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.
Bio-Based Platform Chemicals Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Product Types (Bio Glycerol, Bio Glutamic Acid, Bio Itaconic Acid, Bio-3-Hydroxypropionic Acid, Bio Succinic Acid, and Other Product Types)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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.
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.
The global bio-based platform chemicals market has been segmented on the basis of
- Bio Glycerol
- Bio Glutamic Acid
- Bio Itaconic Acid
- Bio-3-Hydroxypropionic Acid
- Bio Succinic Acid
- Other Product Types
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- IP Group plc
- GFBiochemicals Ltd.
- GC Innovation America
- Cargill Incorporated
- Mitsubishi Chemical Corporation
- Ava Biochem BSL AG
- Lyondell Basell Industries Holdings B.V.
- BASF SE
- Lucite International
- Inneos LLC
- Alpha Chemika
- Dairen Chemical Corporation (DCC)
- PTT Global Chemical Public Company Limited
- Prinova Group LLC
- Yield10 Bioscience Inc.
- Zhejiang Guoguang Biochemistry Co.Ltd.
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.