The rising application of bio-based polymers is projected to drive the market during the forecast years. Bio-based polymers are extensively used in various applications such as consumer goods, building and construction, and automotive, among others. Moreover, the presence of stringent regulations pertaining to the use of petroleum-based chemicals is also expected to add to the growth of the bio-based platform chemicals market during the forecast years. However, the production of bio-based chemicals is capital- and energy-intensive and requires technical expertise which is projected to be a major restraint to the growth of the global market.
The major applications for bio-based platform chemicals are polymers, solvents, fuels, pharmaceuticals, perfumes, and others. The polymers application segment accounted for the largest market share of 36% in 2018. The growing awareness about the depletion of fossil fuels coupled with the stringent regulations associated with the use of conventional polymers are anticipated to be one of the major factors contributing to the growth of the polymers segment. The polymer application segment is projected to register a CAGR of over 13.5% during the review period.
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.
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 Chemicals Market is expected to register a healthy CAGR of 12.87% during the forecast period. The rising demand for bio-based polymers in various industries and the prevalence of stringent regulations for the use of petroleum-based chemicals is expected to drive the growth of the market during the forecast period. Moreover, the increasing demand for bio-based platform chemicals in Asia-Pacific is also projected to generate substantial revenue during the review period. Bio-based polymers are a class of polymers that are produced from renewable sources, making them sustainable. They also have a lower carbon footprint than conventional polymers.
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.
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Key Players
The prominent players in the global 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, and Itaconix PLC.
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