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Bio-based Platform Chemicals Market

Bio-based Platform Chemicals Market

Rising Demand for Environment-Friendly & Bio-Based Chemicals to Propel the Bio-based Platform Chemicals Market Growth during 2021-2031

Bio-based Platform Chemicals Market
FACT5366MR

Market Snapshot

According to Fact.MR’s latest industry analysis on bio-based platform chemicals, the global market was valued at US$ 13 Mn in 2020 and is expected to accelerate at a CAGR of 8% to top US$ 23 Mn by 2031. Demand for C-5 platform chemicals (levulinic acid, glutamic acid, itaconic acid, and xylitol) is projected to rise at a CAGR of 7% across the assessment period of 2021 to 2031.

Key Points Covered in Bio-Based Platform Chemicals Industry Survey:

  • Market Estimates and Forecasts (2016-2031)
  • Key Drivers and Restraints Shaping Market Growth
  • Segment-wise, Country-wise, and Region-wise Analysis
  • Competition Mapping and Benchmarking
  • Bio-based Feedstock
  • Bio-based Platform Chemicals Market Growth to 2031
  • Brand Share and Market Share Analysis
  • Bio-based Platform Chemicals Market Size in 2021
  • Key Product Innovations and Regulatory Climate
  • Assessment by Product Grade / Purity / Formulation Standards
  • Assessment of Import Price, Bulk Price, Contractual Price, Producer / Distributor Price
  • Certifications and Compliance Requirements
  • Trends of Bio-glycerol in 2021
  • Bio-based Glutamic Acid Market
  • COVID-19 Impact on Demand for Bio-Based Platform Chemicals and How to Navigate
  • Recommendation on Key Winning Strategies

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Bio-Based Platform Chemicals Consumption Analysis from 2016-2020 Vs Future Market Outlook for 2021-2031

As per Fact.MR - a market research and competitive intelligence provider, the global market for bio-based platform chemicals was valued at US$ 13 Mn in 2020.

Significant growth in the chemical and pharmaceutical industries represents one of the key factors creating a positive outlook for the market. Increasing consumption of bio-based C-3 platform chemicals, growing demand for environment-friendly & bio-based chemicals, and rising demand for bio-based levulinic acid & bio-based glucaric acid are also driving the market growth.

Additionally, various product innovations, such as the development of superabsorbent polymers (SAPs), are acting as other growth-inducing factors. SAPs exhibit superior water-absorbing capabilities and thus used for the production of diapers, adult incontinence pads, absorbent medical dressings, and controlled release drugs.

Implementation of favorable government policies promoting sustainable development, along with extensive R&D activities in the field of green chemistry, and increasing demand for C-6 platform chemicals and bio-based sorbitol are some of the major factors that are expected to drive the market at a CAGR of 8% from 2021 to 2031.

What are the Properties of Bio-Based Platform Chemicals Stimulating Market Growth?

Bio-based platform chemicals represents the group of building block chemicals that can be manufactured from sugar via the process of biological conversions. Some of the commonly used bio-based platform chemicals include bio glycerol, bio glutamic acid, bio itaconic acid, bio-3-hydroxypropionic acid and bio succinic acid.

Development of bio refineries has driven the evolution of bio-based chemicals as an alternative to petrochemicals. Such chemicals are produced from renewable resources either by chemical & enzymatic conversion or by fermentation, followed by product isolation and cleaning procedures.

These are manufactured using amino acids, carboxylic acids, isoprene, propane, short-chain olefins, butanediols and ethanol. These chemicals act as a crucial ingredient for manufacturing chemicals and materials with improved functionalities and are used in the production of adhesives, polymers, fibers, plastic packaging, resins and cleaning agents.

These superior properties will drive the expansion of the bio-based platform chemicals market over the coming years.

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What Restraints are being Encountered by Bio-Based Platform Chemical Manufacturers?

High cost of production for bio-based chemicals due to the shortage of raw materials as well as the surge in popularity along with the well-rooted application areas of fossil-fuel products may hamper the growth of the market.

Which Regional Market is the Most Lucrative for Suppliers of Bio-Based Platform Chemicals?

North America leads with more than 50% of the share in the global market for bio-based platform chemicals, owing to government regulations promoting the use of bio-based products, and continuous research and innovations in the field of technological modification.

Moreover, stringent regulations related to petroleum-based platform chemicals, and depletion of fossil fuel reserves further provides a growth opportunity for the market in the region.

