Global Bio-Based Platform Chemicals Market - Overview
Bio-based platform chemicals are eco-friendly and offer an unparalleled combination of properties compared to conventional chemicals. Over the past few years, the global bio-based platform chemicals market has been witnessing a growth. Conventional chemicals emit good degrees of volatile organic compounds (VOC) which are harmful to the environment. As a result, growing environmental concerns are driving the demand for bio-based platform chemicals, prompting the need for sustainable green solutions.
According to an eminent research firm - Market Research Future (MRFR), the global bio-based platform chemicals market was observed to have generated a value of USD 5017 MN, which would get appreciated at USD 13,049.7 MN by the end of 2027. In its recently published analysis, MRFR also asserts that the market would register a CAGR of 12.5% throughout the estimated period (2021 – 2027). The development of the capabilities in the chemical industries is estimated to promote the progress of the bio-based platform chemicals market more considerably in the near future. The transition away from fossil fuel use is estimated to encourage further development of the bio-based platform chemicals market in the forthcoming period. Bio-based polymers are driving huge market demand, witnessing their rising applications in consumer goods, construction, and automotive vehicles, among others. A considerable amount of bio-based platform chemicals is consumed by the bio-based polymers industry, consequently, boosting the market growth. Besides, wide applications of these chemicals in the manufacturing sector demonstrate massive market opportunities.
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Braskem, GFBiochemicals Ltd, Reverdia, GC Innovation America, Cargill, Incorporated, Mitsubishi Chemical Corporation, AVA Biochem AG, LyondellBasell Industries NV, Royal DSM NV,BASF SE, BioAmber Inc., Qingdao Kehai Biochemistry Co., Ltd, Itaconix PLC, Braskem, Reverdia,GC Innovation America, Cargill, Incorporated, AVA Biochem AG, Royal DSM NV,BASF SE.
Market Potential and Pitfalls
The bio-based platform chemicals market is likely to gain impetus in the coming years owing to an increased demand in applications like construction, consumer goods, and automotive vehicles. The increased use of fossil fuels has led to environment concerns across the world owing to the negative impact of the petroleum-based polymers. Strict mandates have been imposed in order to limit the carbon footprint, which is increasing the adoption of bio-based platform chemicals across the globe. The European Commission has set up the REACH initiative for Registration, Evaluation, Authorization, and Restriction of Chemicals. With the overall shift in consumer preference towards products which are environmentally safe coupled with the rising concern regarding the emission of carbon, the bio-based platform chemicals market is predicted to foster. The market is booming across the globe owing to their sustainability and low carbon footprint, when compared to other conventional polymers. The dependency on fossil fuels has reduced for the production of polymers which is widely used in a large number of applications, thereby fueling the demand for bio-based platform chemicals.
Governments have initiated various regulations curbing the use of petroleum-based chemicals, creating many growth avenues for the bio-based platform chemicals market. Further, the introduction of various policies in favor of eco-friendly products is contributing heavily to the ascension of the bio-based platform chemicals market. However, the capital and energy-intensive nature of bio-based platform chemicals have created many challenges for market vendors in the market.
On the contrary, bio-based chemicals are considered an expensive procedure which is energy and capital intensive. This is likely to impede the market growth in the coming years as petroleum-based chemicals are very cheap to produce. On a brighter note, with technological advancements, cost of production is likely to reduce in the long run.
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Bio-Based Platform Chemicals Market - Segments:
The global bio-based platform chemicals industry is analyzed in detail for different types of bio-based platform chemicals as well as their applications in different commodities and industries. The global bio-based platform chemicals have a vast range of application in the manufacturing of polymers, solvents, pharmaceuticals, fuels, and perfumes. The production of polymers in on the rise and is demanding the highest amount of bio-based platform chemicals over the forecast period. This booming consumption of bio-based platform chemicals in the manufacture of the polymer can be attributed to the fast depletion of fossil fuel-based chemicals. Further, strict regulations have been introduced by the government on fossil fuel-based chemicals, which have encouraged polymer manufacturers to shift towards the use of bio-based platform chemicals. The demand for bio-based platform chemicals, for the production of polymers, is expected to expand at 13.74% CAGR over the assessment period.
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Global Bio-Based Platform Chemicals Market -Regional Analysis
The Asia Pacific accounts for the largest region in the global bio-based platform chemicals market, possessing the largest market share. In 2017, the region was observed to have generated a value of USD 2,078.4 MN. The market is expected to generate a considerable revenue of USD 4,488.2 MN by 2023, owing to the augmenting demand in various applications such as polymers, fuels, solvents, and pharmaceuticals.
The region has been enticing foreign investors with the ample availability of renewable raw materials required for the production of these chemicals and supportive government policies in the region, which, as a result, is expected to be highly conducive for the growth of the APAC market.
