Description
Global Bio-Based Platform Chemicals Market Overview
According to CRI, the global bio-based platform chemicals market is expected to grow significantly during the forecast period. Based on product type, the global bio-based platform chemicals market has been segmented into sugar, syngas, biogas, oil, algae, others.
Bio-based platform chemicals represent a group of twelve building block chemicals which are derived from natural origin or biomass such as trees, plants, and animals.
They can be produced from sugar via biological conversions and are important precursors for producing a variety of chemicals and materials such as perfumes, fuels, polymers, and pharmaceuticals among others. Different bioplastics such as polylactic acid, bio-polyethyleneteraphthalate, bio-polyethylene, and polyhydroxyalkanoates are produced from bio-based chemicals, which are largely used in cutlery, crockery, straws, pots, and bowls.
According to CRI, the global bio-based platform chemicals market is expected to grow significantly during the forecast period. Based on product type, the global bio-based platform chemicals market has been segmented into sugar, syngas, biogas, oil, algae, others.
The sugar segment dominated the market in 2017 and is expected to reach USD 4,635.2 million during the review period owing to the surging demand for bio-based sugar in Asia-Pacific and Europe. Sugar segment is projected to grow at the highest CAGR of 13.55% during the forecast period with a valuation of USD 2,174.7 million in 2017.
Furthermore, the syngas segment is projected to grow at a remarkable CAGR of 12.79% during the assessment period. On the basis of application, the global bio-based platform chemicals market has been categorized into polymers, fuels, solvents, pharmaceuticals, perfumes, and others.
Polymers segment accounted for the largest market share in 2017 and is projected to grow at the highest CAGR of 13.74% in the coming years. Bio-based polymers have diverse applications in various end-use industries, such as building and construction, automotive, and consumer goods.
Furthermore, stringent regulations on the usage of petroleum-based chemicals are projected to drive the bio-based chemicals market in the following years. Growing concerns on eco-friendly bio-based chemicals have shifted consumers preference towards bio-based platform chemicals which provides lucrative opportunities to the market players.
Surging demand for bio-based chemicals from emerging economies, such as Russia, Italy, Spain, and Latin American countries further provides opportunities to the market players.
However, high manufacturing costs of the product and raw material shortage hamper the global bio-based platform chemicals market growth.
the global market is expected to reach USD 10,205.4 million by 2023 and is projected to grow at a robust CAGR of 12.67% during the forecast period.
Regional Analysis
The global bio-based platform chemicals market has been analyzed across five key regions, including North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
The Asia-Pacific market is projected to account for the largest share in 2017 and is expected to grow at the highest CAGR of 13.79%, during the forecast period, due to the highest production and consumption of the products in the region.
Easy availability of feedstock, adoption of bio-based products, government support, increasing awareness about green chemicals, and business sustainability programs are the major factors driving the regional market growth. China dominated the market in 2017 and was valued at USD 530.5 million with an encouraging CAGR of 15.76% during the assessment period.
The European market accounted for the second-largest share due to the government support for bio-based chemicals, technological developments, and increasing development of value chains with bio-based raw materials. Germany was the leading country in the region in 2017 and is expected to grow at a healthy CAGR of 12.98%.
The North American market accounted for a significant market share and is expected to grow at a substantial CAGR of 11.75% in the coming years due to consumer shift towards bio-based products, low-cost and easy availability of feedstock, and government policies.
The US was the leading country in the region and was valued at USD 534.6 million and is projected to grow at a remarkable CAGR during the review period.
The Latin American market accounted for moderate market share and is anticipated to grow at a steady CAGR in the following years owing to large production in Brazil. The Middle East & Africa is projected to grow at a high CAGR of 13.18% during the forecast period.
Segmentation
The global bio-based platform chemicals market has been segmented on the basis of product type, application, and region.
Based on product type, the global bio-based platform chemicals market has been classified into sugar, syngas, biogas, oil, algae, and others.
By application, the global bio-based platform chemicals market has been categorized into polymers, fuels, solvents, pharmaceuticals, perfumes, and others.
The global bio-based platform chemicals market has been studied across five key regions, namely, North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Key Players
Braskem (Brazil), BioAmber Inc (US), Qingdao Kehai Biochemistry Co., Ltd (China), Itaconix PLC (UK), Zhejiang Guoguang Biochemistry Co., Ltd (China), GFBiochemicals Ltd (The Netherlands), Reverdia (The Netherlands), GC Innovation America (US), Cargill, Incorporated. (US), Mitsubishi Chemical Corporation (Japan), AVA Biochem AG (Switzerland), LyondellBasell Industries NV (The Netherlands), Royal DSM NV (The Netherlands), and BASF SE (Germany) are some of the prominent players operating in the global bio-based platform chemicals market.
Key Findings
• Global Bio-based platform chemicals market was valued at USD 5,017.2 million in 2017 and is projected to reach USD 10,205.4 million by 2023.
• Asia-Pacific was the largest market and was valued at USD 2,078.4 million in 2017 expanding at a robust CAGR of 13.79%.
• As per the analysis, China was the leading market and was valued at USD 530.5 million and is projected to grow at a dynamic CAGR of 15.76% during the assessment period.
• Based on product type, the sugar segment dominated the global bio-based platform chemicals market with a robust CAGR of 13.55%
• By application, the polymers segment accounted for the largest market share in 2017, with significant market shares and is estimated to grow at a healthy CAGR of 13.74%.
• Asia-Pacific is a growing market for key market players during the forecast period due to favorable government policy, easy availability of feedstock, large consumer base, and technological developments have increased the importance of bio-based platform chemicals in this region among the industry players.
Intended Audience
• Bio-based platform chemicals manufacturers
• Traders and distributors
• Raw material suppliers
• Government bodies
• Research organizations
• Potential investors
