바이오케미컬 시장(2024-2031년)

Increasing Interest from Chemical, Biotech, Feedstock, and Traditional Energy Companies in Entering the Biomanufacturing Ecosystem is Driving Transformational Growth by Boosting Biochemical Production

This Frost & Sullivan analysis examines the biochemicals market and biorefineries across the world. The primary segmentation is by the different types of biochemicals produced in biorefineries using a wide range of processes and technologies.

The study explores the trends and dynamics in the biochemicals ecosystem, including feedstocks, processing technologies, enabling technologies, bio-based intermediates/platform chemicals, bio-based products, and end applications. The analysis assesses the competence of different types of feedstocks, including food/non-food competing feedstocks, agricultural/forest residues, industrial wastes, and municipal sewage waste (MSW). The study aims to uncover the level of integration, consolidation, partnerships, and mergers and acquisitions (M&A) trends in the biochemicals market in recent years. It also aims to identify the opportunities that biochemicals and biorefineries are creating for companies in the traditional chemical industry.

The analysis concludes by summarizing 9 growth opportunities for stakeholders across the value chain and around the biochemicals ecosystem. Opportunities are mapped for chemical companies, technology companies, and biorefineries in terms of demand for bio-based products, creative feedstocks, and biochemical processes.

Report Summary: Global Biochemicals Market

The global biochemicals market is undergoing accelerated transformation driven by the convergence of sustainability goals, feedstock circularity, and biomanufacturing innovation. Valued at USD 31.8 billion in 2024, the market is projected to reach USD 53.7 billion by 2031, growing at a CAGR of 7.8%. The surge in investment from chemical, biotech, feedstock, and traditional energy companies underscores a shift toward carbon-neutral chemical production and resilient bio-based value chains.

Key Market Insights:

• Increasing integration of biorefineries that co-produce biofuels and biochemicals.
• Growing adoption of waste-based feedstocks and circular bioeconomy models.
• Strategic partnerships among chemical and biotech firms accelerating innovation.
• Regulatory incentives and sustainability commitments driving new biomanufacturing capacity.
• Europe and North America lead in technological maturity, while Asia-Pacific exhibits fastest growth due to expanding regional biorefineries.

The biochemical ecosystem is rapidly diversifying-incorporating platform technologies for bio-based polymers, lubricants, coatings, and specialty chemicals. Biorefineries producing value-added intermediates such as lactic acid, succinic acid, and furfural are scaling up operations across key global regions. The market remains moderately consolidated, led by ADM, Corbion, NatureWorks, Avantium, and UPM, with emerging players like LanzaTech and Covation Biomaterials leveraging process innovation.

As sustainability and decarbonization become industrial imperatives, the biochemicals market is shifting from niche green solutions to mainstream manufacturing enablers. Stakeholders investing in feedstock valorization, enzyme optimization, and mass-balance integration are best positioned to capture the next growth wave in the global bioeconomy.

Market Overview: Global Biochemicals Market

The biochemicals market represents a cornerstone of the global transition toward sustainable and circular manufacturing. Biochemicals-produced through biological, chemical, or hybrid processes-are emerging as substitutes for fossil-based intermediates in multiple industries such as packaging, construction, personal care, textiles, and automotive.

Industry Transformation:

• The sector is evolving from traditional fossil feedstocks to agricultural residues, municipal solid waste, CO? streams, and algae, unlocking new circular pathways.
• Integration between chemical and biotech companies is reshaping the value chain, enabling scalable production of bio-based intermediates.
• A rising number of feedstock-agnostic technologies are allowing flexibility and cost efficiency amid resource variability.
• Companies are emphasizing Life Cycle Assessments (LCA) and Environmental Product Declarations (EPDs) to strengthen transparency and consumer trust.

Regional Trends:

• Europe continues to lead biomanufacturing adoption, supported by the EU Green Deal and Circular Economy Action Plan.
• North America is scaling investments through DOE and USDA funding, with strong industrial biotechnology ecosystems.
• Asia-Pacific is emerging as the fastest-growing market, driven by government bioeconomy programs in Japan, South Korea, and India.

End-Use Expansion:

High-margin adoption is concentrated in personal care, home care, and packaging, where consumers accept green premiums. In contrast, automotive and construction applications remain cost-sensitive and will scale as biochemicals achieve greater economies of scale.

