Market Research Future (MRFR) in its latest study reveals that the global market for Bio-Based Platform Chemicals will exhibit a healthy CAGR of 12.67% during the assessment period (2018-2023). The market is expected to surpass a valuation of USD 10,200 Mn by the year 2023. The study also finds that in 2017, close to 3,416.0 kilo tons of Bio-Based Platform Chemicals were shipped globally. The growing application of the product has augured well for suppliers. There is a strong demand for such chemicals in the Bio-Based Polymers manufacturing industry. Over the years, Bio-Based Polymers have become extensively popular owing to their innate characteristics. They comply with most environmental requirements, which makes them a sought-after industrial material. These polymers are used for manufacturing a variety of consumer goods as well as used in automotive and building & construction sectors.
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Policy reforms and enforcement of stricter laws on use of petroleum-based chemicals is creating opportunities for Bio-Based Platform Chemicals. At the same time, introduction of favourable policies for eco-friendly products is also boosting Bio-Based Platform Chemicals. However, challenges remain formidable for market players as Bio-Based Chemical manufacturing continue to be capital and energy-intensive. Moreover, it requires a certain level of technological expertise that most lack.
Global Bio-Based Platform Market: Competitive Landscape
MRFR in its report has mentioned some of the top companies that are currently operating in the Bio-Based Platform Chemicals Market, which include BASF SE, Mitsubishi Chemical Corporation, GC Innovation America, Itaconix PLC, AVA Biochem AG, Reverdia, Zhejiang Guoguang Biochemistry Co. Ltd, BioAmber Inc., Braskem, Qingdao Kehai Biochemistry Co. Ltd., Cargill Incorporated, Royal DSM NV, GFBiochemicals Ltd, and LyondellBasell Industries NV.
Global Bio-Based Platform Market: Segmental Analysis
A thorough segmental analysis of the market based on application and type is also available in the report. On the basis of Application, the market has been segmented into polymers, solvents, fuels, pharmaceuticals, perfumes and others. Among these, the polymer segment is expected to remain highly attractive in 2018 and beyond. Currently, the segments account for more than one-third share of the market. This is primarily owing the fast depletion of fossil fuel-based chemicals. Stringent regulations are being levied on the fuel-based chemical industry, which is prompting polymer manufacturers to look for other viable options. During the forecast period, the polymer segment is projected to grow at a CAGR of 13.74% during the review period.
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On the basis of Types, the market has been segmented into syngas, oil, biogas, algae, sugar and others. The sugar segment currently commands for more than 43% share of the market and is likely to remain highly attractive throughout the assessment period. In 2017, nearly USD 2,174.7 Mn worth sugar-based platform chemicals were sold worldwide. This is primarily owing to the widespread availability of carbohydrates derived from lignocellulosic biomass.
Global Bio-Based Platform Market: Regional Analysis
The market has been covered across North America, South America, Europe, Asia Pacific (APAC) and the Middle East & Asia Pacific (APAC). Asia Pacific is expected to spearhead the Global Bio-Based Platform Market during the forecast period. The region accounted for more than 41% market share. The region’s market is expected to expand at a robust CAGR of 13.79% by 2023. Demand for Bio-Based Platform Chemicals has increased substantially in the region. The availability of renewable feed stock along with the introduction favourable government policies is contributing to growth of the market in the region. During the forecast period, China is expected to remain the key market in the region followed by Japan and India. Governments in these countries are promoting research and development efforts in biotechnology, which is aiding the expansion of Bio-Based Platform Chemicals. Apart for APAC, Europe and North America are two regions that expected present substantial business opportunities to market players in the forthcoming years.
MRFR’s in-depth proprietary research methods adhere to industry benchmark. The research crux exemplifies the use of primary and secondary research procedures to distill raw data into objective and actionable insights. The research findings are aimed at supporting the core foundation of decision making in business. A multi-layer approach employed for data verification and validation, ensuring the delivery of accurate and precise market data which can be used for the achievement of mission-critical priorities. Top-down and bottom-up approaches are utilized to estimate and illustrate the overall size of the market.
Market Denomination- USD Mn
Base Year- 2017
Forecast Period- from 2018 to 2023
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