Bio-based Platform Chemicals Market Research Report - Global Forecast till 2027

Global Bio-based Platform Chemicals Market Research Report: By Type (Sugar, Biogas, Oil, Syngas, Algae and others), By Application (Polymer, Solvents, Fuels, Pharmaceuticals, Perfumes and others) - Forecast till 2027

ID: MRFR/CnM/5141-CR | September 2019 | Region: Global | 449 pages

Bio-Based Platform Chemicals Market Overview


Bio-Based Platform Chemicals Market growth is anticipated to reach a 12.5% CAGR and gain USD 13,049.7 Million by 2027. 


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 in 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.


COVID-19 Analysis


The development of platform chemicals has gained impetus in recent years, with the availability of funding and improved awareness of bio-based platform chemicals' benefits. The reorganization of market processes in the industry is estimated to lead to a more efficient output rate from the global bio-based platform chemicals market in the forecast period.


Competitive Landscape


The illustrious companies in the bio-based platform chemicals 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


Market Dynamics


Drivers


Rising Application of Bio-Based Polymers


The bio-based polymers are widely used in numerous applications such as building & construction, consumer goods, and automotive, which is set to boost the bio-based platform chemicals market stock.


Stringent Regulations for the Use of Petroleum-Based Chemicals


The rigorous protocols relating to the usage of petroleum-based chemicals are anticipated to enhance the development of the bio-based platform chemicals market stock in the upcoming years.


Growing Demand in Asia Pacific


The necessity for bio-based platform chemicals from the developing economies of the Asia Pacific is also projected to produce an elevated revenue as the region's mounting residents have added to foreign crude imports in recent years.


Restraints


High Cost of Production and Technological Complexities


The manufacture of bio-based chemicals is capital and energy-intensive. It needs technical knowledge, which is anticipated to be a major limitation to the growth of the bio-based platform chemicals market trends.


Opportunities


Construction of Lignocellulosic Biorefineries


The upward demand curve for bio-based platform chemicals in producing polymers and the formation of biorefineries are anticipated to be the principal factors compelling the bio-based platform chemicals market trends in the forecast period.


Segment Overview


By Type


The sugar segment directs the market, reporting for a 43.6% market portion, and was assessed at roughly USD 2,400 million in 2019. The segment is also anticipated to preserve its domination throughout the forecast period due to the rich accessibility of carbohydrates derived from lignocellulosic biomass.


By Application


The polymers segment reported for the principal bio-based platform chemicals market value of 36% in 2019. The mounting recognition about the reduction of fossil fuels paired with the rigorous guidelines associated with the usage of conventional polymers is projected to be one of the important factors promoting the development of the polymers segment. The polymer application segment is anticipated to record a CAGR of over 13.5% throughout the review period.


Regional Analysis


Favorable Policies to Impel APAC Market


The growing demand for bio-based platform chemicals from Asia-Pacific's emerging economies is also expected to generate a high revenue during the assessment period. The availability of renewable feedstock, coupled with favorable government policies in the region, is substantially contributing to the demand for bio-based platform chemicals in the region. Furthermore, the growing population in the region has surged foreign crude imports, resulting in the shift toward bio-based chemicals to reduce this dependency.


Pharma Sector to Promote European Region


Europe has accounted for the second prime market share of over 20%, which considerable growth potential for the bio-based platform chemicals market and is expected to register a CAGR of over 11.0% to reach around USD 2,000 Million by 2027 owing to the rapid consumption of pharmaceutical items along with an increase in demand for cosmetic products.


Recent Developments


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 New technology advanced at VTT enables the use of pectin-containing agricultural waste, such as sugar beet pulp and citrus peel, as raw material for bio-based PEF-plastics for swapping fossil-based PET. The carbon footprint of plastic bottles can be dropped by 50% when substituting their raw material of PET with PEF polymers, which also delivers an improved shelf life for food.


Dec 2020 Versalis, the chemical business of Italian multinational oil and gas giant ENI, has joined the bio-based creations market in agriculture's crop protection sector. They have partnered up with AlphaBio Control, a research firm with offices in the United Kingdom and Italy, to produce natural preparations to protect crops. Eni's chemical company will progress bio-based and biodegradable herbicides and biocides to sanitize surfaces, using as active ingredient manufacturers from the bio-chemical platform with its products previously known in the pesticides market in Porto Torres, Sardinia.


Dec 2020 Ginkgo Bioworks, the organism business, revealed that it has recently accomplished a 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 attach the power of biology to meet the augmented demand for more maintainable, adequate sources of bio-based oils.

July 2019 Genomatic recently acquired assets of REG Life Sciences to create more technological solutions to help brands and their suppliers meet the upscaling consumer demand through the incorporation of bio-based and renewable chemicals. Genomatic is a technology giant for bio-based chemicals.


Report Overview


By Type



  • Sugar

  • Biogas

  • Oil

  • Syngas

  • Algae

  • Others


By Application



  • Polymers

  • Solvents

  • Fuels

  • Pharmaceuticals

  • Perfumes

  • Others



Report Scope:
Report Attribute/Metric Details
  Market Size   2027: USD 13,049.7 Million
  CAGR   12.5%(2019–2027)
  Base Year   2019
  Forecast Period   2020-2027
  Historical Data   2018
  Forecast Units    Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   By Type, Application and Region
  Geographies Covered    North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   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   Growing Demand in Asia Pacific
  Key Market Drivers   Rising Application of Bio-Based Polymers


Frequently Asked Questions (FAQ) :


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

Bio-Based Platform Chemicals Market growth is anticipated to reach a 12.5% CAGR and gain USD 13,049.7 Million by 2027.

The forecast period for Bio-based Platform Chemicals market research report is 2020-2027.

Global Bio-based Platform Chemicals market is dominated by APAC region.