Global Bio-Based Platform Chemicals Market Size By Source, By Product Type, By Geographic Scope And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
Bio-Based Platform Chemicals Market Size And Forecast
Bio-Based Platform Chemicals Market size was valued at USD 15.54 Billion in 2023 and is projected to reach USD 21.35 Billion by 2030, growing at a CAGR of 6.1% during the forecast period 2024-2030.
Global Bio-Based Platform Chemicals Market Drivers
The market drivers for the Bio-Based Platform Chemicals Market can be influenced by various factors. These may include
Environmental Concerns The move toward bio-based chemicals made from renewable resources is being driven by growing knowledge of and concerns about environmental sustainability as well as the need to cut carbon emissions.
Government Policies and Regulations Strong laws encouraging the use of bio-based chemicals, together with financial aid and other incentives for their manufacture, are key factors in the market’s expansion.
Consumer Demand for Sustainable Products As consumers’ preferences for eco-friendly and sustainable products grow, producers in a variety of industries, including textiles, packaging, and cosmetics, are being forced to use bio-based platform chemicals.
Developments in Biotechnology The manufacturing of bio-based compounds is becoming more efficient and economical due to ongoing developments in biotechnology, enzymatic processes, and bioengineering.
Volatility in Petrochemical costs Because bio-based chemicals are relatively stable in price, they become an increasingly appealing alternative when crude oil and petrochemical costs fluctuate.
Investment and Partnerships Research and development programs, partnerships among important stakeholders, and large-scale investments are stimulating innovation and growing the market for bio-based platform chemicals.
Technological Developments By increasing productivity and yield, ongoing technological developments in the manufacturing processes—such as fermentation methods and genetically modified microorganisms—are propelling the industry.
Global Bio-Based Platform Chemicals Market Restraints
Several factors can act as restraints or challenges for the Bio-Based Platform Chemicals Market. These may include
Cost Competitiveness Because of increased production costs resulting from the use of raw materials, processing, and technological constraints, bio-based platform chemicals frequently find it difficult to compete with their petroleum-based counterparts.
Infrastructure Restrictions The current infrastructure is primarily designed to support petrochemicals, which makes it difficult to integrate and widely use bio-based chemicals across a range of businesses.
Regulatory Obstacles Strict laws that are occasionally unclear or inconsistent may make it more difficult to produce, distribute, and use bio-based platform chemicals. Complying with various laws and regulations in several places increases expenses and complicates matters.
Technical Challenges The cost-effectiveness and viability of large-scale manufacturing are impacted by technical challenges in bio-based chemical R&D, such as yield optimization, scalability, and continuous quality maintenance.
Uncertainty in the Supply Chain Variability in the availability of feedstock, which is impacted by weather and farming techniques, leads to uncertainty in the supply chain, which in turn affects the stability and dependability of the production of bio-based chemicals.
Customer Knowledge and Acceptance A lack of consumer knowledge on the uses and advantages of bio-based chemicals may have an impact on demand and market acceptance, which could affect opportunities for investment and growth.
Competitive Landscape Newer bio-based chemical businesses face challenges in gaining market share and competitiveness due to the dominance of traditional petrochemical corporations and their infrastructure, as well as the volume of production they offer.
Global Bio-Based Platform Chemicals Market Segmentation Analysis
The Global Bio-Based Platform Chemicals Market is Segmented on the basis of Source, Product Type, and Geography.
Bio-Based Platform Chemicals Market,By Source
Sugar (C6)This is the most popular source of glucose, fructose, and sucrose among other bio-based platform chemicals. These sugars can be fermented to provide lactic acid, succinic acid, and levulinic acid, among other compounds.
Starch (C6) Another popular source for bio-based platform chemicals is starch, which may be fermented to produce glucose or other sugars.
Bio-Based Platform Chemicals Market,By Product Type
C3 chemicals These substances include acrylic acid, 3-hydroxypropionic acid, and glycerol; all three contain three carbon atoms.
C4 chemicals Aspartic acid, fumaric acid, succinic acid, and malic acid are examples of compounds with four carbon atoms.
C5 chemicals Levulinic acid, glutamic acid, itaconic acid, and xylitol are examples of compounds with five carbon atoms.
C6 chemicals Sorbitol, glucaric acid, and 2,5-furan dicarboxylic acid are examples of compounds with six carbon atoms.
Bio-Based Platform Chemicals Market,By Geography
North America Market conditions and demand in the United States, Canada, and Mexico.
Europe Analysis of the Bio-Based Platform Chemicals Market in European countries.
Asia-Pacific Focusing on countries like China, India, Japan, South Korea, and others.
Middle East and Africa Examining market dynamics in the Middle East and African regions.
Latin America Covering market trends and developments in countries across Latin America.
Key Players
The major players in the Bio-Based Platform Chemicals Market are
BASF SE
Cargill, Incorporated
Archer Daniels Midland Company (ADM)
DuPont de Nemours, Inc.
Novozymes A/S
BioAmber Inc.
Braskem
Corbion N.V.
Myriant Corporation
Mitsubishi Chemical Corporation
Report Scope
REPORT ATTRIBUTES
DETAILS
Study Period
2020-2030
Base Year
2023
Forecast Period
2024-2030
Historical Period
2020-2022
Unit
Value (USD Billion)
Key Companies Profiled
BASF SE, Cargill, Incorporated, Archer Daniels Midland Company (ADM), DuPont de Nemours, Inc., Novozymes A/S, BioAmber Inc., Braskem, Corbion N.V., Myriant Corporation, Mitsubishi Chemical Corporation.
Segments Covered
By Source
By Product Type
By Geography
Customization scope
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