Polymer Industry to Drive Most Demand for Bio-based Platform Chemicals, Accounting for Over 40% Market Share: Fact.MR Study
Published : 01 Sep 2021 Industry: Chemical & Materials
As per Fact.MR - a market research and competitive intelligence provider, the global bio-based platform chemicals market is anticipated to top US$ 23 Mn by 2031, progressing at a CAGR of 8% over the next ten years.
Depletion of fossil fuels and strict regulations associated with environmental pollution are key factors that are aiding the adoption of bio-based platform chemicals that are eco-friendly. Rapid growth of the green chemistry sector will also contribute to developments in the industry. Wide scope of applications, including agrochemicals, cosmetics, plastics, and chemical reactions, are likely to aid the growth of the market over the coming years.
Also, investments in research for biocatalysts and easy access to biomass feedstock are likely to positively impact production, allowing for better product quality without substantial changes to the composition of the end product.
Key Takeaways from Market Study
- Global bio-based platform chemicals market to top US$ 23 Mn by 2031.
- C-3 platform chemicals projected to reach around US$ 10 Mn by 2031.
- C-4 platform chemicals projected to record above 7% CAGR over next 10 years.
- North America is the most lucrative region and will generate over 50% of global revenue by 2031.
- Market in Australia expected to reach valuation of US$ 3 Mn by 2031.
- Market in Germany to record 6% CAGR over forecast period of 2021- 2031.
“Rising demand for bio-based platform chemicals from end-user industries and changes in consumer preference for eco-friendly products are key factors driving long-term growth of the market,” according to a Fact.MR analyst.
The global bio-based platform chemicals market is moderately consolidated in nature, and is characterized by market leaders holding a significant share in terms of volume and value. Leading players are focused on strategic collaborations with the aim of bolstering the scope of applications for bio-based platform chemicals, which will generate new revenue streams in the years to come.
- Arzeda announced the expansion of its protein design platform, aimed towards applications in the commercial deployment of designer enzymes in the food sector, for the development of sustainable, nutritional ingredients.
- Cargill and Virent Inc have joined hands to analyze the scope of applications for corn dextrose, to be used as a feedstock with the help of bio-forming technology for low-carbon bio-fuels and biochemicals.
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the bio-based platform chemicals market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031.
The study divulges essential insights on the market on the basis of type (C-3 platform chemicals (glycerol and 3-hydroxypropionic acid), C-4 platform chemicals (succinic acid, fumaric acid, malic acid, and aspartic acid), C-5 platform chemicals (levulinic acid, glutamic acid, itaconic acid, and xylitol), C-6 platform chemicals (sorbitol, glucaric acid, and 2,5-furan dicarboxylic acid)) and application (polymers, plastic formulatio, biofuel, cosmetics, paints & coatings, solvents, and pharmaceuticals), across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa).
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Consultant – Chemicals and Materials