​ The global bio-based platform chemicals market is estimated at US$ 17.6 Billion in 2023 and is forecast to reach US$ 35.3 Billion by 2033, growing with a CAGR of 7.2% from 2023 to 2033. This expansion is primarily driven by the escalating demand for eco-friendly and sustainable products across various industries, including chemicals, pharmaceuticals, plastics, and cosmetics. Bio-based platform chemicals serve as essential building blocks derived from renewable resources through biological conversion processes, offering enhanced functionality and environmental benefits.​

The market's development is underpinned by several factors. In the short term (2023 to 2026), the rising consumption of bio-based chemicals in applications such as polymers, plastic formulations, and biofuels is expected to propel market growth. In the medium term (2026 to 2029), increasing awareness of the detrimental effects of petroleum-based chemicals and fluctuating crude oil prices are likely to drive the adoption of bio-based alternatives, particularly in the cosmetics and pharmaceutical sectors. In the long term (2029 to 2033), supportive government policies promoting sustainable development, coupled with extensive research and development activities in green chemistry, are anticipated to create substantial opportunities for market expansion.​

A comprehensive analysis of the market reveals a dynamic landscape influenced by various factors. The growing demand for eco-friendly products has led to increased consumption of bio-based platform chemicals, especially in the chemical and pharmaceutical industries. Notably, the U.S. pharmaceutical and healthcare market, valued at over US$ 500 billion in 2022, accounts for nearly 45% of the global pharmaceutical market. This significant market share underscores the potential for bio-based chemicals in pharmaceutical applications. Additionally, stringent regulations in industries such as cosmetics, food and beverages, and fertilizers are encouraging manufacturers to shift towards bio-based raw materials to mitigate health risks associated with petroleum-based products.​

The overview and scope of the report encompass an in-depth examination of the bio-based platform chemicals market, including market segmentation, key players, competitive landscape, and regional insights. The report segments the market by type, application, and region. By type, the market is categorized into C-3, C-4, C-5, and C-6 platform chemicals, each comprising specific chemicals such as glycerol, succinic acid, levulinic acid, and sorbitol, respectively. Applications of these chemicals span polymers, plastic formulations, biofuels, cosmetics, paints and coatings, solvents, and pharmaceuticals. Regionally, the market is analyzed across North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa.​

Key players covered in this report include industry leaders such as BioAmber, Cargill, BASF SE, Mitsubishi Chemical Corporation, PTT Global Chemical Public, Braskem SA, Evonik Industries AG, and Novozymes A/S. These companies are actively engaging in strategies like forming long-term partnerships with raw material suppliers and expanding production capacities to meet the growing demand for bio-based platform chemicals. For instance, in 2020, Virent Inc. collaborated with Cargill to explore the use of corn dextrose for developing low-carbon biofuels and biochemicals for jet fuel and gasoline.​

The competitive landscape of the market is characterized by these key players' efforts to innovate and expand their market presence. Companies are focusing on technological advancements and strategic collaborations to enhance their product offerings and cater to the increasing demand for sustainable chemicals. This dynamic environment fosters healthy competition and drives the overall growth of the market.​

Market segmentation provides a detailed understanding of the various components of the bio-based platform chemicals market. By type, the market includes C-3 platform chemicals like glycerol and bio-3-hydroxypropionic acid; C-4 platform chemicals such as succinic acid, fumaric acid, malic acid, and aspartic acid; C-5 platform chemicals including levulinic acid, glutamic acid, itaconic acid, and xylitol; and C-6 platform chemicals like sorbitol, glucaric acid, and 2,5-furan dicarboxylic acid. These chemicals find applications in diverse industries, with polymers, plastic formulations, biofuels, cosmetics, paints and coatings, solvents, and pharmaceuticals being the primary sectors.​

Highlights of the report include detailed insights into market dynamics, such as drivers, restraints, and opportunities; comprehensive analysis of market segments and regional performance; and an in-depth examination of the competitive landscape. The report also offers valuable information on pricing analysis, production capacities, and technological advancements within the industry.​

Key opportunities identified in the market stem from the increasing demand for sustainable and eco-friendly products, advancements in biorefinery technologies, and supportive government policies promoting the use of bio-based chemicals. Additionally, the growing awareness of environmental issues and the shift towards green chemistry present significant prospects for market expansion.​

The report addresses several critical questions, including:​

• What is the estimated market value of bio-based platform chemicals in 2023 and the forecast for 2033?​
• What are the key factors driving market growth during the forecast period?​
• Which regions are expected to exhibit significant growth rates, and what are the contributing factors?​
• Who are the major players in the market, and what strategies are they employing to enhance their market presence?​
• What are the challenges faced by the market, and how can they be addressed?​

In conclusion, the bio-based platform chemicals market is on a robust growth trajectory, fueled by the increasing demand for sustainable products, technological advancements, and supportive regulatory frameworks. The market's expansion is further facilitated by the active participation of key industry players who are investing in innovation and strategic collaborations to meet the evolving needs of various end-use industries.

Read more -

Fact.MR forecasts the global carglumic acid market to grow from US$ 152.5 million in 2023 to US$ 314.4 million in 2033. This represents a CAGR of over 7.5% from 2023 to 2033.

The global metal finishing chemicals market is estimated at USD 11.7 Billion in 2022 and is forecast to surpass USD 16.4 Billion by 2032, growing at a CAGR of 3.4% from 2022 to 2032.

Based on the analysis by Fact.MR, the global perfluorocarbons market is estimated to reach a valuation of US$ 1.0 billion in 2023 and it is expected to grow at a CAGR of 4.0% to reach US$ 1.5 billion by the end of 2033.

The global anti-infective agents market is expected to be worth US$ 141 Billion in fiscal year 2022, up from US$ 136 Billion in fiscal year 2021. From 2022 to 2032, the market is expected to grow at a 3.3% CAGR, reaching a value of US$ 195.8 Billion by the end of 2032.

Polycarbonate resins market is anticipated to register a volume CAGR of over 4% during the forecast period, 2019 to 2029.

Global demand for nylon is valued at US$ 34.1 billion in 2023 and is extrapolated to attain a market revenue of US$ 60.5 billion by 2033-end. The global nylon market is projected to exhibit expansion at a healthy 5.9% CAGR over the next ten years.