Bio Based Platform Chemicals Market Growth & Forecast [2031]

Segments - Bio-Based Platform Chemicals Market by Product Types (Bio Glycerol, Bio Glutamic Acid, Bio Itaconic Acid, Bio-3-Hydroxypropionic Acid, Bio Succinic Acid, and Other Product Types) and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 - 2031

Author : Riddhesh Dani

Fact-checked by : Harneet Meher

Editor : Shruti Bhat

Report Description

Bio-Based Platform Chemicals Market Outlook 2031:

The global bio-based platform chemicals market size was valued at USD 20.36 Billion in 2022 and is projected to reach USD 41.73 Billion by 2031, expanding at a CAGR of 8.3% during the forecast period 2023 - 2031. The growth of the market is attributed to the growing demand from the pharmaceutical sector.

Bioprocessing methods utilizing biomass may be used to make a wide range of compounds. Amino acids, carboxylic acids, isoprene, propane, short-chain olefins, butanediols, ethanol, vitamins, polymers like alginate and xanthan gum, and commercially viable industrial enzymes that are used as additives in products like washing powder are all examples of chemicals made through bioprocessing or with the help of biomass.

Bio-based platform chemicals are a class of compounds made from sugar using a biological conversion method. This class of compounds includes molecules with a wide range of functional groups that can be converted into a number of other high-value chemicals.

Bio-Based Platform Chemicals Market Trends, Drivers, Restraints, and Opportunities

Rising government limitations on traditional petroleum-based products are anticipated to boost market growth during the forecast period.
Market's expansion is anticipated to be hampered by a lack of raw materials and competition from oil-based platform chemicals.
Growing manufacturing and technical problems, as well as higher production costs due to a lack of raw materials, are among the primary issues acting as constraints for market growth.
Increasing customer preference for environmentally friendly goods, as well as technology advancements, are expected to create possibilities for market expansion.

Scope of the Bio-Based Platform Chemicals Market Report

The report on the global bio-based platform chemicals market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes	Details
Report Title	Bio-Based Platform Chemicals Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Base Year	2020
Historic Data	2016–2021
Forecast Period	2023–2031
Segmentation	Product Types (Bio Glycerol, Bio Glutamic Acid, Bio Itaconic Acid, Bio-3-Hydroxypropionic Acid, Bio Succinic Acid, and Other Product Types)
Regional Scope	Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Report Coverage	Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report	Braskem, IP Group plc, GFBiochemicals Ltd., Reverdia, GC Innovation America, Cargill Incorporated, Mitsubishi Chemical Corporation, Ava Biochem BSL AG, Lyondell Basell Industries Holdings B.V., DSM, BASF SE, Lucite International, Inneos LLC, Alpha Chemika, DuPont, Dairen Chemical Corporation (DCC), PTT Global Chemical Public Company Limited, Novozymes, Prinova Group LLC, Yield10 Bioscience Inc., and Zhejiang Guoguang Biochemistry Co.Ltd.

Bio-Based Platform Chemicals Market Segment Insights

Bio Itaconic Acid segment is projected to account for a major market share

In terms of product types, the bio-based platform chemicals market is segmented into bio glycerol, bio glutamic acid, bio itaconic acid, bio-3-hydroxy propionic acid, bio-succinic acid, and other product types. The bio itaconic acid segment is expected to account for a key share of the market during the forecast period owing to the increasing usage of superabsorbent polymers in a variety of end-user industries.

In the manufacture of highly absorbent polymers, bio-based itaconic acid is utilized instead of acrylic acid. During the forecast period, the demand for bio-based itaconic acid for the manufacturing of superabsorbent polymers is expected to rise due to the depletion of fossil fuels and the need for sustainable development.

Methylene succinic acid or methylene butane dioic acid are other names for itaconic acid (IA). It's an organic substance that's made through a fermentation process. It is also utilized as a substitute for petrochemical-derived products (such as acrylic acid) in the manufacturing of a variety of other compounds. IA is biodegradable and may dissolve in a variety of alcohols, including methanol, ethanol, and 2-propanol.

It's also used to make monoesters, such as monomethyl itaconate. It interacts with substituted pyrrolidines, which are used in shampoos, detergents, medicines, and other products. Itaconic acid and its derivatives have a wide range of uses in the chemical, textile, and agrochemical industries.

Bio-Based Platform Chemicals Market Product Type

North America is expected to dominate the market

On the basis of regions, the bio-based platform chemicals market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of North America is anticipated to expand at an impressive CAGR during the forecast period.

The regional market growth can be attributed to government laws encouraging the use of bio-based goods and ongoing research and innovation in the field of technological modification. Furthermore, strict laws governing petroleum-based platform chemicals, as well as the depletion of fossil fuel sources, present further development opportunities for the region's bio-based platform chemicals market.

In addition, end-user sectors in the nation, such as food and beverage, cosmetics, pharmaceuticals, and fertilizer, are rigorously controlled to minimize unwanted consequences.

Bio-Based Platform Chemicals Market Region

Segments

The global bio-based platform chemicals market has been segmented on the basis of

Product Types

Bio Glycerol
Bio Glutamic Acid
Bio Itaconic Acid
Bio-3-Hydroxypropionic Acid
Bio Succinic Acid
Other Product Types

Regions

Asia Pacific
North America
Latin America
Europe
Middle East & Africa

Key Players

Braskem
IP Group plc
GFBiochemicals Ltd.
Reverdia
GC Innovation America
Cargill Incorporated
Mitsubishi Chemical Corporation
Ava Biochem BSL AG
Lyondell Basell Industries Holdings B.V.
DSM
BASF SE
Lucite International
Inneos LLC
Alpha Chemika
DuPont
Dairen Chemical Corporation (DCC)
PTT Global Chemical Public Company Limited
Novozymes
Prinova Group LLC
Yield10 Bioscience Inc.
Zhejiang Guoguang Biochemistry Co.Ltd.

