Wilmington, Delaware, United States, Jan. 23, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global bio-based platform chemicals market was projected to attain US$ 1.7 billion in 2022. It is anticipated to rise at an 11.9% CAGR from 2022 to 2031 and by 2031, the market is likely to attain US$ 5.3 billion by 2031.
Since bio-based platform chemicals dissolve in a variety of acids and alcohols, including lactic acid, ethanol, and succinic acid, they are utilized as organic compounds in the production of shampoos, detergents, and other medicinal goods. During the forecast period, the market is expected to be driven by an increase in the demand for these chemicals and a rise in the use of bio-based goods.
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Global Bio-based Platform Chemicals Market: Key Players
The majority of companies are making significant investments in thorough research and development projects, mostly with the goal of producing environmentally friendly goods.
Prominent players have used expansion of product portfolios and mergers and acquisitions as important tactics. The following companies are well-known participants in the global bio-based platform chemicals market:
- BASF SE
- ADM
- BioAmber Inc. (ARD)
- DuPont
- Cargill
- POET, LLC
- Roquette
- GFBiochemicals
- Yield10 Bioscience Inc (Metabolix)
- AVA Biochem AG
- Novozymes
- Braskem
- Pyran, Inc.
Key Findings of the Market Report
- Growing consumer awareness of eco-friendly products presents a significant potential for the market for bio-based platform chemicals.
- Companies in the industry are concentrating on research and development of more potent bio-based platform chemical variants.
- Currently, bio-based platform chemicals are found in a vast array of goods, such as medications and solvents.
- The growing demand for bio-based components in skin and sun care cosmetic products, together with consumers' increased health consciousness, present more commercial prospects in the bio-based platform chemicals market.
- To encourage the use of bio-based cosmetics, governments are launching programs and passing safety laws, rules, and regulations aimed at improving the quality of these products.
Market Trends For Bio-based Platform Chemicals
- The global bio-based platform chemicals market is divided into the following types: pentanediol, ethanol, furfural, hydroxymethylfurfural, 2,5-furandicarboxylic acid, glycerol, isoprene, succinic acid, 3-hydroxypropionic acid/aldehyde, levulinic acid, lactic acid, sorbitol, xylitol, and others.
- In 2021, the glycerol segment held a dominant share of over 18.0% in the global bio-based platform chemicals market. It is projected that the category would grow at a notable 13.8% CAGR over the course of the projection period. One of the most important platform chemicals is glycerol. Crude glycerol's composition changes depending on the parameters of the biodiesel synthesis process.
- Glycerol, methanol, water, soap, fatty acid methyl esters, glycerides, free fatty acids, and ash are usually present.
Global Market for Bio-based Platform Chemicals: Regional Outlook
- In 2021, Europe held a dominant position in the global bio-based platform chemicals market, with over 37% of the market share. The market in Europe is being driven by an increase in investments to support a green and circular economy. Since traditional sources are becoming less available, countries in the area are encouraging the use of bio-based chemicals. Initiatives to increase reliance on biological sources are thus anticipated to drive the market.
- Due to shifting environmental legislation and growing consumer desire for bio-based goods, the Asia Pacific market is anticipated to develop quickly during the projected decade. The industry is also being helped by China's increasing usage of bioplastics across a range of end-use sectors.
- The market in Latin America is expected to develop at a faster rate than the market in the Middle East and Africa during the forecast period, despite the fact that the Middle East and Africa is the bigger region for bio-based platform chemicals.
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Hey developments by the players in this market are:
- Cargill and Helm Company entered into a joint venture in June 2021 to construct a US$ 300 million commercial-scale 1,4-butanediol plant under the JV Qore. This facility will assist well-known brands in switching from fossil-based chemicals to bio-based intermediates, therefore lowering their greenhouse gas emissions.
- The Austrian refiner OMV stated in March 2021 that it will construct a pilot plant at its 200,000 b/d Schwechat refinery to start producing advanced biofuels in 2023 using glycerol derived from waste. The factory is anticipated to employ a catalyst to convert glycerol, a waste product or byproduct of the manufacturing of biodiesel, into 1.23 million liters of propanol annually.
Global Bio-based Platform Chemicals Market 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
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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