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
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.
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Attributes |
Details |
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Report Title |
Bio-Based Platform Chemicals Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2020 |
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Historic Data |
2016–2021 |
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Forecast Period |
2023–2031 |
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Segmentation |
Product Types (Bio Glycerol, Bio Glutamic Acid, Bio Itaconic Acid, Bio-3-Hydroxypropionic Acid, Bio Succinic Acid, and Other Product Types) |
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Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
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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.
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 (000’ 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