Frost & Sullivan's (Santa Clara, Calif., USA) latest analysis, Growth Opportunities for Bio-based Chemicals and Materials in Europe and North America, forecasts the market to reach $25.90 billion by 2024, driven by government initiatives, proactive efforts from market participants to develop environmentally friendly products, and consumer preferences for adopting greener and safer products.

The establishment of regulatory standards will be critical to ensure consistency and increase market transparency toward bio-degradability, recyclability, sustainability, and bio-based content of products.

The analysis provides an assessment of disruptive trends, drivers and restraints, market share, unit shipment, revenue forecast, analysis by chemistry, competitive environment, and pricing trends for key bio-based segments such as paints and coatings, adhesives and sealants, and plastics. 

For further information on this analysis, visit Frost & Sullivan online.

"Governments, especially in Europe and North America, are aiming to encourage sustainable products 

and processes across various industries to reduce carbon dioxide emissions. This has been driven by various initiatives that include incentives, tax credits, and subsidies," said Soundarya Gowrishankar, visionary science industry analyst at Frost & Sullivan. "Europe is also making proactive efforts to move to sustainable material usage across various end markets that are extensively dependent on crude oil-based plastics, resulting in landfill issues." 

To position products competitively in the marketplace and convince customers of the sustainability of the product, Gowrishankar recommends participants undertake a complete bio-based product lifecycle analysis. Proprietary lifecycle analysis tools and models will also help in carving out an edge for companies in the marketplace.

Key highlights for success and growth include: 

• Implementing optimization strategies for sourcing raw material, streamlining production processes, and managing logistics and transportation of materials to address higher average price challenges 
• Strengthening technological competence to obtain stronger expertise in formulation and production activities that will help develop investor and consumer confidence 
• Bringing bio-based products on par with synthetic counterparts in terms of functionality, performance, price, and familiarity of production processes to accelerate adoption of bio-based materials 
• Increasing scale of production to substantially reduce average prices of bio-based products, thereby boosting customer adoption rates.

"Integration in the industry through partnerships and mergers and acquisitions will remain critical in establishing a seamless value chain, material availability, and technical capability in the marketplace," noted Gowrishankar. 

Growth Opportunities for Bio-based Chemicals and Materials in Europe and North America is part of Frost & Sullivan's Visionary Science Growth Partnership Service program.