ROCKVILLE, Md., March 10, 2022 (GLOBE NEWSWIRE) -- As per Fact.MR - a market research and competitive intelligence provider, the global bio-based platform chemicals market is anticipated to top US$ 23 Mn by 2031, progressing at a CAGR of 8% over the next ten years.
Depletion of fossil fuels and strict regulations associated with environmental pollution are key factors that are aiding the adoption of bio-based platform chemicals that are eco-friendly. Rapid growth of the green chemistry sector will also contribute to developments in the industry. Wide scope of applications, including agrochemicals, cosmetics, plastics, and chemical reactions, are likely to aid the growth of the market over the coming years.
Also, investments in research for biocatalysts and easy access to biomass feedstock are likely to positively impact production, allowing for better product quality without substantial changes to the composition of the end product.
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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.
Key Segments in Bio-Based Platform Chemicals Industry Research
Type
- C-3 Platform Chemicals
- Bio-based Glycerol
- Bio-3-Hydroxypropionic Acid
- C-4 Platform Chemicals
- Bio-based Succinic Acid
- Bio-based Fumaric Acid
- Bio-based Malic Acid
- Bio-based Aspartic Acid
- C-5 Platform Chemicals
- Bio-based Levulinic Acid
- Bio-based Glutamic Acid
- Bio-based Itaconic Acid
- Bio-based Xylitol
- C-6 Platform Chemicals
- Bio-based Sorbitol
- Bio-based Glucaric Acid
- Bio-based 2,5-Furan Dicarboxylic Acid
Application
- Bio-based Platform Chemicals for Polymers
- Bio-based Platform Chemicals for Plastic Formulation
- Bio-based Platform Chemicals for Bio-fuel
- Bio-based Platform Chemicals for Cosmetics
- Bio-based Platform Chemicals for Paints & Coatings
- Bio-based Platform Chemicals for Solvents
- Bio-based Platform Chemicals for Pharmaceuticals
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Competitive Landscape
Top bio-based platform chemical suppliers, succinic acid producers, glucaric acid suppliers, and bio itaconic acid suppliers are adopting various business strategies such as product launches, acquisitions, innovations, agreements, and expansions to sustain in this competitive market.
They are looking into latest trends of bio-based platform chemicals and bio-based succinic acid, and are involved in capacity expansions, plant turnaround, and mergers and acquisitions.
- In Nov 2020, the School of Forest Sciences partnered with EBU to provide students with a curriculum on bioeconomy studies, to widen the scope of expertise for professionals in the bio-based industry and research sector.
- Lygos Inc. announced a collaboration with Bioindustrial Manufacturing and Design Ecosystem (BioMADE), with the objective of innovation in terms of technologies in the bio-industrial manufacturing sector, improving prototyping, cutting down time requirements, and reducing commercialization costs for bio-based platform chemicals.
- In October 2020, Virent Inc. announced a collaboration with Cargill Inc. to analyze the use of Cargill’s corn dextrose for the development and production of drop-in, low-carbon biofuels, and biochemicals for applications such as jet fuel and gasoline.
Key Companies Profiled
- BioAmber, Inc.
- Cargill, Inc.
- BASF SE
- Mitsubishi Chemical Corporation
- PTT Global Chemical Public Co. Ltd.
- DuPont Tate & Lyle Bio Products Company LLC
- Braskem SA
- Evonik Industries AG
- DowDuPont, Inc.
- GFBiochemicals Ltd.
- Koninklijke DSM NV
- Myriant Corporation
- Novozymes A/S
- Prinova Group LLC.
- Yield10 Bioscience, Inc.
- Succinity GmbH
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Key Points Covered in Bio-Based Platform Chemicals Industry Survey:
- Market Estimates and Forecasts (2016-2031)
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Bio-based Feedstock
- Bio-based Platform Chemicals Market Growth to 2031
- Brand Share and Market Share Analysis
- Bio-based Platform Chemicals Market Size in 2021
- Key Product Innovations and Regulatory Climate
- Assessment by Product Grade / Purity / Formulation Standards
- Assessment of Import Price, Bulk Price, Contractual Price, Producer / Distributor Price
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