Bio Based Platform Chemicals Market Highlights

The global Bio-Based Platform Chemicals Market size was valued at USD 5.49 Billion in 2022 and is projected to grow from USD 6.0 Billion in 2023 to USD 5.3 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 11.9% during the forecast period (2023 - 2030).  As per market analysts, the global market is anticipated to witness growth owing to the factors such as rising application of bio-based polymers as well as stringent regulations for the use of petroleum-based chemicals.

However, the bio-based platform chemicals market will face challenges and restraints due to high cost of production and technological complexities during the forecast period 2023 - 2030.

The demand for bio-based platform chemicals across developing nations in the market is set to play a key role in determining the growth potential during 2023 - 2030 years. Analysts have also studied the market to understand potential threats and challenges the market companies could face. Although the bio-based platform chemicals market is poised to grow at a fast pace across application and type segments, factors such as capital-intensive manufacturing of bio-based could slow down the market's growth worldwide.

Market Segmentation

The market has been segmented into application and type. Based on the segment which is type, the market is categorized on the basis of algae, biogas, oil, sugar, syngas, and others. The global market for bio-based platform chemicals is further segmented based on application into fuels, perfumes, pharmaceuticals, polymer, solvents, and others.

The global market research report covers all the aspects of the market based on the segmental analysis of these application and type segments. Analysts have also studied the global market's regional markets spread across many continents and countries. The application and type segments along with their sub-segments have been analyzed and companies functioning in the market across these segments are profiled and analyzed based on input and feedback from bio-based platform chemicals market-based decision makers as well as primary and secondary sources. The market research report presents analysis-based information for companies functioning in the market.

Regional Overview

The rigorous protocols relating to the usage of petroleum-based chemicals may hinder the bio-based platform chemicals market growth. The market research report suggests that companies in the market could be supported by foreign crude imports as well as the rigorous protocols during the forecast period. The market is set to register growth at a high CAGR owing to these key factors. The market is spread across North America, Europe, Asia-Pacific, and other parts of the world. The global market research report reveals that APAC, North America, and Europe regional bio-based platform chemicals markets will dominate the global market for bio-based platform chemicals during the forecast period 2023 - 2030As per market analysts, the market is set to witness tremendous growth across bio-based polymers and building & construction segments in North America which covers markets across the United States, Canada, Mexico and several other regional markets. Companies active in the market are also analyzed and studied in the market research report.

The market for Europe covers smaller market segments of Germany, Italy, France, and the United Kingdom. Additionally, the market research report covers the Asia-Pacific region covering bio-based platform chemicals markets from India, China, Japan, Australia, and others. The bio-based platform chemicals market is also spread across the rest of the world. The market report covers all such regions including the Middle East, Africa, Brazil, and others.

Competitive Landscape

Bio-based platform chemicals has seen increased demand over the years, due to construction of lignocellulosic biorefineries and the upward demand curve for bio-based platform chemicals. Companies functioning in the global market are also being challenged due to energy-intensive production and budget constraints. Mergers and acquisitions by market companies are anticipated to help the market during the forecast period 2023 - 2030. As the market is set to register a high CAGR of 11.9% and is also anticipated to reach a USD 5.3 Billion by 2030, the report highlights key areas companies need to focus on. The report suggests that the market will see a healthy growth in the long run till 2025. Based on SWOT analysis and market’s analysis based on Porters’ Five Force Model presented in the bio-based platform chemicals market report. Mergers and acquisitions by market companies are anticipated to help the market during the forecast period 2023 - 2030.

Industry News

Ginkgo Bioworks, the organism corporation, announced today that it has completed the purchase of Novogy, Inc.'s key assets. Ginkgo will consolidate Novogy's strain properties and intellectual property portfolio, as well as Novogy's codebase and lipid processing experience, through Ginkgo's bioengineering infrastructure. As Ginkgo aims to scale and leverage the potential of biology to satisfy increased demand for more renewable, effective sources of bio-based oils, the majority of Novogy's talented technical staff has joined Ginkgo.

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