In Ireland, Research and Markets reported that the global biobased chemicals market is forecast to reach a value of $271 billion by 2031, up from a value of $128 billion in 2022.
According to the report, the market is expected to expand at a Compound Annual Growth Rate (CAGR) of 9.2% during the forecast period.
“Governments worldwide are introducing supportive policies and incentives to bolster the biobased chemicals industry. These measures include R&D funding, tax incentives, and mandates for renewable feedstock utilization. Technological advancements facilitate cost-effective production, encompassing biotechnology, enzymatic processes, and fermentation technologies,” the report said.
“However, challenges persist, notably the higher production cost of bio-based chemicals compared to traditional alternatives due to feedstock expenses and complex production processes,” the report added.
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