Bio-based Platform Chemicals Market

Bio-based Platform Chemicals Market Size (2023-2028):

The bio-based platform chemicals market was valued at USD 8.27 billion in 2022 and is predicted to experience a CAGR of 12.2% between 2023 and 2028.

The depletion of fossil fuels is also predicted to support the 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 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 the 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.

Bio-based Platform Chemicals Market Trends:

The worldwide market for biobased platform chemicals has experienced significant development in recent years due to escalated calls in the face of an escalated call from industries, and escalating regulations 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.

BIO-BASED PLATFORM CHEMICALS MARKET REPORT COVERAGE:

Bio-based Platform Chemicals Market Drivers:

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 the call for raw materials. The companies focus on the development of innovative process technology for the production of bio-platform chemicals.

Bio-based Platform ChemicalsMarket Restraints:

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.

Opportunities in the Bio-based Platform Chemicals Market:

Fostering government reforms and attempts to sensitize consumers could help companies operating in the world wide bioplatform 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.

Challenges in the Bio-based Platform Chemicals Market:

The great popularity and entrenched fields of application of fossil fuel products continue to question market expansion prospects to some extent.

Market Segmentation:

Bio-based Platform Chemicals Market By Type:

• Sugar

• Biogas

• Oil

• Syngas

• Algae

• Others

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 the availability of abundant carbohydrates derived from lignocellulosic.

Bio-based Platform Chemicals Market By Application:

• Polymer

• Solvents

• Fuels

• Pharmaceuticals

• Perfumes

• Others

Bio-based Platform Chemicals Regional Analysis:

• North America 
• Europe 
• Asia Pacific
• Latin America 
• Middle East & Africa 

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 for employed 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 escalated call 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.

Recent Developments in the Bio-based Platform Chemicals Market:

• In response to the growing importance of bio-based renewable raw materials, manufacturers of biomass-derived chemicals have created a new industry group within the European Chemical Industry Council.
• Launch of a new tool to monitor bio-based materials in the chemical industry. Many chemicals can be made from fossil raw materials or bio-based raw materials such as vegetable oils or sugars, but it is difficult to check how well each has been employed.

Bio-based Platform Chemicals Market Key Players:

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.