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As per Fact.MR - a market research and competitive intelligence provider, the global market for bio-based platform chemicals was valued at US$ 13 Mn in 2020.
ROCKVILLE, MD, September 22, 2021 /24-7PressRelease/ -- Market players are focusing on strategic collaborations with the target of strengthening applications scope for bio-based platform chemicals, creating new revenue streams over the forecast period.
According to Fact.MR's latest industry analysis on bio-based platform chemicals, the global market was valued at US$ 13 Mn in 2020 and is expected to accelerate at a CAGR of 8% to top US$ 23 Mn by 2031. Demand for C-5 platform chemicals (levulinic acid, glutamic acid, itaconic acid, and xylitol) is projected to rise at a CAGR of 7% across the assessment period of 2021 to 2031.
The global bio-based platform chemicals market will record a healthy growth rate amid the assessment period (2020-2030). Extensive application in cosmetics, pharmaceuticals, food & beverages will assist in attaining highest market share over the forecast period. Bio-glycerol will hold higher demand, in spite of the threat of the COVID-19 outbreak, with the sector exhibiting steady retrieval by 2021.
"Rising demand for bio-based platform chemicals from end-user sector, stringent regulations on the application of traditional petroleum-based chemicals, along with alterations in customers preference on eco-friendly products are prime factors fuelling long-term growth of the market." says a Fact.MR analyst.
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Bio-based Platform Chemicals Market - Key Takeaways
North America, led by US will be dominating the global market followed by Europe.
Bio-glycerol type accounts for majority of the market share over the forecast period.
Polymer production segment on the basis of application will foresee strong growth prospects in the near future.
Bio-based Platform Chemicals Market - Drivers
Rapid expansion of the green chemistry industry is likely to contribute to developments in the market.
Sturdy expansion of disposable income and extensive scope of applications will assist the growth of the market in the foreseeable future.
Customer preference for environment friendly offerings and technological innovations will drive the market growth.
Bio-based Platform Chemicals Market - Constraints
Shortage of raw material and price fluctuations of raw materials are projected to hamper the growth.
Fitted competition from oil-based platform chemicals could impact the products cost and vendors operations, can negatively impact market growth.
Anticipated Market Impact by COVID-19 Outbreak
The COVID-19 outbreak has moderately impacted the bio-based platform chemicals market. Although disruptions in supply chain are likely to hurt short-term forecasts, drop of fossil fuel usage amid the crisis will generate lucrative prospects.
In the pharma industry, demand for bio-based platform chemicals will remain high. Furthermore, applications in the agrochemicals industry will be gaining traction, as governments continue to invest in food security. These aspects will impact market growth in the post pandemic era.
The market is moderately consolidated and is categorised by substantial market share amid leading in terms of value and volume. Leading companies identified in the global bio-based platform chemicals market are BioAmber Inc., Yeild10 Bioscience Inc., Succinity GmbH, Prinova Group LLC, Cargill Inc., Dow DuPont Inc., GFBiochemicals Europe, Novozymes A/S, Koninklijke DSM NV, and Myriant Corporation.
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Key Segments in Bio-Based Platform Chemicals Industry Research
C-3 Platform Chemicals
C-4 Platform Chemicals
Bio-based Succinic Acid
Bio-based Fumaric Acid
Bio-based Malic Acid
Bio-based Aspartic Acid
C-5 Platform Chemicals
Bio-based Levulinic Acid
Bio-based Glutamic Acid
Bio-based Itaconic Acid
C-6 Platform Chemicals
Bio-based Glucaric Acid
Bio-based 2,5-Furan Dicarboxylic Acid
Bio-based Platform Chemicals for Polymers
Bio-based Platform Chemicals for Plastic Formulation
Bio-based Platform Chemicals for Bio-fuel
Bio-based Platform Chemicals for Cosmetics
Bio-based Platform Chemicals for Paints & Coatings
Bio-based Platform Chemicals for Solvents
Bio-based Platform Chemicals for Pharmaceuticals
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What is the Bio-Based Platform Chemicals Demand Outlook for the U.S.?
The U.S. bio-based platform chemicals market was valued at over US$ 4 Mn in 2020. Emergence of bio-based products and innovation in renewable energies have contributed to job creation, which is likely to drive the market in the U.S. Abundant availability of bio-based feedstock is projected to create ample growth opportunities for the market in this country.
Being a leader of industrial biotechnology, U.S. holds an important position in the market. Implementation of the Bio Preferred program by the United States Department of Agriculture (USDA) has fueled the sales of bio-based products, which, in turn, has propelled the product demand in the U.S.
Growing sales of bio-based aspartic acid, bio-glycerol, bio-based methylene succinic acid, bio succinic acid, and bio-based lactonic acid in the country is likely to drive the demand for bio-based platform chemicals over the coming years.
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