The bio-based oil-derived products market is growing rapidly, driven by increasing environmental awareness and emphasis on sustainability. The market is expected to advance at a CAGR of 10.6% from 2023 to 2031 and reach US$ 181.2 Bn by the end of 2031. Key drivers of the market include environmental awareness, government regulations, consumer preference for eco-friendly products, industrial applications, and technological advancements in bio-refining and oil extraction.
The market is segmented by product type, feedstock, and end-use industry. Product types include bio-based chemicals, solvents, polymers, paints, coatings, inks, and lubricants. Feedstocks include starch, sugar, wood, and vegetable oil. End-use industries include automotive, industrial, personal care, home care, and construction.
Key companies in the market include BASF SE, ADM, LCY Chemical Corporation, DuPont, Cargill, Inc., Braskem, Roquette, and GF Biochemicals Lt. Emerging markets, product diversification, technological integration, and government incentives provide opportunities for growth in this sector. The market is poised for significant growth as industries and consumers prioritize sustainability, and bio-based products become increasingly competitive with traditional petrochemical-derived products.