The global and Indian bio-based chemicals market is expected to grow significantly, driven by factors such as volatility in petrol and diesel prices and consumer preferences shifting to sustainable products. The market size is projected to reach $73 billion by 2032, with a CAGR of 9.6%. Bio-based chemicals are produced through fermentation, enzymatic processes, chemical conversion, or biomass, and can be used to produce biofuels, biochemicals, and other products. The Indian government has launched policies such as the Mission Integrated Bio-refineries Policy and the BioE3 Policy to accelerate the growth of the sector. However, challenges such as feedstock cost, technology constraints, and management issues need to be addressed. The future of chemicals is expected to be green, with countries and companies sticking to their net zero and decarbonization goals. The global energy mix is transitioning to renewable fuels, and the market for bio-based chemicals in India shows promise. Key stakeholders need to come together to develop innovative alternatives and practical solutions to drive the growth of the sector.
Godavari Biorefineries’ Executive Director is Dr. Sangeeta Srivastava.
