Global bio-based platform chemicals market was valued US$ 6.30 Bn in 2017 and is expected to reach US$ 16.34 Bn by 2026, at a CAGR of 12.65 % during a forecast period.
The report segment of the bio-based platform chemicals market based on type, and geography. In terms of type, the bio-based platform chemicals market is classified into C-3, C-4, C-5, and C-6. C-3 is sub-segmented into Glycerol, and 3-Hydroxypropionic Acid. C-4 is sub-segmented into Succinic Acid, Fumaric Acid, Malic Acid, and Aspartic Acid. C-5 is sub-segmented into Levulinic Acid, Glutamic Acid, Itaconic Acid, and Xylitol. And C-6 is sub-segmented into Sorbitol, Glucaric Acid, and 2, 5-Furan Dicarboxylic Acid. Region wise into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
The global market for bio-based platform chemicals market has witnessed significant evolution over the past few years owing to increase in demand in the face of raised demand from industries, rising regulations on the use of conventional petroleum-derived chemicals, and the increase in inclination of consumers on environment-friendly products. However, the high popularity and well-rooted application areas of fossil-fuel products continue to challenge the growth prospects of the market to a certain degree.
Nevertheless, encouraging government reforms and attempts made for rising in awareness among consumers could help companies operating in the global bio-based platform chemicals market gain traction.
Global bio-based platform chemicals market
Based on the type, C-3 chemicals accounted for the highest consumption in 2017, owing to its unique property of getting converted into various other useful chemicals such as alcohols, acids, and resins. C-5 chemicals form the second most significant group in bio-based chemicals market with glutamic acid as major contributor apart from levulinic acid, itaconic acid, and xylitol.
In terms of region, North America is the largest regional market for global bio-based platform chemicals market, Asia-Pacific is also an equally important market as it represents the second largest and region market with highest growth rate during the forecast period. The market in Latin America will be chiefly driven by the increase in prices of raw materials required for the production of petroleum-based chemicals, raised numbers of reforms, and increased awareness among consumers.
Some of the key players in the bio-based platforms chemicals market are Myriant Technologies LLC, BASF, Itaconix Corporation, Cargill Incorporated, Lucite International Group, Royal DSM, BioAmber Inc., INNEOS, Alpha Chemika, and Braskem.
The scope of the Global bio-based platform chemicals market
Global Bio-Based Platform Chemicals Market by Type
Global Bio-Based Platform Chemicals Market by Geography
• North America
• Middle East & Africa
• Latin America
Key Players operating in the Global Bio-Based Platform Chemicals Market
• Myriant Technologies LLC
• Itaconix Corporation
• Cargill Incorporated
• Lucite International Group
• Royal DSM
• BioAmber Inc.
• Alpha Chemika
• Aktin Chemicals Inc.
• Evonik Industries AG
• GF Biochemicals
• Kawasaki Kasei Chemicals
• Koninklijke DSM N.V.
• LyondellBasell Chemicals
• Mitsui Chemicals
• Nippon Shokubai Co. Ltd.
• PTT Global Chemical Public Company
• Qingdao Kehai Biochemistry Co. Ltd.
• Tokyo Chemical Industry Co. Ltd
• Yantai shanshui chemical technology Co. Ltd.
• Yield10Bioscience Inc.