- Massive utilization in manufacture of solvents and pharmaceuticals steering bio-based platform chemicals market growth; use in blended fuels for transportation sector presents incredible avenue
- Sizable R&D spending on customized biocatalysts to meet requirements of end-use industries to unlock new revenue streams; preference for bio-based and clean labelling products to spur growth prospects in Asia Pacific market
WILMINGTON, Del., Sept. 6, 2022 /PRNewswire/ -- A recent demand analysis of bio-based platform chemicals market underscores the growing awareness of renewable chemicals in various end-use industries. Incessant research in production processes pertaining to plant-based chemicals has generated massive impetus to fuel sales of bio-based platform chemicals market. The market is projected to advance at a CAGR of 11.9% during the forecast period of 2022-2031.
Rise in R&D spending on development of biocatalysts in bio-based platform chemicals market outlook. In this regard, the study authors observed that ease of availability of biomass feedstock has allowed firms to offer customized biocatalysts. Their adoption is broadening the canvas for businesses in key end-use industries particularly pharmaceuticals, plastics, food, and cosmetics. Emerging trends of the bio-based platform chemicals market underscores a rise in demand for specialty chemicals in pharmaceuticals industry.
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Key Findings of Bio-based Platform Chemicals Market Study
- Rising Use of Biodegradable and Environment-Friendly Chemicals to Bolster Revenue Growth: Emphasis of businesses across industries toward use of biodegradable and environmental-friendly chemicals and sustainable production methods is propelling the commercialization of products in bio-based platform chemicals market. Focus on reducing reliance of feedstocks in the manufacture of solvents is expanding the avenues for producers of bio-based platform chemicals.
- Massive Demand for Bio-Based Cosmetics Underpins Vast Revenue Prospects: Increasing trend of clean labelling products together with use of bio-based ingredients in the manufacture of personal care products is spurring the demand for bio-based chemicals in the cosmetics industry. Use of bio-based ingredients skin and sun care cosmetic products has unlocked value-grab opportunities for firms in bio-based platform chemicals market. The trend of utilization of plant-based raw materials is also gathering traction in the pharmaceutical and food industries. Of note, xylose is being extensively utilized in the food & beverages sector. The xylose segment is projected to expand at CAGR of 12.9% during the forecast period.
- Utilization of Glycerol Bio-based Platform Chemicals Provides Lucrative Opportunities: Glycerol has been estimated to be a highly lucrative segment in global bio-based platform chemicals market. It has gained popularity in biodiesel production process. Rising need for bio-based fuel for transportation industry has led to the use of bio-based platform chemicals in blended fuels particularly gasoline blended with ethanol.
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Bio-based Platform Chemicals Market: Key Drivers
- Rise in demand for versatile and environmentally friendly chemical is a key driver for the expansion of bio-based platform chemicals market. Advancements in production of bio-based platform chemicals are catalyzing the market evolution.
- Enormous applications of glycerol bio-based platform chemicals in multiple industries notably plastics and pharmaceuticals industries are accelerating the prospects of the market.
Bio-based Platform Chemicals Market: Regional Dynamics
- Europe held a major share of the global bio-based platform chemicals market in 2021, when estimated in terms of volume. Massive research in green chemistries and focus of industry stakeholders toward circular economy concepts have spurred the revenue growth of the market.
- The Asia Pacific bio-based platform chemicals market is projected to expand at rapid pace. Increasing trend for use of bio-based chemicals in various industries has propelled revenue generation in the regional market. Furthermore, widespread commercialization of bioplastics in China has created substantial revenues for players in the regional market.
Bio-based Platform Chemicals Market: Key Players
- Mergers and acquisitions and expansion of product portfolio are some of the key competitive strategies adopted by players in the global bio-based platform chemicals market.
- Some of the key companies are Pyran, Inc., Braskem, Novozymes, AVA Biochem AG, Yield10 Bioscience Inc., GFBiochemicals, Roquette, POET, LLC, Cargill, DuPont, BioAmber Inc. (ARD), and BASF SE.
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Segmentation
Source
- Pentose Sugar
- Xylose
- Arabinose
- Others
Type
- Pentanediol
- Ethanol
- Furfural
- Hydroxymethylfurfural
- 2,5-Furandicarboxylic Acid
- Glycerol
- Isoprene
- Succinic Acid
- 3-Hydroxypropionic Acid/Aldehyde
- Levulinic Acid
- Lactic Acid
- Sorbitol
- Xylitol
- Others
End-use
- Food & Beverage
- Pharmaceutical
- Chemical
- Plastic
- Biofuel
- Research & Development
- Others
Regions
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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