Industry/ Innovation /Related News:
September 05, 2019 ---- Lygos, Inc. (the US), a biotechnology company active in full-stack biological engineering platform focused sustainable, bio-based chemicals, announced the expansion of its technology platform capabilities. The company had recently commissioned automated equipment to assist its scientists and engineers in optimizing microbe performance.
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Bio-based Platform Chemicals market is segmented by Type, and by Application.
Players, stakeholders, and other participants in the global Bio-based Platform Chemicals market will be able to gain the upper hand as they use the report as a powerful resource.
The segmental analysis focuses on sales, revenue and forecast by Type and by Application for the period 2015-2026.Segment by Type, the Bio-based Platform Chemicals market is segmented into:Bio-1,4-DiacidBio-GycerolBio-Glutamic AcidBio-3-Hydroxypropionic AcidBio-Itaconic AcidDownload FREE Sample of this Report @ https://www.24chemicalresearch.com/download-sample/54086/global-biobased-platform-chemicals-2026-602Segment by Application, the Bio-based Platform Chemicals market is segmented into:AgricultureBio FuelsBio PlasticsFood ApplicationsIndustrial ChemicalsPharmaceuticalOthersRegional and Country-level Analysis:The Bio-based Platform Chemicals market is analysed and market size information is provided by regions (countries).The key regions covered in the Bio-based Platform Chemicals market report are North America, Europe, Asia Pacific, Latin America, Middle East and Africa.
It also covers key regions (countries), viz, U.S., Canada, Germany, France, U.K., Italy, Russia, China, Japan, South Korea, India, Australia, Taiwan, Indonesia, Thailand, Malaysia, Philippines, Vietnam, Mexico, Brazil, Turkey, Saudi Arabia, U.A.E, etc.The report includes country-wise and region-wise market size for the period 2015-2026.
It also includes market size and forecast by Type, and by Application segment in terms of sales and revenue for the period 2015-2026.Competitive Landscape and Bio-based Platform Chemicals Market Share Analysis:Bio-based Platform Chemicals market competitive landscape provides details and data information by players.
The report offers comprehensive analysis and accurate statistics on revenue by the player for the period 2015-2020.
Asia-Pacific held a dominant share in the global bio-based platform chemicals market in 2015, and is expected to maintain this position throughout the forecast period.Platform chemicals represent a group of twelve (one not commercialized yet) building block chemicals that can be produced from sugars via biological conversions.
Furthermore, rising adoption of bio-based chemicals in different industries such as personal care, pharmaceuticals, food & beverages including others are some of the key factors driving the market growth.
However, high production cost of bio-based chemicals is likely to hamper the market growth.Do Enquiry for Sample Report @ https://www.alliedmarketresearch.com/request-sample/1086C-3 chemicals (Glycerol and 3-hydroxypropionic acid) accounted for the highest consumption in 2015, owing to its unique property of getting converted into various other useful chemicals such as alcohols, acids and resins.
3-HP can be transformed into different high-value chemicals such as 1,3-propanediol, acrylic acid, methyl acrylate, acrylamide, malonic acid, ethyl 3-HP, propiolactone and acrylonitrile.
These high value chemicals are used in a variety of applications such as solvents, plastics & molding, fibers & resins, composites, adhesives, laminates, floor polishes, paints & coatings, aliphatic polyesters & copolyesters, wastewater treatment, gel electrophoresis, papermaking, ore processing, vitamins and disinfectants used to sterilize vaccines, tissue grafts, blood plasma, surgical instruments and enzymes.C-5 chemicals forms second most dominating group in bio-based chemicals market with glutamic acid as major contributor apart from levulinic acid, itaconic acid and xylitol.
I. du Pont de Nemours and CompanyPrinova LLC.Key Findings of Bio-Based Platform Chemicals MarketC-3 and C-5 platform chemicals, together, accounted for more than 89% of total bio-based platform chemicals consumption in 2015.LAMEA bio-based platform chemicals consumption is projected grow at the CAGR of 8.5% during analysis period.Asia-Pacific was the highest consumer of bio-based platform chemicals across the globe in 2015.Bio-medical industry application segment of glycerol (C-3 platform chemicals) is projected to grow at the CAGR of 25.2%.Out of total C-3 chemicals consumed, 3-hydroxypropionic acid accounted for more than 60% share in 2015.Fumaric acid accounted the largest share of the total C-4 platform chemicals.North America was the highest consumer of glutamic acid (C-5 platform chemical) in 2015 and is expected to maintain its lead through 2020.Similar Reports:Furfural MarketReinforcement Materials MarketMedical Polymers MarketFungicides MarketAbout Us:Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small & medium enterprises.