Competitive Landscape

Key players competing in the bio-based platform chemicals market include Braskem, IP Group plc, GFBiochemicals Ltd., Reverdia, GC Innovation America, Cargill Incorporated, Mitsubishi Chemical Corporation, Ava Biochem BSL AG, Lyondell Basell Industries Holdings B.V. ,DSM, BASF SE, Lucite International, Inneos LLC, Alpha Chemika, DuPont, Dairen Chemical Corporation (DCC), PTT Global Chemical Public Company Limited, Novozymes, Prinova Group LLC, Yield10 Bioscience Inc., and Zhejiang Guoguang Biochemistry Co.Ltd.

Bio-Based Platform Chemicals Market Key Players

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Bio-Based Platform Chemicals Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Bio-Based Platform Chemicals Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Bio-Based Platform Chemicals Market - Supply Chain
  4.5. Global Bio-Based Platform Chemicals Market Forecast
     4.5.1. Bio-Based Platform Chemicals Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Bio-Based Platform Chemicals Market Size (000â€™ Units) and Y-o-Y Growth
     4.5.3. Bio-Based Platform Chemicals Market Absolute $ Opportunity
5. Global Bio-Based Platform Chemicals Market Analysis and Forecast by Region
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Region
     5.2.2. Y-o-Y Growth Projections by Region
  5.3. Bio-Based Platform Chemicals Market Size and Volume Forecast by Region
     5.3.1. North America
     5.3.2. Latin America
     5.3.3. Europe
     5.3.4. Asia Pacific
     5.3.5. Middle East and Africa (MEA)
  5.4. Absolute $ Opportunity Assessment by Region
  5.5. Market Attractiveness/Growth Potential Analysis by Region
  5.6. Global Bio-Based Platform Chemicals Demand Share Forecast, 2019-2026
6. North America Bio-Based Platform Chemicals Market Analysis and Forecast
  6.1. Introduction
     6.1.1. Basis Point Share (BPS) Analysis by Country
     6.1.2. Y-o-Y Growth Projections by Country
  6.2. North America Bio-Based Platform Chemicals Market Size and Volume Forecast by Country
     6.2.1. U.S.
     6.2.2. Canada
  6.3. Absolute $ Opportunity Assessment by Country
  6.4. Market Attractiveness/Growth Potential Analysis
     6.4.1. By Country
     6.4.2. By Product Type
     6.4.3. By Application
  6.5. North America Bio-Based Platform Chemicals Demand Share Forecast, 2019-2026
7. Latin America Bio-Based Platform Chemicals Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
     7.1.3. Latin America Average Pricing Analysis
  7.2. Latin America Bio-Based Platform Chemicals Market Size and Volume Forecast by Country
      7.2.1. Brazil
      7.2.2. Mexico
      7.2.3. Rest of Latin America
   7.3. Absolute $ Opportunity Assessment by Country
  7.4. Market Attractiveness/Growth Potential Analysis
     7.4.1. By Country
     7.4.2. By Product Type
     7.4.3. By Application
  7.5. Latin America Bio-Based Platform Chemicals Demand Share Forecast, 2019-2026
8. Europe Bio-Based Platform Chemicals Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Europe Average Pricing Analysis
  8.2. Europe Bio-Based Platform Chemicals Market Size and Volume Forecast by Country
     8.2.1. Germany
     8.2.2. France
     8.2.3. Italy
     8.2.4. U.K.
     8.2.5. Spain
     8.2.6. Russia
     8.2.7. Rest of Europe
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. Market Attractiveness/Growth Potential Analysis
     8.4.1. By Country
     8.4.2. By Product Type
     8.4.3. By Application
  8.5. Europe Bio-Based Platform Chemicals Demand Share Forecast, 2019-2026
9. Asia Pacific Bio-Based Platform Chemicals Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Asia Pacific Average Pricing Analysis
  9.2. Asia Pacific Bio-Based Platform Chemicals Market Size and Volume Forecast by Country
     9.2.1. China
     9.2.2. Japan
     9.2.3. South Korea
     9.2.4. India
     9.2.5. Australia
     9.2.6. Rest of Asia Pacific (APAC)
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Market Attractiveness/Growth Potential Analysis
     9.4.1. By Country
     9.4.2. By Product Type
     9.4.3. By Application
  9.5. Asia Pacific Bio-Based Platform Chemicals Demand Share Forecast, 2019-2026
10. Middle East & Africa Bio-Based Platform Chemicals Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Middle East & Africa Average Pricing Analysis
  10.2. Middle East & Africa Bio-Based Platform Chemicals Market Size and Volume Forecast by Country
     10.2.1. Saudi Arabia
     10.2.2. South Africa
     10.2.3. UAE
     10.2.4. Rest of Middle East & Africa (MEA)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Market Attractiveness/Growth Potential Analysis
     10.4.1. By Country
     10.4.2. By Product Type
     10.4.3. By Application
  10.5. Middle East & Africa Bio-Based Platform Chemicals Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global Bio-Based Platform Chemicals Market: Market Share Analysis
  11.2. Bio-Based Platform Chemicals Distributors and Customers
  11.3. Bio-Based Platform Chemicals Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     11.4.1. Braskem
     11.4.2. IP Group plc
     11.4.3. GFBiochemicals Ltd.
     11.4.4. Reverdia
     11.4.5. GC Innovation America
     11.4.6. Cargill Incorporated
     11.4.7. Mitsub