The convergence of bio-based chemistry and industrial biotechnology is defining the next phase of growth. Bioethanol, bio-succinic acid, lactic acid, and FDCA are gaining traction as drop-in replacements for petrochemical equivalents. Global capacity expansions-particularly by Borregaard, Stora Enso, Chempolis, and LanzaTech-are expected to strengthen the market's maturity by 2030.

Scope of Analysis: Global Biochemicals Market

This study provides a comprehensive analysis of the global biochemicals market for the period 2024-2031, evaluating growth opportunities across feedstock sources, process technologies, and end-use industries.

Scope Coverage:

• Feedstock Types: Agricultural residues, industrial waste, municipal waste, CO?, and non-food biomass.
• Key Product Segments: Lactic acid, succinic acid, furfural, glycerol, bio-MEG, and FDCA.
• Process Technologies: Thermochemical, biochemical, and hybrid catalytic conversion processes.
• End-Use Industries: Packaging, automotive, personal care, construction, and textiles.
• Geographies: Americas, Europe, Asia-Pacific, and MEASA.

Exclusions:

Biofuel-only refineries are excluded from this study's scope. However, hybrid facilities that co-produce biofuels and biochemicals are analyzed where they contribute to chemical feedstock value.

Data and forecasts are supported by Frost & Sullivan's proprietary Growth Opportunity Analytics, combining primary interviews, financial benchmarking, and scenario modeling of feedstock economics, process yields, and carbon intensity metrics.

Revenue Forecast: Global Biochemicals Market

The global biochemicals market was valued at USD 31.8 billion in 2024 and is projected to reach USD 53.7 billion by 2031, reflecting a CAGR of 7.8%.

Regional Growth Outlook:

• Europe: 38% share, driven by circularity mandates.
• North America: 33% share, supported by DOE/USDA programs.
• Asia-Pacific: Fastest CAGR (10.2%) with increasing private investments and feedstock availability.

Revenue growth will be supported by government incentives, rising private capital inflows, and vertical integration among feedstock suppliers and biomanufacturers. By 2031, large-scale capacity expansions in biopolymers and bio-intermediates will significantly boost market output and cost competitiveness.

Segmentation Analysis: Global Biochemicals Market

By Product Type:

• Lactic Acid & PLA: Largest share, driven by high use in biodegradable plastics and coatings.
• Succinic & Levulinic Acid: Fastest-growing for automotive and industrial applications.
• Furfural & FDCA: Key intermediates for furanics and sustainable packaging materials.
• Bio-MEG & Glycerol: Integral to polymer, lubricant, and personal care formulations.

By Feedstock:

• Agricultural Residues & Forest Waste: 45% share; valued for scalability and availability.
• Industrial & Municipal Waste: 27% share; strong circularity potential.
• Algae/Seaweed & CO?: Emerging feedstocks under R&D development.

By Process Technology:

• Biological (Fermentation): 52% market share.
• Thermochemical Conversion: 29% share, with strong role in lignin valorization.
• Catalytic & Hybrid Methods: 19% share; high scalability and energy efficiency.

By End-Use Sector:

• Packaging: 30% share, propelled by regulations on plastics.
• Personal Care & Home Care: 24% share, supported by consumer-driven sustainability.
• Automotive & Construction: 18% combined; growth driven by green materials.

Growth Drivers: Global Biochemicals Market

• Corporate Sustainability Mandates: Large chemical and consumer goods firms aim for net-zero production, driving demand for bio-based alternatives.
• Government Incentives & Policy Push: The EU Green Deal and US Inflation Reduction Act are promoting green chemistry.
• Circular Feedstock Utilization: Valorization of waste from agriculture, forestry, and municipal systems enhances resource efficiency.
• Technological Innovation: Advancements in enzymatic conversion, microbial engineering, and catalytic processes improve yield and economics.
• Consumer Awareness: Preference for safer, eco-friendly products expands bio-based adoption in cosmetics and home care.
• Strategic Collaborations: Partnerships between biotech innovators and traditional chemical manufacturers accelerate market penetration.

Growth Restraints: Global Biochemicals Market

• Feedstock Supply Inconsistency: Variability in raw material quality and availability challenges scaling.
• High Production Costs: Biochemicals remain costlier than fossil-based alternatives, limiting competitiveness.
• Limited Economies of Scale: Biofuel-focused infrastructure currently overshadows biochemical production capacity.
• Regulatory Fragmentation: Lack of unified mandates and certification standards across regions slows expansion.
• Technology Commercialization Gaps: Pilot-stage technologies struggle to transition into full-scale manufacturing.
• Consumer Price Sensitivity: Adoption in cost-sensitive industries like automotive remains limited without subsidies or green incentives.

