Bio-based Platform Chemicals Market Outlook 2031
The global bio-based platform chemicals market was valued at US$ 1.7 Bn in 2021
It is estimated to advance at a CAGR of 11.9% from 2022 to 2031
The global bio-based platform chemicals market is expected to reach US$ 5.3 Bn by the end of 2031
Bio-based Platform Chemicals Market Introduction
Bio-based platform chemicals are produced by breaking down and processing bio-based materials. This method is used to produce a large number of chemicals and materials that have better functionality and the ability to be transformed into several other chemicals. Bio-based platform chemicals represent a group of twelve (one not commercialized yet) building block chemicals that can be produced from sugar via biological conversions. The group contains molecules with different functional groups, holding the potential to be converted into various other high-value chemicals.
Fumaric acid is an important specialty chemical with wide industrial applications, ranging from its use as feedstock for the synthesis of polymeric resins to acidulants in foods and pharmaceuticals. Itaconic acid is an unsaturated di-carbonic acid. It has a broad application spectrum in the industrial production of resins and is used as a building block for acrylic plastics, acrylate latexes, super-absorbents, and anti-scaling agents. Aspartic acid is an α-amino acid naturally produced by both plants and animals. Glutamic acid is a nonessential amino acid found in animal and plant proteins, which is primarily utilized and produced in the form of its sodium salt as monosodium glutamate (MSG). Both acids play important roles as general acids in enzyme active centers.
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Rise in Adoption of Blended Fuels Augmenting Global Bio-based Platform Chemicals Market
Growth in environmental concerns and increase in awareness regarding the use of renewable biological resources for industrial applications are contributing to the global demand for the bio-based platform chemicals market. Platform chemicals derived from plants are preferred over those derived from fossil fuels. These sustainable alternatives help reduce reliance on fossil feedstock for chemicals, materials, and fuel, as well as greenhouse gas emissions across production chains. Plant-based raw materials such as vegetable oil and starch have long been used in the chemical industry, but bio-based chemicals take renewable resources to a whole new level.
Globally, the transportation sector is the biggest emitter of greenhouse gases, majorly due to the usage of fossil fuels to power internal combustion engines. Countries all over the world are implementing stringent regulations to limit the emission of greenhouse gases. They are also mandating the utilization of gasoline blended with ethanol to lower emissions and reduce dependency on fossil fuels.
The Government of India and various oil marketing companies are aggressively promoting the blending of 10% ethanol in motor spirit to increase the blending percentage gradually to 20% by 2028. Global bio-gasoline consumption stood at 965 thousand barrels of oil equivalent per day, in 2016, which witnessed a significant increase till 2019 and a suffered a decline in 2020 due to the COVID-19 pandemic. Consumption is expected to recover once the effect of the pandemic subsides completely. Likewise, Canada is likely to release the final regulation for publication of its Clean Fuel Standard program in spring 2022. The Clean Fuel Standard program includes a nationwide goal of an average 15% ethanol blend by 2030. In March 2022, Brazil’s Ministry of Economy announced that it would waive its import tariff on ethanol, including other products, through the end of 2022 to alleviate inflationary pressures. This is expected to give a boost to ethanol blending in the country. Thus, increase in the adoption of blended fuels is expected to propel the global bio-based platform chemicals market during the forecast period.
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Growth in Demand for Clean Label Beauty Products and Rise in Health-Consciousness among Consumers
Bio-based platform chemicals are used as organic compounds in the manufacture of shampoos, detergents, and various pharmaceutical products, as these chemicals can dissolve in various acids and alcohols such as lactic acid, ethanol, and succinic acid.Rise in the demand for these chemicals and increase in the usage of bio-based products are projected to drive the market during the forecast period.
Increase in awareness about environment-friendly products is a major opportunity for the bio-based platform chemicals market. Companies in the market are focused on R&D of more effective varieties of bio-based platform chemicals. Currently, a huge range of products including solvents and pharmaceuticals contain bio-based platforms chemicals. Future business opportunities in the bio-based platform chemicals market also include rise in health consciousness among consumers and the subsequent increase in the demand for bio-based ingredients in skin and sun care cosmetic products. Governments are offering initiatives and enacting regulations, policies, and safety laws to enhance the quality of bio-based cosmetics in order to promote the use of bio-based cosmetics.
Rise in Adoption of Xylose in Food & Beverage Sector
In terms of source, the global bio-based platform chemicals market has been classified into pentose sugar, xylose, arabinose, and others. The xylose segment dominated the global bio-based platform chemicals market and held 36.9% share in 2021. The segment is estimated to advance at a notable CAGR of 12.9% during the forecast period. Xylose is a sugar isolated from wood. D-xylose is a sugar widely used as a diabetic sweetener in foods and beverages. Xylose is also used as a diagnostic agent to observe malabsorption.
Extensive Use of Glycerol Bio-based Platform Chemicals to Drive Market
Based on type, the global bio-based platform chemicals market has been segmented into pentanediol, ethanol, furfural, hydroxymethylfurfural, 2,5-furandicarboxylic acid, isoprene, succinic acid, 3-hydroxypropionic acid/aldehyde, levulinic acid, lactic acid, sorbitol, xylitol, and others.
The glycerol segment dominated the global bio-based platform chemicals market and held more than 18.0% share in 2021. The segment is estimated to advance at a prominent CAGR of 13.8% during the forecast period. Glycerol is considered one of the most significant platform chemicals. The composition of crude glycerol varies according to the characteristics of the biodiesel production process. It typically contains glycerol, methanol, water, soap, fatty acid methyl esters, glycerides, free fatty acids, and ash.
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Regional Outlook of Global Bio-based Platform Chemicals Market
In terms of volume, Europe led the global bio-based platform chemicals market and accounted for more than 37% share of the global market in 2021. Rise in investment to promote a green and circular economy is driving the market in Europe. Countries in the region are promoting the use of bio-based chemicals due to a decline in the availability of conventional sources. Thus, initiatives to boost the dependency on biological sources are expected to fuel the market.
The market in Asia Pacific is expected to grow at a rapid pace during the forecast period due to the rise in preference for bio-based products and changes in environmental policies. Increase in adoption of bioplastics in various end-use industries in China is also boosting the market. Middle East & Africa is the larger market for bio-based platform chemicals than Latin America; however, the market in Latin America is likely to advance at a higher growth rate as compared to the market in Middle East & Africa during the forecast period.
Analysis of Key Players in Global Bio-based Platform Chemicals Market
The global bio-based platform chemicals market is highly consolidated, with a small number of large-scale vendors are controlling majority of the share. Most companies are investing considerably in comprehensive research and development activities, primarily to create environment-friendly products. Expansion of product portfolios and mergers and acquisitions are key strategies adopted by prominent players. BASF SE, ADM, BioAmber Inc. (ARD), DuPont, Cargill, POET, LLC, Roquette, GFBiochemicals, Yield10 Bioscience Inc. (Metabolix), AVA Biochem AG, Novozymes, Braskem, and Pyran, Inc. are the key players operating in the bio-based platform chemicals market.
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