Analysis of Bio-based Platform Chemicals market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
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.
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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.
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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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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.
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.
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.
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.
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.
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.
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.
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.
Market size value in 2020
USD 13 Million
Market forecast value in 2031
USD 23 Million
CAGR of 8% from 2021 to 2031
Historical Data Available for
Key Companies Profiled
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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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