Global Bio-based Platform Chemicals Market Overview
The latest analysis was conducted by Market Research Future (MRFR) on bio-based platform chemicals. As per their report, the Global bio-based platform chemicals market is expected to showcase a strong growth trajectory over the next few years. Bio-Based Platform Chemicals Market growth is anticipated to reach a 12.5% CAGR and gain USD 13,049.7 Million by 2027. Increasing awareness of the environment has propelled the adoption of sustainable materials. Such rising utilization of sustainable materials is a primary factor contributing to the ascension of the global bio-based platform chemicals market. Furthermore, bio-based platform chemicals have a vast scope for application in the manufacturing sector. Pharmaceutical solvents, as well as perfumes, contain bio-based platform chemicals, among other consumer products. A rising disposable income has led to higher demand for such products, which, in turn, is promoting a higher growth rate in the global bio-based platform chemicals market.
Governments have initiated various regulations curbing the use of petroleum-based chemicals, creating many growth avenues for the bio-based platform chemicals market. Further, the introduction of various policies in favor of eco-friendly products is contributing heavily to the ascension of the bio-based platform chemicals market. However, the capital and energy-intensive nature of bio-based platform chemicals have created many challenges for market vendors in the market.
Market Segmentation
The global bio-based chemicals market is analyzed in detail for different types of bio-based platform chemicals as well as their applications in different commodities and industries. The global bio-based platform chemicals have a vast range of application in the manufacturing of polymers, solvents, pharmaceuticals, fuels, and perfumes. The production of polymers in on the rise and is demanding the highest amount of bio-based platform chemicals over the forecast period. This booming consumption of bio-based platform chemicals in the manufacture of the polymer can be attributed to the fast depletion of fossil fuel-based chemicals. Further, strict regulations have been introduced by the government on fossil fuel-based chemicals, which have encouraged polymer manufacturers to shift towards the use of bio-based platform chemicals. The demand for bio-based platform chemicals, for the production of polymers, is expected to expand at 13.74% CAGR over the assessment period.
Different types of bio-based platform chemicals studied in the report include biogas, syngas oil, algae, and sugar. The demand for sugar attributes to more than 40% of the total consumption of bio-based platform chemicals. The use of sugar is expected to upscale at a fast rate over the review period. At the beginning of the assessment period, sugar sold worldwide was valued at USD 2174.7 million.
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Detailed Regional Analysis
The global bio-based platform chemicals market is studied for various regional segments of Asia Pacific, Latin America, North America, the Middle East Africa, and Europe. Among these segments, the APAC region is estimated to lead the global bio-based platform chemicals market. At the beginning of the review period, Asia Pacific held approximately 41% share of the global bio-based platform chemicals market. Asia Pacific is expected to witness a 13.79% CAGR over the forecast period. This can be attributed to the renewable feedstock and the introduction of favorable government regulations encouraging the adoption of bio-based platform chemicals. Further, research and development are highly supported by governments residing in the region to promote the use of bio-based platform chemicals. Europe and North America are expected to follow the APAC region and exhibit fast-paced growth in the bio-based platform chemicals market.
Key Players
Some distinguished market vendors are mentioned in the report by MRFR including BASF SE, Mitsubishi Chemical Corporation, Itaconix PLC, GC Innovation America, AVA Biochem AG, Zhejiang Guoguang Biochemistry Co. Ltd, Reverdia, BioAmber Inc., Qingdao Kehai Biochemistry Co. Ltd., Braskem, Cargill Incorporated, GFBiochemicals Ltd, Royal DSM NV, and LyondellBasell Industries NV.
Industry Update
July 2019: Genomatic recently acquired assets of REG Life Sciences to create more technological solutions to help brands and their suppliers meet the upscaling consumer demand through the incorporation of bio-based and renewable chemicals. Genomatic is a technology giant for bio-based chemicals.
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