The Bio-based Platform Chemicals Market is expected to reach US$ 35.3 billion by 2033, increasing at a CAGR of 7.2% between 2023 and 2033 from an anticipated US$ 17.6 billion in 2023.
Different chemicals and products with improved functionality and ability are produced using bio-based platform chemicals. The market is expanding due to rising demand for organic and sustainable products as well as rising usage of bio-based platform chemicals in the chemical, pharmaceutical, plastic, and other sectors.
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Competitive Landscape:
Market-leading players in the bio-based platform chemicals are focusing on long-term partnerships with raw material suppliers. Manufacturers are looking to increase their production capacity to meet the growing demand for bio-based platform chemicals.
- In 2020, Virent Inc. announced a collaboration with Cargill to analyze the use of Cargill’s corn dextrose for the development and production of low-carbon biofuels, and biochemical for jet fuel and gasoline.
Key Companies Profiled
- BioAmber
- Cargill
- BASF
- Mitsubishi Chemicals Corporation
- PTT Global Chemical Public
- DuPont Tate & Lyle Bio Products Company
- Braskem SA
- Evonik Industries AG
What are the Properties of Bio-Based Platform Chemicals Stimulating Market Growth?
Bio-based platform chemicals represents the group of building block chemicals that can be manufactured from sugar via the process of biological conversions. Some of the commonly used bio-based platform chemicals include bio glycerol, bio glutamic acid, bio itaconic acid, bio-3-hydroxypropionic acid and bio succinic acid.
Development of bio refineries has driven the evolution of bio-based chemicals as an alternative to petrochemicals. Such chemicals are produced from renewable resources either by chemical & enzymatic conversion or by fermentation, followed by product isolation and cleaning procedures.
These are manufactured using amino acids, carboxylic acids, isoprene, propane, short-chain olefins, butanediols and ethanol. These chemicals act as a crucial ingredient for manufacturing chemicals and materials with improved functionalities and are used in the production of adhesives, polymers, fibers, plastic packaging, resins and cleaning agents.
What is the Market Scenario for Bio-based Platform Chemicals in the U.S.?
The pharmaceutical industry in the US is the largest in the world. In 2022, the US pharmaceutical and healthcare market is predicted to reach a value of over $500 billion, maintaining its leadership in the world market. Over 20% of the world’s pharmaceutical output and close to 45% of the market are based in the US.
The US market for bio-based platforms is projected to have strong demand due to rising pharmaceutical industry usage of bio-based chemicals.
Additionally, the US government strictly regulates end-use sectors such those producing cosmetics, food, and drinks, and fertiliser to prevent harm to residents’ health.
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Segmentation of Bio-based Platform Chemicals Industry Research
- By Type :
- C-3 Platform Chemicals
- Glycerol
- Bio-3-Hydroxpropionic Acid
- C-4 platform Chemicals
- Succinic Acid
- Fumaric Acid
- Malic Acid
- Aspartic Acid
- C-5 platform Chemicals
- Levulinic Acid
- Glutamic Acid
- Itaconic Acid
- Xylitol
- C-6 platform Chemicals
- Sorbitol
- Glucaric Acid
- 2,5-Furan Dicarboxylic Acid
- C-3 Platform Chemicals
- By Application :
- Polymers
- Plastic Formulation
- Bio-Fuel
- Cosmetics
- Paint & coatings
- Solvents
- Pharmaceuticals
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA