The latest report published by IMARC Group, titled “Bio-based Platform Chemicals Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on bio-based platform chemicals market outlook. The report also includes competitor and regional analysis, and contemporary advancements in the global market.
The global bio-based platform chemicals market size reached US$ 16.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 26.7 Billion by 2028, exhibiting a growth rate (CAGR) of 8.8% during 2023-2028.
Bio-based platform chemicals are foundational chemicals derived from renewable biological resources, serving as essential building blocks for various industrial products. These chemicals are obtained from biomass sources, such as plants, algae, or agricultural waste, rather than traditional petroleum-based sources. The shift towards bio-based platform chemicals is driven by the increasing need for sustainable and environmentally friendly manufacturing processes. These chemicals typically include organic acids, alcohols, and sugars, which can be transformed into a wide array of chemicals and materials. These include bioplastics, biofuels, solvents, and ingredients for cosmetics, pharmaceuticals, and food products. Bio-based succinic acid is used in the production of polymers and resins, while bio-based ethanol finds use as a fuel and industrial solvent.
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Market Trends:
The increasing emphasis on reducing reliance on fossil fuels and minimizing carbon footprints is driving the global market. Bio-based platform chemicals, derived from renewable resources, including plants, offer a sustainable alternative to traditional petroleum-based chemicals, aligning with global efforts to combat climate change. Moreover, the growing demand for green chemicals in various industries, including plastics, pharmaceuticals, and cosmetics, is catalyzing the market. These industries are increasingly adopting bio-based chemicals to meet consumer demand for sustainable products and to comply with stringent environmental regulations. Bio-based chemicals are perceived as more environmentally friendly and sustainable, making them a preferred choice for companies aiming to enhance their green credentials. Besides, innovations in fermentation, enzymatic conversion, and bio-refining have improved the efficiency and cost-effectiveness of producing bio-based platform chemicals, making them more competitive with their petroleum-based counterparts.
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Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- BASF SE
- Braskem S/A (Odebrecht)
- Cargill Incorporated
- DuPont de Nemours Inc.
- Itaconix Corporation
- Koninklijke DSM N.V.
- LyondellBasell Industries N.V.
- Novozymes A/S
- PTT Global Chemical Public Company Limited
- Yield10 Bioscience Inc
Bio-based Platform Chemicals Market Segmentation:
Our report has categorized the market based on region, chemical, feedstock and end use industry.
Breakup by Chemical:
- Bio Glycerol
- Bio Glutamic Acid
- Bio Itaconic Acid
- Bio-3-Hydroxypropionic Acid
- Bio Succinic Acid
- Others
Breakup by Feedstock:
- Sugar
- Syngas
- Biogas
- Oil
- Others
Breakup by End Use Industry:
- Polymers
- Solvents
- Fuels
- Pharmaceuticals
- Perfumes
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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