In addition, end-user industries, such as food and beverage, cosmetics, pharmaceutical, and fertilizer industries, in the country are strictly regulated, to avoid negative effects on the health of citizens. In this regard, these industries are more likely to shift to bio-based raw materials when compared to petroleum-based raw materials.

Research and development of bio-based platform chemicals and exploration of their beneficial applications in such industries can lead to the mandate of the use of such bio-based platform chemicals in the region.

Rising demand for bio glutamic acid in Russia, growing adoption of the latest trends of bio-glycerol in the U.K, and the increasing sales of bio-3-hydroxypropionic acid in Japan also supplement the growth prospects of the bio-based platform chemicals in the global market.

bio based platform chemicals market by FactMR

An Adaptive Approach to Modern-day Research Needs

Country-wise Analysis

What is the Bio-Based Platform Chemicals Demand Outlook for the U.S.?

The U.S. bio-based platform chemicals market was valued at over US$ 4 Mn in 2020. Emergence of bio-based products and innovation in renewable energies have contributed to job creation, which is likely to drive the market in the U.S. Abundant availability of bio-based feedstock is projected to create ample growth opportunities for the market in this country.

Being a leader of industrial biotechnology, U.S. holds an important position in the market. Implementation of the Bio Preferred program by the United States Department of Agriculture (USDA) has fueled the sales of bio-based products, which, in turn, has propelled the product demand in the U.S.

Growing sales of bio-based aspartic acid, bio-glycerol, bio-based methylene succinic acid, bio succinic acid, and bio-based lactonic acid in the country is likely to drive the demand for bio-based platform chemicals over the coming years.

What are the Growth Opportunities for Bio-Based Platform Chemical Providers across China?

By 2031, China is expected to have a market worth roughly US$ 5 Mn. China has experienced growing product demand over the past few years owing to shifting consumer preferences toward bio-based products along with various government policies regarding environmental protection.

Rapidly expanding bio-based polymer industry coupled with increasing adoption of bio-refinery concepts and rising production of C4 platform chemicals & bio-based chemical building blocks is anticipated to drive the market growth in the country.

Category-wise Insights

Why is the Popularity of Bio-based Itaconic Acid Rising Rapidly?

Bio-based Itaconic acid, also known as bio-based methylene butanedioic acid or bio-based methylene succinic acid. It is an organic compound produced with fermentation. Also, it is widely used as a substitute for petroleum-based products in the chemical production sector. The material is soluble in alcohol, including ethanol, methanol, and propanol. Also, the product is largely biodegradable.

Further, the compound is used in the production of monoesters and is reactive to pyrrolidones alternatives, which are used in applications such as detergents, shampoo, and more. The derivatives of the chemical find roles in the chemical, pharmaceutical, and textile industries.

Bio-based itaconic acid is used as an alternative to acrylic acid, for the development and production of super absorbent polymer variants. The slump of fossil fuel consumption and demand for bio-based itaconic acid & bio-based methylene butanedioic acid is expected to boost the growth of the bio-based platform chemicals market.

Why are Bio-based Platform Chemicals Gaining Immense Popularity in the Polymer Industry?

Based on application, bio-based platform chemicals for the polymer industry accounted for a share of 40% in the market. Bio-based platform chemicals are key components for the production of polymers. These chemicals are more widely used in polymer manufacturing than other bio-based offerings.

Lignocellulosic polymers are extensively used in high-value applications, including filters, films, and fibers. Developments in the bioplastics sector are still fairly new. However, the segment is likely to grow strongly in the near future.

Widening scope of use in superabsorbent polymers for a large number of end-use offerings is a key factor driving the demand for bio succinic acid, growth of the bio glutamic acid sales and bio-3-hydroxypropionic acid demand.

Superabsorbent polymers allow for the absorption and retention of large liquid volumes for materials such as aqueous solutions. This makes such polymers ideal for use in products such as adult incontinence pads, baby nappies, controlled release drugs, and absorbent medical dressings.

Platform chemicals used for the production of polymers include C4 aspartic acid, C6 glucaric acid, succinic acid, and 3-hydropropionic acid. Higher demand for bio-based polymers in the construction, automotive, and pharmaceutical sectors is expected to generate revenue for the market during the assessment period.

How Has COVID-19 Impacted Demand for Bio-Based Platform Chemicals?

