Bio-Based Platform Chemical Market Size, Trends & Analysis – Forecasts to 2026 By Type (C-2 [Acetic Acid and Ethanol], C-3 [3-Hydroxypropionic Acid, Lactic Acid, Propanol and Propionic Acid], C-4 [Butanol, Butyric Acid, Fumaric, Malic, Succinic Acid], C-5 [Itaconic Acid, Levulinic and Xylitol], C-6 [Glucaric Acid and Phenol]), By Application (Agriculture, Bio Fuels, Bio Plastic, Food Applications, Industrial Chemicals, and Pharmaceuticals), By Region (North America, Europe, Asia Pacific, MEA, and CSA).
The global bio-based platform chemical market will register a high growth rate and follow the trend the between 2021-2026. These chemicals are identified as a group of 12 building block chemicals that are created from sugar through biological changes. This group of building block chemicals contains molecules with various functional groups and can be transformed into different high-value chemicals. The major factors driving the growth of this market are rising demand for eco-friendly products, government rules and regulations on the conventional petroleum-based products, and the increasing demand for the chemical from the pharmaceutical, cosmetic, food and beverage industries.
Based on the type analysis, the market is segregated into five types namely C-2, C-3, C-4, C-5 and C-6. The C-3 is the dominating segment in the market and is expected to grow rapidly due to the rising demand from cosmetic pharmaceuticals, food and beverages industries. The C-4 segment is expected to witness fast growth in the market due to increasing awareness about depleting fossil fuels. The rising awareness among consumers about the use of bio-based platform chemical products instead of bio-based materials is also supporting the market growth.
As per the application analysis, the market is considered into food applications, pharmaceuticals, bioplastic, agriculture, biofuels, and industrial chemicals. The bioplastic segment is expected to grow rapidly during the forecast period. The increasing strict government rules regarding the usage of conventional polymers, rising awareness of consumers towards sustainable development as well as the reduction of fossil fuels are supporting the segment growth.
The fastest-growing region is expected to be the European region due to the increasing demand for bio-based platform chemicals from industries such as pharmaceutical and cosmetic in the forecast period [2021-2026]. Whereas, the North American region will be the dominating region in the market because of strict government regulations, and a vigorous process of technological modification. The increasing demand from industries such as food and beverages, cosmetics, fertilizers, and pharmaceuticals will also be the driving force behind the regional growth.
Cargill Incorporated, Novamont S.p.A., DuPont de Nemours Inc., Braskem SA, GC International by PTT Global Chemical PLC, Solugen Inc., Ltd., Koninklijke DSM N.V., Mitsubishi Chemical Corporation, Raízen Energia S.A., among others are the companies who account for a significant part of market demand.
Please note: This is not an exhaustive list of companies profiled in the report.
In July 2020, Solugen Inc. launched ScavSol IC 75 as the replacement product for hydroxymethyl phosphonium sulfate. The product is used to control oilfield scales and prevent corrosion.
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The Global Bio-Based Platform Chemical Market has been studied from the year 2019 till 2026. However, the CAGR provided in the report is from the year 2021 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Bio-Based Platform Chemical Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the companies and customer analytics.
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