Global Bio-Based Platform Chemicals Market - Overview
Bio-based platform chemicals are eco-friendly and offer an unparalleled combination of properties compared to conventional chemicals. Over the past few years, the global bio-based platform chemicals market has been witnessing a growth. Conventional chemicals emit good degrees of volatile organic compounds (VOC) which are harmful to the environment. As a result, growing environmental concerns are driving the demand for bio-based platform chemicals, prompting the need for sustainable green solutions.
According to an eminent research firm - Market Research Future (MRFR), the global bio-based platform chemicals market was observed to have generated a value of USD 5017 MN, which would get appreciated at USD 13,049.7 MN by the end of 2027. In its recently published analysis, MRFR also asserts that the market would register a CAGR of 12.5% throughout the estimated period (2021 – 2027). The development of the capabilities in the chemical industries is estimated to promote the progress of the bio-based platform chemicals market more considerably in the near future. The transition away from fossil fuel use is estimated to encourage further development of the bio-based platform chemicals market in the forthcoming period. Bio-based polymers are driving huge market demand, witnessing their rising applications in consumer goods, construction, and automotive vehicles, among others. A considerable amount of bio-based platform chemicals is consumed by the bio-based polymers industry, consequently, boosting the market growth. Besides, wide applications of these chemicals in the manufacturing sector demonstrate massive market opportunities.
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Braskem, GFBiochemicals Ltd, Reverdia, GC Innovation America, Cargill, Incorporated, Mitsubishi Chemical Corporation, AVA Biochem AG, LyondellBasell Industries NV, Royal DSM NV,BASF SE, BioAmber Inc., Qingdao Kehai Biochemistry Co., Ltd, Itaconix PLC, Braskem, Reverdia,GC Innovation America, Cargill, Incorporated, AVA Biochem AG, Royal DSM NV,BASF SE.
Market Potential and Pitfalls
The bio-based platform chemicals market is likely to gain impetus in the coming years owing to an increased demand in applications like construction, consumer goods, and automotive vehicles. The increased use of fossil fuels has led to environment concerns across the world owing to the negative impact of the petroleum-based polymers. Strict mandates have been imposed in order to limit the carbon footprint, which is increasing the adoption of bio-based platform chemicals across the globe. The European Commission has set up the REACH initiative for Registration, Evaluation, Authorization, and Restriction of Chemicals. With the overall shift in consumer preference towards products which are environmentally safe coupled with the rising concern regarding the emission of carbon, the bio-based platform chemicals market is predicted to foster. The market is booming across the globe owing to their sustainability and low carbon footprint, when compared to other conventional polymers. The dependency on fossil fuels has reduced for the production of polymers which is widely used in a large number of applications, thereby fueling the demand for bio-based platform chemicals.
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.
On the contrary, bio-based chemicals are considered an expensive procedure which is energy and capital intensive. This is likely to impede the market growth in the coming years as petroleum-based chemicals are very cheap to produce. On a brighter note, with technological advancements, cost of production is likely to reduce in the long run.
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Bio-Based Platform Chemicals Market - Segments:
The global bio-based platform 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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Global Bio-Based Platform Chemicals Market -Regional Analysis
The Asia Pacific accounts for the largest region in the global bio-based platform chemicals market, possessing the largest market share. In 2017, the region was observed to have generated a value of USD 2,078.4 MN. The market is expected to generate a considerable revenue of USD 4,488.2 MN by 2023, owing to the augmenting demand in various applications such as polymers, fuels, solvents, and pharmaceuticals.
The region has been enticing foreign investors with the ample availability of renewable raw materials required for the production of these chemicals and supportive government policies in the region, which, as a result, is expected to be highly conducive for the growth of the APAC market.
Moreover, consistent growth in the population has been resulting in surging foreign crude imports, leading to encouraging the adoption of bio-based chemicals in an effort to reduce dependency. Heading with such developments, The APAC bio-based platform chemicals market would register a CAGR over 13.79% during the review period.
The European region takes the second lead in the global bio-based platform chemicals market. Progressive policies concerning to the reduction of carbon footprint and establishment of programs such as REACH are encouraging the regional market growth, increasing the demand for bio-based chemicals for the production of bio-fuels and bio-polymers, among others. European countries such as Spain, Russia, the UK, Italy, and Germany are prominent consumer markets due to the well-developed end-use industries and rising expenditure on innovation & research.
Industry/ Innovation /Related News:
September 05, 2019 ---- Lygos, Inc. (the US), a biotechnology company active in full-stack biological engineering platform focused sustainable, bio-based chemicals, announced the expansion of its technology platform capabilities. The company had recently commissioned automated equipment to assist its scientists and engineers in optimizing microbe performance.
This move has helped accelerate fermentation development and scale operations to meet the growing demand for sustainable bio-based specialty chemicals & ingredients. These investments are expected to create new organisms capable of producing products that are currently made from harmful petroleum processes or are otherwise limited in supply.
June 06, 2019 ---- Genomatica (the US), a technology leader for bio-based chemicals, announced the acquisition of certain assets of the REG Life Sciences division (REG LS) of Renewable Energy Group, Inc. (the US), the largest supplier of advanced biofuels in North America. The company intends to use these assets to develop a broader range of sustainable chemicals, which, are used to make several everyday materials and products.
The acquisition provides Genomatica with its third major product platform, allowing it to expand into the household and industrial cleaning products, and flavors & fragrances, further growing its ingredients for the apparel, packaging & personal care markets.
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