What are bio-based chemicals and enzymes?, Pg8

Key Highlights:

• Bio-based chemicals are industrial chemicals made from biological sources like sugarcane and corn.
• Enzymes are biological catalysts used across industries to reduce energy consumption.
• India's BioE3 policy prioritizes bio-based chemicals and enzymes.
• India imported approximately $479.8 million worth of acetic acid in 2023.

BioE3 Policy

Detailed Insights:

• India's large agricultural base and expertise in fermentation make it well-suited for scaling bio-based chemicals and enzymes, reducing import dependence on petrochemicals.
• Key Indian companies in this sector include Praj Industries, Godrej Industries, Godavari Biorefineries, Jubilant Ingrevia, and StringBio.
• The Indian enzymes market is dominated by players like Novozymes India, DuPont, and BASF SE, accounting for over 75% of the market share.
• Other countries support this sector through initiatives like the EU Bioeconomy Strategy, the USDA BioPreferred Program, and China's bioeconomy development plans.
• Risks include the higher cost of bio-based products, feedstock availability, infrastructure needs, and market adoption challenges.
• Scaling shared biomanufacturing infrastructure and establishing clear standards and procurement policies can build investor confidence.

Key Concepts Involved:

• Bio-based chemicals: Industrial chemicals produced from renewable biological sources.
• Enzymes: Biological catalysts that speed up chemical reactions in various industries.
• Petrochemicals: Chemicals derived from petroleum, often used as industrial inputs.
• Bioeconomy: Economic activities derived from bio-based products and resources.