Market Research Future (MRFR) proclaims that the Global Bio-Based Platform Chemicals Market is predicted to garner USD 10,205.4 million, grabbing an impressive CAGR during the forecast period (2018-2023). The surging application of Bio-Based Platform Chemicals in consumer goods is likely to encourage the market globally. Bio-Based Platform Chemicals are referred to as compounds which consist of two to six carbons and are derived from renewable resources. They are widely used as important precursors in the production of a variety of materials and chemicals like perfumes, pharmaceuticals, fuels, solvents, and polymers. Several bioplastics like bio-polyethyleneteraphthalate, polylactic acid, polyhydroxyalkanoates, and bio-polyethylene are produced from Bio-Based Chemicals and are extensively used in crockery, cutlery, pots, straws, and bowls.
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April 09, 2019: A French biotech company, DEINOVE uses a disruptive approach in order to develop bio-based active ingredients and innovative antibiotics for nutrition and cosmetics, has recently announced that the company will benefit from the Institute Pasteur’s provision of biological resources for research of new antimicrobial agents.
The prominent players operating in the Bio-Based Platform Chemicals Market comprises AVA Biochem AG, LyondellBasell Industries NV, Qingdao Kehai Biochemistry Co. Ltd., Itaconix PLC, Mitsubishi Chemical Corporation, Royal DSM NV, Zhejiang Guoguang Biochemistry Co. Ltd, BioAmber Inc., GC Innovation America, GFBiochemicals Ltd, Cargill Incorporated, BASF SE, Braskem, and Reverdia.
Market Potential and Pitfalls:
The Bio-Based Platform Chemicals Market is likely to gain impetus in the coming years owing to an increased demand in applications like construction, consumer goods, and automotive vehicles. The increased use of fossil fuels has led to environment concerns across the world owing to the negative impact of the petroleum-based polymers. Strict mandates have been imposed in order to limit the carbon footprint, which is increasing the adoption of Bio-Based Platform Chemicals across the globe. The European Commission has set up the REACH initiative for Registration, Evaluation, Authorization, and Restriction of Chemicals. With the overall shift in consumer preference towards products which are environmentally safe coupled with the rising concern regarding the emission of carbon, the Bio-Based Platform Chemicals Market is predicted to foster. The market is booming across the globe owing to their sustainability and low carbon footprint, when compared to other conventional polymers. The dependency on fossil fuels has reduced for the production of polymers which is widely used in a large number of applications, thereby fueling the demand for Bio-Based Platform Chemicals.
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On the Contrary, Bio-Based Chemicals are considered an expensive procedure which is energy and capital intensive. This is likely to impede the market growth in the coming years as petroleum-based chemicals are very cheap to produce. On a brighter note, with technological advancements, cost of production is likely to reduce in the long run.
Global Bio-Based Platform Chemicals Market: Segmental Analysis
The Global Bio-Based Platform Chemicals Market has been segmented on the basis of Type and Application.
By Mode of Type, the Global Bio-Based Platform Chemicals Market has been segmented into oil, syngas, algae, biogas, sugar and others. Among these, the sugar segment commands the major share with 43% and is estimated to remain lucrative in the coming years due to the widespread availability of carbohydrates derived from lignocellulosic biomass.
By Mode of Application, the Global Bio-Based Platform Chemicals Market has been segmented into solvents, polymers, pharmaceuticals, fuels, perfumes and others. Among these, the polymer segment is considered remain highly attractive during the appraisal period. The growth is ascribed to the rapid depletion of the fossil fuel-based chemicals.
Geographically, Global Bio-Based Platform Chemicals Market span across regions namely, Europe, North America, Asia Pacific, Latin America, and the Middle East & Africa.
Considering the global scenario, the Asia Pacific region was valued at USD 2,078.4 million at 2017 and is anticipated to generate USD 4,488.2 million by the end of the forecast period. The growth is ascribed to the high availability of abundant renewable feedstock coupled with the government policies. The region has a large growing population which has further led to a surge in foreign crude imports, further encouraging the adoption of Biobased Chemicals in this region. Japan, India, and China are some of the most significant contributors in this region. The extensive R&D activities in biotechnology in China are likely to contribute to the expansion of the market. The region is estimated to expand at the highest CAGR of 13.79% in the coming years.
The European region is likely to occupy the second spot in the global market owing to the progressive policies associated with the reduction of carbon footprint. Moreover, the implementation of programs like REACH is further influencing the growth of the market in this region. Strict mandates in order to limit the carbon emissions are intensifying the demand for Bio-Based Chemicals for the production of bio-fuels.
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