages industry, in particular, is adopting bio-based packaging to meet consumer demands for eco-friendly products. Large retailers and brands are committing to using more sustainable packaging, further driving the demand for bio-based chemicals.
India Bio-Based Chemicals Market Overview
In India, the growing awareness of sustainability and rising demand for sustainable products are increasingly shaping the trajectory of various industries, including packaging, automotive, textiles, and personal care. As companies strive to minimize their environmental impact and align with global sustainability trends, the market for bio-based chemicals is emerging as a key alternative to traditional petrochemicals. This shift is particularly evident in the packaging industry, where the demand for eco-friendly and sustainable solutions is on the rise. Consumers are becoming more conscious of the environmental footprint of the products they purchase, leading to a heightened preference for packaging materials that are biodegradable, compostable, or made from renewable resources. Additionally, stringent government regulations aimed at reducing plastic waste and promoting sustainable practices are driving the adoption of bio-based polymers.
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India Bio-Based Chemicals Market: Strategic Insights
India Bio-Based Chemicals Market
-
CAGR (2023 - 2031)
5.5%
-
Market Size 2023
US$ 13.88 Million
-
Market Size 2031
US$ 21.25 Million
Market Dynamics
GROWTH DRIVERS
- Growth in Packaging Industry
- Government Initiatives
FUTURE TRENDS
- Technological Innovations and Process Optimization
OPPORTUNITIES
- Expansion of Domestic Markets
Key Players
- Clariant AG
- India Glycols Ltd
- Vizag Chemicals Pvt Ltd
- Mitsui Chemicals Inc
- The Dow Chemical Co
Regional Overview
- India
Market Segmentation
Derivative Type
- Propylene
- Ethylene Oxide
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
India Bio-Based Chemicals Market: Strategic Insights
-
CAGR (2023 - 2031)5.5% -
Market Size 2023
US$ 13.88 Million -
Market Size 2031
US$ 21.25 Million
Market Dynamics
- Growth in Packaging Industry
- Government Initiatives
- Technological Innovations and Process Optimization
- Expansion of Domestic Markets
Key Players
- Clariant AG
- India Glycols Ltd
- Vizag Chemicals Pvt Ltd
- Mitsui Chemicals Inc
- The Dow Chemical Co
Regional Overview
- India
Market Segmentation
- Propylene
- Ethylene Oxide
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
India Bio-Based Chemicals Market Drivers and Opportunities
Growth in the Adoption of Bioplastics
The adoption of bioplastics is increasing in India, owing to the rising impacts of conventional petroleum-based plastics on the environment. The Government of India is encouraging manufacturers to develop biodegradable versions of plastics due to the rising environmental concerns. Moreover, the government has made the products more affordable to increase customer adoption. Bio-based propylene and ethylene oxide can be used to manufacture bio-based polypropylene and ethylene glycol, respectively. Moreover, the production of propylene and ethylene oxide using renewable energy sources can reduce carbon dioxide emissions to a substantial rate, which would help the government in achieving its sustainability goals. Many manufacturers have found new approaches to manufacturing propylene with the help of renewable biomass and ethylene oxide using sugar, starch, and lignocellulosic biomass. The rising sustainability trends in the country can boost the adoption of such environment-friendly manufacturing processes in the coming years.
Expansion of Domestic Markets
The Government of India's initiatives, such as the ban on single-use plastics and policies promoting circular economy principles, are fostering a favorable environment for the growth of bio-based packaging materials. This trend toward sustainable packaging is expected to create substantial opportunities for innovation within the bio-based chemicals market. Companies are investing in the development of new bio-based materials that meet the functional requirements of packaging while being environmentally friendly. The increasing collaboration between industry players, research institutions, and the government is accelerating the advancement of bio-based chemical technologies, making them more cost-effective and scalable.
India Bio-Based Chemicals Market Report Segmentation Analysis
The derivative type segment contributed to the derivation of the India bio-based chemicals market analysis.
- Based on derivative type, the market is segmented into propylene (polypropylene, propylene oxide, acrylonitrile, cumene, and others) and ethylene oxide (di-ethylene glycol, tri-ethylene glycol, ethylene glycol ethers, alkyl phenols, and others). The propylene segment held a larger share of the market in 2023.
India Bio-Based Chemicals Market Share Analysis by Geography
The geographic scope of the India bio-based chemicals market report focuses on the market scenario in terms of historical market revenues and forecasts.
The Government of India has been actively fostering the bio-based chemicals market through a series of strategic initiatives aimed at enhancing sustainability, reducing carbon footprints, and promoting the use of renewable resources. Central to this push is the "National Policy on Biofuels," first introduced in 2009 and revised in 2018, which prioritizes the production and use of bio-based chemicals derived from non-food biomass. This policy promotes second-generation (2G) biofuels, which utilize agricultural residues and other non-food materials, thus avoiding the food-versus-fuel debate. Under this policy, the government has set ambitious targets for biofuel blending, indirectly boosting demand for bio-based chemicals, as they can be derived from the same biomass sources. Thus, the government's focus on developing bio-based products is driving the India bio-based chemicals market growth.
India Bio-Based Chemicals Market Report Scope
Report Attribute | Details |
---|---|
Market size in 2023 | US$ 13.88 Million |
Market Size by 2031 | US$ 21.25 Million |
Global CAGR (2023 - 2031) | 5.5% |
Historical Data | 2021-2022 |
Forecast period | 2024-2031 |
Segments Covered |
By Derivative Type
|
Regions and Countries Covered | India
|
Market leaders and key company profiles |
|
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
India Bio-Based Chemicals Market News and Recent Developments
The India bio-based chemicals market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the India bio-based chemicals market are listed below:
- Indian state-controlled refiner Bharat Petroleum (BPCL) plans to build a 400,000 t/yr polypropylene (PP) project at its Kochi refining complex in southwest India's Kerala state. The project is expected to be completed in almost 46 months and will cost approximately INR 50.44 billion (US$ 606 million). [Source: Bharat Petroleum Corporation Limited (BPCL), Press Release, December 2023]
- INEOS Launches new Bio-Attributed Ethylene Oxide, Completely Substitutes Fossil Feedstock With Renewable Biomass The Bio-attributed Ethylene Oxide delivers 100% substitution of fossil feedstock on a mass balance basis, as certified by RSB and ISCC+. The material delivers a Greenhouse Gas saving of over 100% compared to conventionally produced EO. [Source: INEOS, July 2022)
India Bio-Based Chemicals Market Report Coverage and Deliverables
The "India Bio-Based Chemicals Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
- India bio-based chemicals market size and forecast at country levels for all the key market segments covered under the scope
- India bio-based chemicals market trends, as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed Porter's Five Forces and SWOT analysis
- India bio-based chemicals market analysis covering key market trends, country framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the India bio-based chemicals market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The market is estimated to register a CAGR of 5.5% during 2023–2031.
The market is projected to reach US$ 21.25 million by 2031.
Clariant AG, India Glycols Ltd, Vizag Chemicals Pvt Ltd, Mitsui Chemicals Inc, and The Dow Chemical Co are among the key players operating in the India bio-based chemicals market.
Technological innovation and process optimization are expected to be the future trends for the market.
The growing demand from the packaging industry is one of the factors driving the market growth.
The propylene segment dominated the market in 2023.
The List of Companies - India Bio-Based Chemicals Market
- Clariant AG
- India Glycols Ltd
- Vizag Chemicals Pvt Ltd
- Mitsui Chemicals Inc
- The Dow Chemical Co