The 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). The platform chemicals are a miscellaneous group of chemicals that can be consumed as the building blocks to manufacture novel bio-based chemicals. They signify a collection of twelve building blocks that can be formed from sugar via biological alterations. Presently, the platform chemicals market is governed by petroleum-based products. The reduction of fossil fuels and the widespread use of these materials steering to environmental pollution is causing a shift in inclination to bio-based platform chemicals. Therefore, renewable feedstock-based platform chemicals refinery is adding importance to the chemicals industry. Several platforms can be retained in a biorefinery, such as sugar, plant or vegetable oil, and biogas, which adds to their appeal in the market.
  
 Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The demand for renewable chemicals is projected to rise due to the growing support of the governments towards Bio-based Chemicals production by introducing favorable regulations and promoting the adoption of Bio-based products in industries such as agriculture, pharmaceutical, and energy. Currently, the technological changes required for the large-scale production of biologically derived products are huge. The increasing investments by the manufacturers towards the development of technologies and supportive government regulations will positively influence the bio-based chemicals industry's growth. Additionally, the establishment of new biomass refineries will create lucrative growth opportunities for the market players.
Additionally, The rapid exhaustion of fossil fuels and the rising greenhouse gas emissions across the globe has fueled the demand for biomaterials. The initiatives to reduce harmful emissions due to their impact on the environment have created the need for Bio-based goods from industries such as transportation, textile, and construction. The growing implications of carbon emissions during synthetic chemical production have popularized the concept of “Green Chemistry” thereby augmenting the demand. Governments are endorsing business sustainability and green chemistry programs such as a ban on single-use plastic bags and disposable carry bags which will contribute to the market growth. Countries including Germany, the U.K., and France have framed policies and norms to take restrictive measures to sell plastic food containers, cotton buds, and straws.
The  bio-based platform chemicals market segmentation, based on Product Category, includes platform chemicals; polymers for plastics; paints, coatings, inks & dyes; surfactants; cosmetics & personal care; adhesives; man-made fibers; and others. Platform chemicals are calculated to be the fastest-growing segment in the market during the forecast period. The segment's growth is primarily associated with the rapid expansion of the concept of green chemistry worldwide. The high demand from manufacturers of fertilizers, biocides, and pesticides due to the biodegradability of the chemicals will fuel the segment's growth.
Based on Application, the bio-based platform chemicals market segmentation includes industrial, agricultural, pharmaceutical, and others. The industrial segment held the largest Bio-based Chemicals market share in 2020. This segment will likely dominate the market during the forecast period owing to the extensive demand from several end-uses such as additives, composites, and engineered plastics.
The agricultural segment is estimated to grow at the highest CAGR during the review period. The growth of this segment is primarily driven by the wide range of products application in bio-pesticide and bio-fertilizer. Furthermore, the high demand for biodegradable mulch films will support the segment's growth.
Figure 2:Â Bio-based Platform Chemicals Market, by application, 2022 & 2030 (USD Billion)
  
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The market size in Europe was valued at USD 35.59 billion in 2020. The region accounted for the largest share of this market in 2020 and is estimated to occupy a leading position throughout the forecast period. Rising investment by European Union countries drives the growth of the market in Europe to promote a green and circular economy. Besides, the countries in this region promote the use of Bio-based Chemicals that are anticipated to surge the demand. Furthermore, the region is experiencing a decline in conventional sources, and the steps taken to increase the dependency on biological sources will boost market growth.
Figure 3: Â BIO-BASED PLATFORM CHEMICALS MARKET SHARE BY REGION 2022 (%)
 
