Albany, NY -- (SBWIRE) -- 05/23/2018 -- Type of chemicals that can be produced through biomass origin and/or bioprocessing route is varied; examples include platform chemicals such as propane- and butanediols, isoprene, short chain olefins, ethanol, carboxylic acids, amino acids; vitamins; polymers such as xanthan gum and alginate; and the commercially important industrial enzymes used as additives in washing powder. Bio-based platform chemicals represent a group of twelve building block chemicals produced from sugar via biological conversions. The group contains molecules with different functional groups, holding the potential to be converted into various other high-value chemicals. The bio-based platform chemicals market has undergone rapid growth since the past few years. Increasing acceptance of bio-based platform chemicals in industries, stringent government guidelines on conventional petroleum-based chemicals, and consumer inclination toward environment-friendly applications are the drivers propelling the demand for bio-based platform chemicals. However, the bio-based platform chemicals market faces certain drawbacks such as the intense competition posed by fossil-fuel products.
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In terms of type, the bio-based platform chemicals can be segmented into C-3 (glycerol and 3-hydroxypropionic acid), C-4 (succinic acid, fumaric acid, malic acid, and aspartic acid), C-5 (levulinic acid, glutamic acid, itaconic acid, and xylitol), and C-6 (sorbitol, glucaric acid, and 2,5-furan dicarboxylic acid). The C-3 platform chemicals segment is expected to account for the leading share of the bio-based platform chemicals market during the forecast period. This can be ascribed to the growth in end-user industries such as plastic, construction, and paints & coatings. Furthermore, the volume growth of the market is fueled by the increasing production of bio-diesel as C-3 chemicals are the resultant byproduct of bio-diesel.
Based on application, the bio-based platform chemicals market can be divided into agriculture, bio-plastics, bio-fuels, industrial chemicals, pharmaceuticals, and others. The bio-plastic segment is estimated to account for a significant market share during the forecast period. The major application area of this compound is in biodegradable plastics that are suitable for manufacturing of packaging products. Additionally, the attractive applications of bio-based succinic acid in the non-woven and fiber textile and automotive industries due to its lightweight and stability; food and beverages; polyurethane; coatings & pigments; and pharmaceuticals industries are expected to promote the growth of the global bio-based platform chemicals market during the forecast period.
In terms of region, the bio-based platform chemicals market can be segregated into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific is projected to dominate the bio-based platform chemicals market during the forecast period. The dominance of APAC in the global bio-based platform chemicals market can be attributed to the rising concerns regarding sustainability and effects of petroleum-based synthetic chemicals. Also, the expansion of the manufacturing industry in countries such as Japan, China, and India is supplementing the growth of the bio-based platform chemicals market in the region. Europe and North America contribute significantly in the overall bio-based platform chemicals market. Latin America and Middle East & Africa also account for significant market shares. This can be ascribed to the increase in demand for bio-based platform chemicals from end-use industries in these regions. The bio-based platform chemicals market is expanding, with production expected to increase by double during the forecast period. Several factors such as high oil prices, government mandates and support, and consumer preferences are driving the demand for bio-based platform chemicals.
Companies have started investing in the innovation and development of bio-based platform chemicals. Prominent players operating in this market include BASF, Cargill Incorporated, Royal DSM, INNEOS, BioAmber Inc., Myriant Technologies LLC, Braskem, Lucite International Group, Itaconix Corporation, and Alpha Chemika.
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