The coronavirus pandemic has had a major impact on the global economy and is having a moderately adverse effect on the bio-based platform chemicals market. Bio-based platform chemicals find roles in pharmaceuticals, agriculture, cosmetics, and more. While supply chain disruptions are likely to hurt short-term prospects, a decline of fossil fuel use during the crisis will create lucrative opportunities.

In the pharmaceutical sector, demand for bio-based platform chemicals is likely to remain high. Also, applications in the agrochemicals sector will gain traction, as governments continue to invest in food security. These factors will influence market developments in the post-pandemic era.

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Competitive Landscape

Top bio-based platform chemical suppliers, succinic acid producers, glucaric acid suppliers, and bio itaconic acid suppliers are adopting various business strategies such as product launches, acquisitions, innovations, agreements, and expansions to sustain in this competitive market.

They are looking into latest trends of bio-based platform chemicals and bio-based succinic acid, and are involved in capacity expansions, plant turnaround, and mergers and acquisitions.

  • In Nov 2020, the School of Forest Sciences partnered with EBU to provide students with a curriculum on bioeconomy studies, to widen the scope of expertise for professionals in the bio-based industry and research sector.
  • Lygos Inc. announced a collaboration with Bioindustrial Manufacturing and Design Ecosystem (BioMADE), with the objective of innovation in terms of technologies in the bio-industrial manufacturing sector, improving prototyping, cutting down time requirements, and reducing commercialization costs for bio-based platform chemicals.
  • In October 2020, Virent Inc. announced a collaboration with Cargill Inc. to analyze the use of Cargill’s corn dextrose for the development and production of drop-in, low-carbon biofuels, and biochemicals for applications such as jet fuel and gasoline.

Bio-Based Platform Chemicals Market Report Scope

Attribute

Details

Market size value in 2020

USD 13 Million

Market forecast value in 2031

USD 23 Million

Growth Rate

CAGR of 8% from 2021 to 2031

Forecast Period

2021-2031

Historical Data Available for

2016-2020

Market Analysis

US$ Mn for Value & ‘000 Units for Volume

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • MEA

Key Countries Covered

  • U.S.
  • Canada
  • Germany
  • U.K.
  • France
  • Spain
  • Italy
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • Australia
  • Brazil
  • Mexico
  • Argentina
  • GCC
  • South Africa

Key Market Segments Covered

  • Type
  • Application
  • Region

Key Companies Profiled

  • BioAmber, Inc.
  • Cargill, Inc.
  • BASF SE
  • Mitsubishi Chemical Corporation
  • PTT Global Chemical Public Co. Ltd.
  • DuPont Tate & Lyle Bio Products Company LLC
  • Braskem SA
  • Evonik Industries AG
  • DowDuPont, Inc.
  • GFBiochemicals Ltd.
  • Koninklijke DSM NV
  • Myriant Corporation
  • Novozymes A/S
  • Prinova Group LLC.
  • Yield10 Bioscience, Inc.
  • Succinity GmbH

Pricing

Available upon Request

Key Segments in Bio-Based Platform Chemicals Industry Research

  • Type

    • C-3 Platform Chemicals
      • Bio-based Glycerol
      • Bio-3-Hydroxypropionic Acid
    • C-4 Platform Chemicals
      • Bio-based Succinic Acid
      • Bio-based Fumaric Acid
      • Bio-based Malic Acid
      • Bio-based Aspartic Acid
    • C-5 Platform Chemicals
      • Bio-based Levulinic Acid
      • Bio-based Glutamic Acid
      • Bio-based Itaconic Acid
      • Bio-based Xylitol
    • C-6 Platform Chemicals
      • Bio-based Sorbitol
      • Bio-based Glucaric Acid
      • Bio-based 2,5-Furan Dicarboxylic Acid
  • Application

    • Bio-based Platform Chemicals for Polymers
    • Bio-based Platform Chemicals for Plastic Formulation
    • Bio-based Platform Chemicals for Bio-fuel
    • Bio-based Platform Chemicals for Cosmetics
    • Bio-based Platform Chemicals for Paints & Coatings
    • Bio-based Platform Chemicals for Solvents
    • Bio-based Platform Chemicals for Pharmaceuticals

Bio-based Platform Chemicals Market: Report Scope

A recent study by Fact.MR on the bio-based platform chemicals market offers a 10-year forecast for 2021 to 2031. The study analyzes crucial trends that are currently determining the growth of the market. This report explicates recent market developments, strategic market growth analysis, market size, category market growths, product approvals, product launches, geographical expansions, and technological innovations associated with bio-based platform chemicals market!

