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The chemicals from the C-3 platform will contribute up to US $ 10 million to sales of chemicals from the biobased platform by 2031
The Fact.MR market research study provides incisive coverage on the growth drivers and restraints expected to affect the global bio-based platform chemicals market over the next decade. The increasing application of bio-based platform chemicals in the pharmaceutical and cosmetic industry will continue to drive sales throughout the evaluation period
NEW YORK, September 29, 2021 / PRNewswire / – Fact.MR predicts the market for bio-based platform chemicals to post a CAGR of 8% between 2021 and 2031. Sales of bio-based platform chemicals are expected to total US $ 23 billion throughout the evaluation period. The increasing application in the pharmaceutical and cosmetic industries will continue to drive sales in the market.
The increasing consumption of C-3 platform chemicals coupled with the growing demand for environmentally friendly and bio-based chemicals in various end-use industries will drive the growth of the platform chemicals market. biobased.
In addition, the market will continue to benefit from product innovations such as the development of superabsorbent polymers (SAP). These polymers exhibit superior water absorption capacity and therefore are widely used in the production of diapers, adult incontinence pads, absorbent medical dressings and controlled release drugs.
Sales of bio-based platform chemicals are expected to increase significantly, thanks to the implementation of favorable government initiatives supporting the sustainability of chemical production and encouraging research initiatives in the field of green chemistry.
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Based on these factors, the demand for sorbitol and C-6 platform bio-based chemicals will continue to increase, enabling the market to grow through 2031.
“Due to the depletion of fossil fuels and the increasing demand for environmentally friendly and bio-based chemicals, the adoption of bio-based platform chemicals has increased exponentially in various industries. In order to capitalize on existing opportunities, market players are likely to partner with international organizations. It will also help them expand their portfolio â€, says a Fact.MR analyst.
Key takeaways from bio-based platform chemicals Market research
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Based on the type of chemical, the chemicals segment of the C-3 platform is expected to exceed US $ 10 million by 2031-end
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Over 40% of biobased platform chemicals sales will come from the polymer industry
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The United States is expected to be one of the most lucrative markets due to the growing demand for environmentally friendly chemicals in the cosmetic and pharmaceutical industry.
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China should spearhead the growth of East Asia bio-based platform chemicals market, exceeding approximately US $ 5 million by 2031-end
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Germany is expected to become the most lucrative market in Europe, showing a 6% CAGR growth through 2021 and beyond
Key factors
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The implementation of strict regulations on the use of conventional petroleum-derived chemicals will stimulate the adoption of bio-based chemicals
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Growing consumer inclination towards environmentally friendly products and bio-based chemicals, especially in the pharmaceutical industry, will drive sales
Key restrictions
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Easy availability of alternatives and low cost products will limit sales of bio-based platform chemicals
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High cost production of C-3 and C-4 platform chemicals is the main factor limiting market growth
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Competitive landscape
The presence of many players has led to intense competition in the market. Key companies focus on product launches and collaborations to gain competitive advantage. They also collaborate with other suppliers of bio-based chemicals to maintain their position in the industry.
For example,
Recently, Lygos Inc. announced its collaboration with bio-based chemical manufacturer, Bioindustrial Manufacturing and Design Ecosystem, to improve prototyping and reduce the costs of marketing bio-based platform chemicals.
In October 2020, another leading player, Virent Inc. announced its merger with Cargill Inc for the development and production of low carbon and biochemical biofuels for applications such as jet fuel and gasoline.
Some of the major players operating in the Bio-based Platform Chemicals market presented by Fact.MR are:
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BioAmber, Inc.
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Cargill, Inc.
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BASF SE
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Mitsubishi Chemical Corporation
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PTT Global Chemical Public Co. Ltd.
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DuPont Tate & Lyle Bio Products Company LLC
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Braskem SA
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Evonik Industries SA
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DowDuPont, Inc.
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GFBiochemicals Ltd.
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Koninklijke DSM NV
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Myriant Company
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Novozymes A / S
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Prinova LLC Group.
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Yield10 Bioscience, Inc.
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Succinity GmbH
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Others
More Valuable Insights into the Bio-Based Platform Chemicals Market
In its latest report, Fact.MR Global Biobased Platform Chemicals Market report offers unbiased analysis, presenting historical demand data (2016-2020) and forecast statistics for the period 2021 and 2031. study also provides detailed analysis of the market. which is segmented on the basis of:
Type:
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C-3 platform chemicals
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C-4 platform chemicals
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C-5 platform chemicals
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C-6 platform chemicals
Application:
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Polymers
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Plastic formulation
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Bio-fuel
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Beauty products
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Paints and coatings
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Solvents
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Medications
By region:
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North America
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Latin America
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Europe
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East Asia
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South Asia
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Oceania
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Middle East & Africa
Key questions addressed in the Bio-based platform chemicals Market report
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Report Offers Detailed Information on Biobased Platform Chemicals Demand Outlook 2021-2031
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The market study also highlights the expected sales growth for the Bio-based Platform Chemicals market between 2021 and 2031.
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The Bio-based Platform Chemicals market research identifies key growth drivers, restraints, and other forces impacting dominant trends and evaluating the current market size and forecast and technological advancements within the industry
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Analysis of the Bio-based Platform Chemicals market share of key companies in the industry and coverage of strategies such as mergers and acquisitions, joint ventures, collaborations or partnerships, etc.
Explore Fact.MR’s coverage in chemicals and materials –
Cosmetic and toiletry chemicals market– Due to the significant population expansion over the past decade and increasing incomes of middle class groups in emerging countries, the cosmetic and toiletry chemicals market is expected to experience strong demand over the past decade. forecast period. With a growing consumer base, there is a growing need for high quality cosmetic products, which is expected to become a trend in the cosmetics and toilet chemicals market. In addition, urban women in well-developed urban cities use at least five cosmetic and skin care products every day, which presents considerable prospects for the cosmetic and toiletry chemicals market.
Biobased Acetic Acid Market– The market for bio-produced acetic acid is mainly driven by demand from the food and chemical industries. One of the causes of the overall market growth in terms of value is a significant increase in sales of sugar-based bioacetic acid. The cause of the market expansion is an increase in the production of bio-based acetic acid across the world, as well as an increase in the acceptance of bio-based chemicals in all industries ranging from personal care to chemicals. The need for bio-based acetic acid will be driven by the demand for polymeric binders in paint and coating applications.
Biofuels market- The global effort to replace fossil fuels with biofuels for a more sustainable ecosystem has resulted in huge growth in biofuel production. Environmentalists and policymakers around the world are concerned about greenhouse gas pollution, depletion of fossil resources, and reliance on unreliable foreign suppliers, which is likely to increase production and consumption of biofuels. The most profitable region for biofuel demand will continue to be North America. Sugar cane, corn and soybean production has sufficient crop land in North America. As a result, it is self-sufficient in terms of raw material for biofuels.
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