Global Biobased Acetone Market Size By Application, By Purity, By Distribution Channel, By Geographic Scope And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
Biobased Acetone Market size was valued at USD 60 Million in 2023 and is projected to reach USD 310 Million by 2030, growing at a CAGR of 29% during the forecasted period 2024 to 2030.
Global Biobased Acetone Market Drivers
Sustainable and Renewable Feedstocks By lowering dependency on fossil fuels and fostering the circular economy, the use of biobased feedstocks, such as sugars produced from biomass or agricultural leftovers, promotes sustainability.
Growing Need for Bio-Based Chemicals The market for bio-based chemicals, such as biobased acetone, is driven by a trend toward sustainable practices and a greater awareness of environmental issues.
Government Initiatives and Regulations The market for biobased acetone is expanding as a result of encouraging laws, policies, and incentives from the government that support the use of bio-based products. Policies that support biodegradable and renewable substitutes promote market growth.
Corporate Sustainability Initiatives A lot of businesses are integrating bio-based materials into their supply chains and setting sustainability targets. The use of biobased acetone is encouraged across a range of industries by its alignment with corporate environmental strategies.
Customer Preferences and Awareness Growing customer knowledge about the environmental effects of conventional petrochemical-based products affects their decision to buy. Consumer preference is gained by products identified as bio-based or generated from renewable sources.
Technological Developments in Bioprocessing The production of biobased acetone from renewable feedstocks is now more efficient and economical because to developments in bioprocessing technologies, such as fermentation and metabolic engineering.
Petrochemical Price Volatility Variations in petrochemical pricing may prompt businesses to look for more reliable and steady substitutes. With its potential for price stability, biobased acetone emerges as a compelling choice.
Growth of Bioeconomy Sectors The Biobased Acetone Market as a whole is aided by the wider growth of bioeconomy sectors, which include bio-based chemicals, biofuels, and biomaterials.
Investments in Research and Development The development of biobased acetone production processes is aided by a rise in research and development expenditures that are directed toward biobased technologies and sustainable substitutes.
End-User Industry Adoption Because of its environmentally favorable properties, biobased acetone is being used in formulations by the cosmetics, pharmaceutical, paint & coating, and solvents industries.
Global Biobased Acetone Market Restraints
High Production Costs The production of biobased acetone, especially from renewable feedstocks, may involve higher production costs compared to conventional, petrochemical-based acetone. Economic viability and cost competitiveness are critical factors influencing market growth.
Limited Feedstock Availability The availability of suitable biobased feedstocks, such as biomass or agricultural residues, may be limited. Competition for feedstock resources among various industries can impact the scalability of biobased acetone production.
Technological Challenges The development and implementation of efficient and cost-effective bioprocessing technologies for acetone production from renewable sources may face technical challenges, impacting the commercial viability of biobased acetone.
Scale-Up Issues Scaling up biobased acetone production processes from laboratory to industrial scale can pose challenges in terms of maintaining product quality, production efficiency, and cost-effectiveness.
Competition with Petrochemical Acetone Biobased acetone faces competition with traditional, petrochemical-based acetone. Price fluctuations in the petrochemical industry and the established market presence of conventional acetone can impact the adoption of biobased alternatives.
Infrastructure and Supply Chain Constraints The existing infrastructure for the production, storage, and transportation of acetone is well-established for petrochemical-based products. Adapting this infrastructure to accommodate biobased acetone may present challenges.
Regulatory Hurdles Regulatory approvals and compliance with standards for biobased products can be complex. Meeting regulatory requirements for biobased acetone may require significant time and resources.
Consumer Acceptance Challenges Despite increasing awareness of sustainable alternatives, consumer acceptance of biobased acetone may be influenced by factors such as price, performance, and perceptions about bio-based products.
Limited Market Recognition The market for biobased chemicals, including acetone, may still be in the early stages of development. Limited market awareness and recognition could slow down the widespread adoption of biobased acetone.
Risk of Feedstock Price Volatility The availability and cost of biobased feedstocks can be influenced by factors such as weather conditions, crop yields, and competing uses (e.g., food production). Fluctuations in feedstock prices may impact the cost of biobased acetone production.
Global Biobased Acetone Market Segmentation Analysis
The Global Biobased Acetone Market is Segmented on the basis of Application, Purity, Distribution Channel, and Geography.
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Biobased Acetone Market, By Application
Solvents
Nail Polish Removers
Cosmetics and Personal Care Products
Paints and Coatings
Chemical Intermediates
Pharmaceuticals
Others (Adhesives, Sealants, etc.)
Biobased Acetone Market, By Purity
Technical Grade
Pharmaceutical Grade
Cosmetic Grade
Biobased Acetone Market, By Distribution Channel
Direct Sales (B2B)
Distributors/Wholesalers
Online Retail
Biobased Acetone Market, By Geography
North America
Europe
Asia-Pacific
Latin America
Middle East & Africa
Key Players
The major players in the Biobased Acetone Market are
Genomatica
LanzaTech
Gevo, Inc.
Butamax Advanced Biofuels LLC
BASF SE (Germany)
CJ Cheiljedang Corporation
Myriant Corporation
Green Biologics Ltd.
Avantium N.V.
Novozymes A/S
Report Scope
REPORT ATTRIBUTES
DETAILS
Study Period
2020-2030
Base Year
2023
Forecast Period
2024-2030
Historical Period
2020-2022
Unit
Value (USD Million)
Key Companies Profiled
Genomatica, LanzaTech, Gevo, Inc., Butamax Advanced Biofuels LLC, BASF SE (Germany), CJ Cheiljedang Corporation, Myriant Corporation, Green Biologics Ltd., Avantium N.V., Novozymes A/S.
Segments Covered
By Application, By Purity, By Distribution Channel, By Geography
Customization scope
Free report customization (equivalent to up to 4 analyst working days) with purchase. Addition or alteration to country, regional & segment scope
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