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 10,205.4 MN by the end of 2023. In its recently published analysis, MRFR also asserts that the market would register a CAGR of 12.67% throughout the estimated period (2018 – 2023). 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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Bio-Based Platform Chemicals Market - Segmentation
The report is segmented into three market dynamics to widen the scope of understanding,
By Type: Sugar, Syngas, Biogas, Oil, and Algae, among others.
By Application: Polymers, Fuels, Solvents, Pharmaceuticals, and Perfumes, among others.
By Regions: Europe, North America, APAC, and the Rest-of-the-World (RoW).
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 to produce 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 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 to produce biofuels and biopolymers, 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.
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Bio-Based Platform Chemicals Market - Competitive Analysis
Highly competitive, the Bio-Based Platform Chemicals Market appears to be fragmented due to the presence of many large and small key players. These players alongside, the new entrants churn the competition to gain a competitive advantage. They also incorporate strategic initiatives such as mergers & acquisitions, collaboration, expansion, and technology launch. Manufacturers strive to deliver the best quality, pure, and reliable products based on innovative technologies. They develop a proprietary portfolio of discrete high-quality products available in packaging ranging from small bottles to drum quantities. They also strive to develop the ability to customize the packaging with the requested specifications such as bulk packaging.
Players leading the Global Bio-Based Platform Chemicals Market include Braskem, BioAmber Inc., Qingdao Kehai Biochemistry Co. Ltd., Reverdia, Zhejiang Guoguang Biochemistry Co. Ltd, Cargill Incorporated, Royal DSM NV, AVA Biochem AG, Itaconix PLC, GC Innovation America, GFBiochemicals Ltd, Mitsubishi Chemical Corporation, BASF SE, and LyondellBasell Industries NV, among others.
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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