Bio-based platform chemicals are derived by processing and breaking down bio-based materials, resulting in a diverse range of materials and chemicals with enhanced transformability and functionality. These chemicals serve as building blocks for the production of numerous other chemicals. The term "bio-based platform chemicals" refers to twelve essential chemicals obtained from sugar through biological conversions. Various molecules with different functional groups are present within this group, offering significant potential for their transformation into a wide array of valuable chemicals.
According to Data Bridge Market Research, the Bio-Based Platform Chemicals Market accounted for USD 14.42 million in 2021 and is expected to reach USD 38.61 million by 2029. The market is expected to grow with a CAGR of 13.10% in the forecast period of 2022 to 2029.
“Increasing application of bio-based polymers is boosting the market’s growth”
The increasing application of bio-based polymers drives the growth of the bio-based platform chemicals market. Bio-based polymers, derived from renewable sources such as biomass or plant-based materials, offer a sustainable alternative to conventional petroleum-based polymers. These bio-based polymers have extensive applications across various industries, including packaging, automotive, textiles, etc. The rising demand for eco-friendly and biodegradable materials, coupled with government regulations promoting sustainable practices, has fuelled the adoption of bio-based polymers. This, in turn, has led to the growth of the bio-based platform chemicals market.
What restraints the growth of the bio-based platform chemicals market?
“Fluctuating prices of materials”
The volatility in raw material prices is challenging the growth of the bio-based platform chemicals market. Fluctuations in the prices of biomass or plant-based materials used as feedstock for bio-based platform chemicals can create uncertainty and hinder market expansion. Price instability affects the cost-effectiveness and competitiveness of bio-based products, making it challenging for manufacturers to maintain consistent pricing and profit margins. Therefore, fluctuating prices of raw materials hinder the market’s growth.
Segmentation: Bio-Based Platform Chemicals Market
The bio-based platform chemicals market is segmented on the basis of source, product type, type, and application.
- On the basis of source, the bio-based platform chemicals market has been segmented into pentose sugar, xylose, arabinose, and others.
- On the basis of product type, the bio-based platform chemicals market has been segmented into pentanediol, ethanol, furfural, hydroxymethylfurfural, 2,5-furandicarboxylic acid, glycerol, isoprene, succinic acid, 3-hydroxypropionic acid/aldehyde, levulinic acid, lactic acid, sorbitol, xylitol, others.
- On the basis of type, the bio-based platform chemicals market has been segmented into sugar, syngas, biogas, oil, algae, and others.
- On the basis of application, the bio-based platform chemicals market has been segmented into polymers, fuels, solvents, perfumes, food and beverage, pharmaceutical, chemical, plastic, biofuel, research and development, others.
Regional Insights: Asia-Pacific dominates the bio-based platform chemicals market
Asia-Pacific dominates the bio-based platform chemicals market in terms of market share owing to the implementation of government policies aimed at environmental protection and the rapid expansion of the bio-based polymer industry. Additionally, the increasing adoption of bio-refinery concepts and the rising regulatory concerns regarding environmental pollution caused by hazardous chemicals are anticipated to further drive market growth.
North America is anticipated to be the fastest developing region during the forecast period of 2022-2029 due to advancements in renewable energies and the emergence of bio-based products. The innovation and development of renewable energy sources have created a favourable environment for producing and utilizing bio-based platform chemicals. This, coupled with the increasing availability and adoption of bio-based products, has further contributed to the growth of the market in the region.
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Recent Developments
- In June 2021, Cargill and Helm Company joined forces through a joint venture called Qore to establish a commercial-scale facility for producing 1,4-butanediol in the United States. With an investment of US$300 million, this collaboration aims to support leading brands transitioning from fossil-based chemistries to bio-based intermediates, enabling them to reduce their greenhouse gas emissions. The partnership will facilitate the production of 1,4-butanediol through sustainable methods, helping brands to achieve their sustainability goals while contributing to a greener and more environmentally friendly industry.
- In March 2021, OMV, a refining company headquartered in Austria, unveiled plans to build a pilot plant within its 200,000 b/d Schwechat refinery. The purpose of this plant is to produce advanced biofuels utilizing waste-based glycerol starting in 2023. The facility is expected to employ a catalyst to convert glycerol, a byproduct derived from biodiesel production, into approximately 1.23 million liters per year of propanol. Through utilizing this waste product, OMV aims to contribute to developing sustainable biofuels and promote a more environmentally friendly energy sector.
The Prominent Key Players Operating in the Bio-Based Platform Chemicals Market Include:
- Lyondell Basell Industries Holdings BV (Netherlands)
- BASF SE (Germany)
- Thermo Fisher Scientific (U.S.)
- Ultimate Chem India Pvt. Ltd (India)
- Alpha Chemika, (India)
- Haihang Industry (china)
- Ronas Chemicals (China)
- Merck KGaA (Germany)
- Alfa Aesar (U.S.)
- FUSO CHEMICAL CO., LTD. (China)
- FUJIFILM Wako Pure Chemical Corporation (Japan)
- Dupont (U.S.)
- Braskem (Brazil)
- KURARAY CO., LTD. (Japan)
- DAIKIN (Japan)
- Cargill Incorporated (U.S.)
- IP Group plc (U.K.)
- Novozymes (Denmark)
- Yield10 Bioscience Inc (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of bio-based platform chemicals market companies contact, https://www.databridgemarketresearch.com/ar/contact
Research Methodology: Global Bio-Based Platform Chemicals Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