Competitive Landscape: Global Biochemicals Market

The biochemicals market is moderately consolidated, featuring a mix of large chemical corporations, biotechnology specialists, and emerging sustainability-driven startups.

Key Players:

• Cargill, ADM, Corbion, NatureWorks, and Avantium dominate production of lactic acid, succinic acid, and FDCA.
• UPM, Borregaard, and Stora Enso leverage forestry expertise for lignin valorization and cellulose-based intermediates.
• Neste integrates biochemicals within its renewable fuels business.
• LanzaTech leads in CO?-to-chemical conversion technologies.
• Covation Biomaterials and Genomatica pioneer high-value bio-intermediates.

Strategic Trends:

• Feedstock Integration: Direct collaboration between forestry and agricultural producers ensures supply stability.
• Licensing & Partnerships: Technology sharing among biotech innovators and large formulators accelerates commercialization.
• Regional Expansion: European and U.S. firms invest in APAC-based biorefineries for market proximity.
• Sustainability Branding: Companies promote transparent LCAs and certifications to combat greenwashing concerns.

Emerging Focus Areas:

• Lignin valorization for high-performance additives.
• CO2-based biochemical synthesis through microbial fermentation.
• Algae and seaweed bioproducts entering early commercialization.

By 2031, competitive differentiation will depend on feedstock flexibility, carbon efficiency, and strategic ecosystem partnerships-positioning biochemicals as a critical enabler of global industrial decarbonization.

Table of Contents

Research Scope

• Scope of Analysis
• Market Segmentation

Growth Environment: Transformation in the Biochemicals Market

• Why Is It Increasingly Difficult to Grow?
• The Strategic Imperative 8
• The Impact of the Top 3 Strategic Imperatives on the Biochemicals Industry

Ecosystem in the Biochemicals Market

• Market Overview and Introduction
• Snapshot of Research Coverage
• Biochemicals Ecosystem
• Value Chain
• Value Chain Analysis
• Market Integration
• Converging Biochemicals Ecosystem
• Companies Involved in the Biorefinery Ecosystem

Agenda

• Sources of Feedstock
• Feedstock Competence
• Feedstock Evaluation Based on Key Parameters
• Key Process Technologies
• Process Technologies
• Biochemical Production through Different Routes
• Process Technology Trends
• Capital Investments
• Who Operates Biorefineries?
• Bioproducts and End Applications
• Key Competitive Aspects in the Biochemicals Market
• Competitive Environment
• Biochemicals and Key Companies
• Case Study: Chempolis
• Case Study: Borregaard
• Case Study: Stora Enso
• Case Study: LanzaTech

Growth Generators in the Biochemicals Market

• Growth Metrics
• Growth Drivers
• Growth Restraints
• Growth Restraint Analysis
• Forecast Considerations
• Revenue Forecast
• Revenue Forecast by Segment
• Revenue Forecast Analysis
• Summary of Key Growth Opportunities
• Growth Opportunities Mapped to Various Stakeholders in the Biochemicals Ecosystem

Growth Opportunity Universe in the Biochemicals Market

• Growth Opportunity 1: Chemical Companies Strategically Repositioning Themselves as Biochemical Companies
• Growth Opportunity 2: Rising Demand for Process Chemicals in Bioprocessing Creating Strategic Market Opportunities
• Growth Opportunity 3: Manufacturing Bio-Based Products Driving a Surge in Specialized Additives Demand
• Growth Opportunity 4: Feedstock Companies Strategically Diversifying into Biochemical Manufacturing
• Growth Opportunity 5: Optimizing Municipal Solid Waste Collection, Sorting, and Distribution for Biochemical Feedstock Development
• Growth Opportunity 6: Industries Developing Additional Revenue Streams through Strategic Feedstock Supply
• Growth Opportunity 7: Lignin Valorization Creating Opportunities for Lignocellulosic Feedstock Processing Companies
• Growth Opportunity 8: Biotech Companies Positioning Themselves to Benefit from Biomanufacturing Convergence
• Growth Opportunity 9: Companies Focusing on R&D to Produce Higher-Value Products

Appendix & Next Steps

• Benefits and Impacts of Growth Opportunities
• Next Steps
• List of Exhibits
• Legal Disclaimer

Author: Soundarya Gowrishankar