The study also provides the dynamics responsible for influencing the future status of the bio-based platform chemicals market over the forecast period. A detailed assessment of value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report.

A list of prominent companies manufacturing bio-based platform chemicals, along with their product portfolios, enhances the reliability of this comprehensive research study.

Report Summary

The study offers comprehensive analysis on diverse features, including production capacities, demand, product developments, revenue generation, and sales of bio-based platform chemicals across the globe.

A comprehensive estimate on the market has been provided through an optimistic as well as a conservative scenario, taking into account the sales of bio-based platform chemicals during the forecast period. Price point comparison by region with global average price is also considered in the study.

Key Questions Answered in Report

  • Which are the most lucrative markets for bio-based platform chemicals?
  • Which factors will impact the growth of the market?
  • How will changing trends impact the strategies of market players?
  • How can market players capture the low-hanging opportunities across regions?
  • Which companies are leading the bio-based platform chemicals industry?
  • What are the winning strategies of stakeholders in the market?

Analysis on Market Size Evaluation

The market has been analyzed for each segment in terms of volume (‘000 Units) and value (US$ Mn).

Market estimates at global and regional levels for bio-based platform chemicals are available in terms of “US$ Mn” for value and in “‘000 Units” for volume. A Y-o-Y growth contrast on prominent market segments, along with market attractiveness evaluation, has been incorporated in the report. Furthermore, absolute dollar opportunity analysis of all the segments adds prominence to the report. Absolute dollar opportunity plays a crucial role in assessing the level of opportunity that a manufacturer/distributor can look to achieve, along with identifying potential resources, considering the sales and distribution perspective in the global bio-based platform chemicals market.

Inspected Assessment on Regional Segments

Key sections have been elaborated in the report, which have helped deliver projections on regional markets. These chapters include regional macros (political, economic, and business environment outlook), which are expected to have a momentous influence on the growth of the bio-based platform chemicals market during the forecast period.

Country-specific valuation on demand for bio-based platform chemicals has been offered for each region, along with market scope estimates and forecasts, price index, and impact analysis of the dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.

Detailed breakup in terms of value and volume for emerging countries has also been included in the report.

Competition Analysis

The report sheds light on leading manufacturers of bio-based platform chemicals, along with their detailed profiles. Essential and up-to-date data related to market performers who are principally engaged in offering bio-based platform chemicals has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permits report readers to take preemptive steps in advancing their businesses.

Company profiles have been included in the report, which include essentials such as product portfolios and key strategies, along with all-inclusive SWOT analysis on each player. Company presence is mapped and presented through a matrix for all the prominent players, thus providing readers with actionable insights, which helps in thoughtfully presenting the market status, and predicting the competition level in the bio-based platform chemicals market.

Research Methodology

In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of bio-based platform chemicals market, and reach conclusions on the future growth parameters. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the drawn conclusions.

Secondary resources referred to by analysts during the preparation of the market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of the research report as a primary resource.

- FAQs -

The global bio-based platform chemicals market is currently worth more than US$ 13 Mn.

From 2016-2020, sales of bio-based platform chemicals registered a CAGR of 4%.

Major factors driving market growth are rising demand from the pharmaceutical industry and stringent government regulations regarding conventional petroleum-based products.

BioAmber, Inc., Cargill, Inc., BASF SE, Mitsubishi Chemical Corporation, and PTT Global Chemical Public Co. Ltd. are key suppliers of bio-based platform chemicals, as per ratings on the basis of market share, market reach, clientele, etc.

North America, with 50% global market share, will largely contribute to the growth of bio-based platform chemicals revenue.

The polymer industry continues to be the highest revenue-generating segment of bio-based platform chemicals, accounting for 40% of global revenue.

The U.S., China, U.K, Russia, and Japan are expected to drive most of the demand for bio-based platform chemicals.

Sales of bio-based platform chemicals are set to register moderate growth in Germany at a CAGR of 6%.

Bio-based itaconic acid sales in Canada are forecasted to US$ 3 Mn by 2031.

The global market is expected to reach a value of above US$ 23 Mn by the end of 2031, with sales revenue expected to register a high CAGR of around 8%.

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Is the market research conducted by Fact.MR?

Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.

What research methodology is followed by Fact.MR?

Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.

What are the sources of secondary research?

Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.

Who are the respondents for primary research?

Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.

Is a sample of this report available for evaluation?

Yes, you can request a sample, and it will be sent to you through an email.