According to the latest report by IMARC Group, titled “Bio-Based Platform Chemicals Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global bio-based platform chemicals market size reached US$
8.5 Billion in 2020. Bio-based platform chemicals refer to a group of twelve building block chemicals that are produced from sugar using biological conversions. They consist of molecules with different functional groups that can be potentially transformed into other high-value chemicals. Amino acid, carboxylic acid, butanediols, ethanol, short-chain olefin, polymers like alginate and xanthan gum, isoprene, propane, and industrial enzymes are some of the bio-based platform chemicals. They form an essential raw material for manufacturing other chemicals with superior functionalities.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Bio-based Platform Chemicals Market Trends:
The global bio-based platform chemicals market is primarily driven by growing concerns regarding environmental pollution and depleting fossil fuels. In line with this, governments of various nations have implemented stringent regulations to curb the use of conventional petroleum-based products that cause harmful effects on the environment. As a result, there has been an increased demand for bio-based platform chemicals for manufacturing bio-fertilizers, biocides, and chemical formulations that are biodegradable and eco-friendly in nature. Apart from this, bio-based platform chemicals are also utilized in the pharmaceutical and chemical industries. For instance, bio-itaconic acid (IA) is used to manufacture shampoos, detergents, and several pharmaceutical products as it can dissolve in various alcohols, such as ethanol, propanol and methanol. Besides this, manufacturers are conducting extensive research and development (R&D) activities to introduce new products using renewable feedstock. Looking forward, the market is expected to grow at a CAGR of 9.5% during 2021-2026.
- Based on the chemical, the market has been segmented into bio glycerol, bio glutamic acid, bio itaconic acid, bio-3-hydroxypropionic acid, bio succinic acid, and others.
- On the basis of the feedstock, the market has been classified into sugar, syngas, biogas, oil, and others.
- The market has been categorized based on the end use industry into polymers, solvents, fuels, pharmaceuticals, perfumes, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being BASF SE, Braskem S/A (Odebrecht), Cargill Incorporated, DuPont de Nemours Inc., Itaconix Corporation, Koninklijke DSM N.V., LyondellBasell Industries N.V., Novozymes A/S, PTT Global Chemical Public Company Limited and Yield10 Bioscience Inc.
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