As per a new market study by Fact.MR, the global bio-based platform chemicals market is expected to reflect healthy growth from 2020 to 2030. Bio-glycerol will account for higher demand, despite the threat of the COVID-19 pandemic, with the sector reflecting steady recovery towards 2021.
Bio-based platform chemicals largely find use in the pharma and agrochemicals sectors. While 2020 has been a negative year for the industry, analysts from Fact.MR anticipate very promising prospects for the duration of the assessment period, as far as the expansion of the bio-based platform chemicals market is concerned.
Bio-based Platform Chemicals Market Insights by Type
Itaconic acid, also known as methylene butanedioic acid or methylene succinic acid, 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 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 sustainable development are expected to boost demand through the forecast period, aiding growth of the bio-based platform chemicals market. One of the key factors holding back the use of itaconic acid is relatively higher costs as compared to other alternatives. Consequently, the material is primarily used in low volume applications.
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Bio-based Platform Chemicals Market Insights by Application
Polymer production is a major segment in terms of applications in the bio-based platform chemicals 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 the superabsorbent polymers industry for a large number of end-use offerings is a key factor driving the growth of the bio-based platform chemicals market. 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 aspartic acid, glucaric acid, succinic acid, and 3-hydropropionic acid. Higher demand for bio-based polymers in construction, automotive, and pharma sectors is expected to generate revenue for the bio-based platform chemicals market during the assessment period.
Regional Outlook of Bio-based Platform Chemicals Market
North America, led by the United States, is a leading region as far as bio-based platform chemicals market share is concerned. Innovations in the field of renewable energy and emergence of bio-based products have resulted in the growth of the industry in the region.
Also, easy access to bio-based feedstock is projected to create key growth opportunities for manufacturers in the region. Favorable policies by government bodies such as the USDA have boosted sales in the sector. The industry is also expected to reflect growth opportunities in Canada, owing to government initiatives and demand for bio-based products.
Europe is also a key market, supported by government policies under the Europe 2020 strategy towards sustainable growth of the economy. The Asia Pacific region has a displayed higher growth rate in the global bio-based platform chemicals market owing to recent regulations regarding environment protection and consumer awareness about bio-based offerings.
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COVID-19 Impact on Bio-based Platform Chemicals Market
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, decline of fossil fuel use during the crisis will create lucrative opportunities.
In the pharma 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 towards food security. These factors will influence market developments in the post pandemic era.
Bio-based Platform Chemicals Market: Competitive Landscape
- 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.
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The Analyst’s Viewpoint
“Growing use of bio-based polymers is estimated to drive market developments during the assessment years. Bio-based polymers are rapidly gaining prominence in the building and construction, consumer goods, and automotive, sectors, among others, influencing long-term development in the bio-based platform chemicals market.”
Bio-based Platform Chemicals Market – Scope of the Report
Fact.MR has recently published a market study on the bio-based platform chemicals market for the period of 2020 to 2030. The main objective of the study is to provide readers with insights on the market landscape, tech advancements, and demand influencers in the sector. The report also covers the dynamics in terms of diversifying sales and the prominence of the industry.
The report starts with an executive overview, including product definition. The report also provides details on the taxonomy, expanding on major segments. Also, the report covers key insights on market dynamics, including the drivers, restraints, opportunities, and trends, in addition to factors affecting revenue in the bio-based platform chemicals market.
Bio-based Platform Chemicals Market – Segmentation
Fact.MR’s research study assesses the global bio-based platform chemicals market in terms of application, type, and region. This report presents extensive market dynamics and trends associated with different segments of the market and their influence on the growth prospects of the global bio-based platform chemicals market.
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 from 2020 to 2030. The study analyzes crucial trends that are currently determining market growth. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders and emerging players associated with the manufacturing of bio-based platform chemicals. The study also provides the dynamics that are responsible for influencing the future status of the bio-based platform chemicals market over the forecast period.
A detailed assessment of the bio-based platform chemicals value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report. A list of prominent companies operating in the bio-based platform chemicals market, along with their product portfolios, enhances the reliability of this comprehensive research study.
Bio-based Platform Chemicals Market: Report Summary
The study offers a comprehensive analysis on diverse features, including demand, product developments, revenue generation, and sales in the bio-based platform chemicals market across the globe.
A comprehensive estimate on the bio-based platform chemicals market has been provided through an optimistic as well as a conservative scenario, taking into account sales during the forecast period. Price point comparison by region with global average price is also considered in the study.
Key Questions Answered in Fact.MR’s Bio-based Platform Chemicals Market Report
- Which regions will continue to remain the most profitable regional markets for bio-based platform chemicals market players?
- Which factors will induce a change in the demand for bio-based platform chemical during the assessment period?
- How will changing trends impact the bio-based platform chemicals market?
- How can market players capture the low-hanging opportunities in the bio-based platform chemicals market in developed regions?
- Which companies are leading the bio-based platform chemicals market?
- What are the winning strategies of stakeholders in the bio-based platform chemicals market to upscale their position in this landscape?
Bio-based Platform Chemicals Market: Inspected Assessment on Regional Segments
Key sections have been elaborated in the bio-based platform chemicals market 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 regional market, 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 for emerging countries has also been included in the report.
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 the bio-based platform chemicals market, and reach conclusions on the future growth parameters of the market. 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 bio-based platform chemicals 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 bio-based platform chemicals market report as a primary resource.
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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.
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