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Asia Pacific is projected to be the fastest-growing region in the market. The market in the region is primarily driven by the shifting preference of consumers towards Bio-based products and the changing policies regarding environmental protection. In addition, the rising incorporation of bioplastics by various end-use industries in China will augment the growth of Bio-based Chemicals.
North America is estimated to exhibit substantial growth during the forecast period. Factors such as shifting emphasis towards the use of sustainable products, the emergence of low-cost feedstock, and innovations in the Bio-based sector are surging the demand in the region.
Major market players are spending a lot of money on R&D to increase their product lines, which will help the bio-based platform chemicals market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the bio-based platform chemicals industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth for bio-based platform chemicals. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their  presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the bio-based platform chemicals industry must offer affordable products.
Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the bio-based platform chemicals industry to benefit customers and expand the market sector. The bio-based platform chemicals market has recently given medicine some of the most important advantages. Major bio-based platform chemicals market players, including Braskem, GFBiochemicals Ltd, Reverdia, GC Innovation America, Cargill, Incorporated, and others, are attempting to increase market demand by funding R&D initiatives.
Braskem is a petrochemical company and a biopolymer producer. It provides polyethylene, polypropylene, and polyvinyl chloride resins, as well as basic petrochemicals such as ethylene, propylene, butadiene, chlorine, benzene, toluene, etc. The company mainly serves the adhesives, agribusiness, rubber, construction, automotive, lubricants, paints and coatings, and retail industries. Braskem was created by the merger of six.
Also, In 2008, a group of biobased chemical experts saw the significant potential of levulinic acid to replace petroleum-based products across a range of market sectors. GFBiochemicals was founded to develop the production technology needed for this revolution in chemicals and biofuels. GFBiochemicals demonstrated these breakthrough technologies in the Caserta plant, in partnership with the University of Pisa and the Polytechnic
Dec 2020, Kemira Oyj and DuPont Nutrition & Biosciences declared a select collaboration for the expansion and commercialization of DuPont's enzymatic polymerization-based polysaccharide platform technology for specific uses. The partnership will convey novel, biobased, and integrally biodegradable product lines to Kemira's tactical markets, together with water treatment, paper & board, and the oil & gas industries. Under the alliance terms, DuPont will provide Kemira with access to its newest material platform technology, which uses enzymatic polymerization to design and manufacture polysaccharide materials from simple sugars directly.
Dec 2020, Ginkgo Bioworks, the organism business, revealed that it has recently accomplished the purchase of the main assets of Novogy, Inc. Ginkgo will take in Novogy's strain assets and IP portfolio and mix Novogy's codebase and profound expertise in lipid production into Ginkgo's bioengineering platform. For the most part, Novogy's talented technical team has also merged with Ginkgo, as Ginkgo carries on to the scale and attaches the power of biology to meet the augmented demand for more maintainable, adequate sources of bio-based oils.August 2023, Archer Daniels Midland (ADM) announces plans to build a new bio-based isobutanol plant in Illinois. ADM is a US-based agricultural processor and food ingredients company. Isobutanol is a bio-based platform chemical that can be used to produce a variety of downstream products, including plastics, fuels, and lubricants. The new plant is expected to be operational in 2025 and will have a capacity of 250,000 tons per year.
Bio-based Platform Chemicals Product Category Outlook
Bio-based Platform Chemicals Application Outlook
Bio-based Platform Chemicals Regional Outlook
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 5.49 Billion |
| Market Size 2023 | USD 6.0 Billion |
| Market Size 2030 | USD 5.3 Billion |
| Compound Annual Growth Rate (CAGR) | 11.9% (2023-2030) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2030 |
| Historical Data | 2018 & 2020 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Category, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Braskem, GFBiochemicals Ltd, Reverdia, GC Innovation America, Cargill, Incorporated, Mitsubishi Chemical Corporation, AVA Biochem AG, LyondellBasell Industries NV, Royal DSM NV, BASF SE, BioAmber Inc., Qingdao Kehai Biochemistry Co., Ltd, Itaconix PLC, Braskem, Reverdia, GC Innovation America, Cargill, Incorporated, AVA Biochem AG, Royal DSM NV, BASF SE |
| Key Market Opportunities | The growing demand in Asia pacific is boosted market growth |
| Key Market Dynamics | Rising application of bio-based polymers |
Bio-Based Platform Chemicals Market Highlights:
Frequently Asked Questions (FAQ) :
The bio-based platform chemicals market size was valued at USD 5.49 Billion in 2022.
The market is projected to grow at a CAGR of 11.9% during the forecast period, 2023-2030.
Europe had the largest share in the bio-based platform chemicals market
The key players in the market are Braskem, GFBiochemicals Ltd, Reverdia, GC Innovation America, Cargill, Incorporated, Mitsubishi Chemical Corporation, AVA Biochem AG, LyondellBasell Industries NV, Royal DSM NV, BASF SE, BioAmber Inc., Qingdao Kehai Biochemistry Co., Ltd, Itaconix PLC, Braskem, Reverdia, GC Innovation America, Cargill, Incorporated, AVA Biochem AG, Royal DSM NV, BASF SE
The Platform Chemical Category category dominated the market in 2022.
The Industrial base had the largest share in the market for bio-based platform chemicals.
Team Lead - Research Anshula mandaokar holds an academic degree in chemical engineering and has been contributing to the field for more than 5 years. she has expertise in market research and business consulting and serves as a team lead for a reputed market research firm under the chemicals and materials domain spectrum. she has worked on multiple projects, generating explicit results in a quick turnaround time. her understanding of data interpretation justifies her role as a leader.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
