The size of the worldwide bio-based platform chemicals market was valued at USD 8.27 billion in 2021 and is predicted to experience a CAGR of 12.2% between 2021 and 2026.
The depletion of fossil fuels is also predicted to support call for products during the foreseen period. While the use of petroleum chemicals is reduced due to government policies, biological chemicals are gaining market share by boosting production from renewable sources. Succinic acid is one of the main raw materials employed in the production of a number of important industrial chemicals.
Bio-based platform chemicals can be defined as the method of production of chemicals and materials produced by the decomposition and processing of bio-based materials. This method is employed to produce a series of chemicals and materials that have better functionality and have the ability to be converted into various other chemicals. Platform chemicals are a diverse group of chemicals that can be employed as building blocks to produce new bio-based chemicals. They represent a group of twelve building blocks that can be produced from sugar through organic conversions. Currently, the market for chemical rigs is dominated by petroleum products. Thus, the chemical refinery platform based on renewable raw materials is gaining importance in the chemical industry. Biorefinery is when more than one product can be produced through maximum use of the same raw material. Various platforms such as sugar, synthesis gas, algae, vegetable or vegetable oil, and biogas can be employed in the biorefinery.
The worldwide market for biobased platform chemicals has experienced significant development in recent years due to escalatedcall in the face of escalatedcall from industries, escalating regulation on the use of conventional chemicals derived from Petroleum. As the call for green products grows across all industries and companies focus on developing more efficient varieties of bio-based platform chemicals, the market is also predicted to grow at a quick rate in the next coming years.
The escalating application of bio-based polymers is predicted to drive the market for years to come. Bio-based polymers are widely employed in various applications such as consumer goods, building and construction, and automotive, among others. In addition, the presence of strict regulations regarding the use of petroleum-based chemicals is also predicted to contribute to the expansion of the bio-based platform chemicals market during the anticipated years. Furthermore, the availability of biomass feedstock is likely to have a positive impact on production. Strategic alliances with raw material processors, alliances with farmers for the supply of raw materials and various bio-based value chains are predicted to drive call for raw materials. The companies focus on the development of innovative process technology for the production of bio-platform chemicals.
The production of bio-based chemicals requires a large amount of capital and energy and requires technical know-how that is predicted to be a major brake on the expansion of the world market.
Fostering government reforms and attempts to sensitize consumers could help companies operating in the worldwidebioplatform chemicals market to gain ground. Biocatalysts play an essential role in accelerating the production of these chemicals. Manufacturers invest heavily in R&D activities to develop custom biocatalysts, which can meet specific producer requirements. These factors allow manufacturers to produce quality products without degrading or changing the composition of the product.
The great popularity and entrenched fields of application of fossil fuel products continue to question market expansion prospects to some extent.
By type, the sugar segment dominates the market, with a 43.6% market share and was valued at approximately USD 2.4 billion in 2020. The segment is predicted to maintain its dominant position during the evaluation period due to availability of abundant carbohydrates derived from lignocellulosics.
Asia-Pacific was the largest market in 2017; The regional market is predicted to remain dominant during the evaluation period, while the European market is predicted to be the second largest during the foreseen period. The Asia-Pacific region market accounted for the largest market share of 41.9% in 2018 due to rapid expansion in infrastructure development and favorable regulatory policies towards polymer manufacturing industries in the region. . The region's market is predicted to register a CAGR of more than 13.0% during the foreseen period. China had the largest market share by value in 2018 and is predicted to post a CAGR of around 15.5% over the foreseen period. Europe was the second regional market during the foreseen period.
Europe represented the second largest market share with more than 20%, followed by North America and Latin America. Europe offers enormous expansion potential for the bio-platform chemicals market and is predicted to record a CAGR of over 11.0% to reach approximately US $ 2 billion by 2025 due to the rapid consumption of the products. pharmaceuticals and the growing call for cosmetic products. The Asia-Pacific market is currently the largest contributor to worldwide market revenue, driven by growing concerns about the adverse effects of petroleum-based chemicals on the environment and the escalating number of regulatory reforms that require greater adoption of chemicals. In addition, strong manufacturing sector development prospects in countries such as India, China and Japan also complement the expansion prospects for bio-based platform chemicals in the regional market.
Markets in Europe and North America are also on a healthy expansion path and efforts are focemployed on expanding manufacturing facilities to supply higher volumes of these chemicals for a number of applications. In the Middle East, Africa and Latin America, the market is predicted to see a sharp increase in valuation over the next few years due to escalatedcall from major end-use industries. The Latin American market will be driven mainly by rising prices of raw materials necessary for the production of petroleum-based chemicals, more reforms, and escalated consumer awareness.
Few of the major competitors currently working in the bio-based platform chemicals market are Braskem, IP Group plc, GFBiochemicals Ltd., Reverdia, GC Innovation America, Cargill Incorporated, Mitsubishi Chemical Corporation, Ava Biochem BSL AG, LyondellBasell Industries Holdings B.V., Koninklijke DSM N.V., BASF SE, Lucite International, Inneos LLC, Alpha Chemika, DowDuPont, Dairen Chemical Corporation (DCC), PTT Global Chemical Public Company Limited, Novozymes, Prinova Group LLC, Yield10 Bioscience Inc., and Zhejiang Guoguang Biochemistry Co.Ltd.
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Bio-based Platform Chemicals Market, By Product Type
6.1.1 Bio Succinic Acid
6.1.2 Bio Glycerol
6.1.3 Bio Glutamic Acid
6.1.4 Bio Itaconic Acid
6.1.5 Bio 3-Hydroxypropionic Acid
6.1.6 Market Size Estimations & Forecasts (2019-2024)
6.1.7 Y-o-Y Growth Rate Analysis
6.1.8 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2018 - 2024)
7.2.1 By Country
7.2.2 By Product Type
7.2.3 By Region
7.3.1 By Country
126.96.36.199 Rest of Europe
7.3.2 By Product Type
7.3.3 By Region
7.4 Asia Pacific
7.4.1 By Country
188.8.131.52 South Korea
184.108.40.206 South East Asia
220.127.116.11 Australia & NZ
18.104.22.168 Rest of Asia-Pacific
7.4.2 By Product Type
7.4.3 By Region
7.5 Latin America
7.5.1 By Country
22.214.171.124 Rest of Latin America
7.5.2 By Product Type
7.5.3 By Region
7.6 Middle East and Africa
7.6.1 By Country
126.96.36.199 Middle East
7.6.2 By Product Type
7.6.3 By Region
8. Key Player Analysis
8.1 BASF SE
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Cargill, Incorparated
8.5 Succinity GmbH
8.7 PTT Global Chemical Public Limited
8.8 Myriant Corporation
8.9 Gevo, Inc.
8.10 Rennovial, Inc.
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures
Global Bio-based Platform Chemicals Market By Region, From 2022 - 2027 ( USD Billion )
Global Bio-based Platform Chemicals Market By Product Type, From 2022 - 2027 ( USD Billion )
Global Bio Succinic Acid Market By Region, From 2022 - 2027 ( USD Billion )
Global Bio Glycerol Market By Region, From 2022 - 2027 ( USD Billion )
Global Bio Glutamic Acid Market By Region, From 2022 - 2027 ( USD Billion )
Global Bio Itaconic Acid Market By Region, From 2022 - 2027 ( USD Billion )
Global Bio 3-Hydroxypropionic Acid Market By Region, From 2022 - 2027 ( USD Billion )
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