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Bio-based Platform Chemicals Market Size (2024 - 2029)

The bio-based platform chemicals sector is experiencing a recovery and is projected to expand significantly over the forecast period, driven by supportive government regulations and a growing consumer preference for sustainable products. Despite challenges such as high product costs, the market is poised for growth due to the introduction of innovative chemicals and increased demand across various industrial applications. North America leads the market, supported by substantial investments in the pharmaceutical sector and strict regulations encouraging environmentally friendly practices.

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Market Size of Bio-based Platform Chemicals Industry

Bio-based Platform Chemicals Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 15.41 Billion
Market Size (2029) USD 21.22 Billion
CAGR (2024 - 2029) 6.61 %
Fastest Growing Market Asia Pacific
Largest Market North America
Market Concentration High

Major Players

Bio-based Platform Chemicals Market Major Players

*Disclaimer: Major Players sorted in no particular order

Bio-based Platform Chemicals Market Analysis

The Bio-based Platform Chemicals Market size is estimated at USD 15.41 billion in 2024, and is expected to reach USD 21.22 billion by 2029, growing at a CAGR of 6.61% during the forecast period (2024-2029).

  • The COVID-19 pandemic had a negative impact on the bio-based platform chemicals sector. Global lockdowns and severe rules enforced by governments resulted in a catastrophic setback as most production hubs were shut down. Nonetheless, the business has been recovering since 2021 and is expected to rise significantly in the coming years.
  • The major factors driving the growth of the market studied are favorable government regulations and consumer inclination towards the use of environmentally friendly and sustainable products.
  • On the flip side, the high product cost associated with bio-based platform chemicals is likely to hinder the growth of the studied market.
  • The emergence of novel bio-based platform chemicals and the surge in demand from a wide range of industrial applications are likely to provide opportunities for the studied market during the forecast period.
  • North America dominated the global market, which is fueled by huge investments in its pharmaceutical industry and stringent regulations promoting the use of environmentally friendly products.

Bio-based Platform Chemicals Industry Segmentation

Platform chemicals are a diverse group of chemicals that can be used as starting materials in broad range of fine and specialty chemicals. Platform chemicals that are manufactured using renewable resources are known as bio-based platform chemicals. 

The bio-based platform chemicals market is segmented by product type and geography. By product type, the market is segmented into bio glycerol, bio glutamic acid, bio itaconic acid, bio-3-hydroxy propionic acid, bio-succinic acid, and other product types. The report also covers the market size and forecasts for the bio-based platform chemicals market in 15 countries across major regions. 

For each segment, the market sizing and forecasts have been done on the basis of revenue (USD).

Product Type
Bio Glycerol
Bio Glutamic Acid
Bio Itaconic Acid
Bio-3-Hydroxypropionic Acid
Bio Succinic Acid
Other Product Types
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
South Africa
Saudi Arabia
Rest of Middle-East and Africa
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Bio-based Platform Chemicals Market Size Summary

The bio-based platform chemicals market is poised for significant growth, driven by increasing consumer demand for sustainable and environmentally friendly products. The market is recovering from the setbacks caused by the COVID-19 pandemic, which had disrupted production and supply chains globally. Favorable government regulations and the depletion of fossil fuels are encouraging the shift towards bio-based alternatives, providing a substantial opportunity for market expansion. North America leads the market, supported by substantial investments in the pharmaceutical sector and stringent regulations promoting bio-based products. The region's dominance is further bolstered by continuous research and innovation in technological modifications, which are essential for the development and adoption of bio-based platform chemicals.

Itaconic acid, a key component in the bio-based platform chemicals market, is gaining traction as an alternative to petrochemical-derived products, particularly in the production of superabsorbent polymers. Its biodegradable nature and ability to dissolve in various alcohols make it suitable for applications in the chemical, textile, and pharmaceutical industries. The increasing demand for superabsorbent polymers, driven by their extensive use in personal care and hygiene products, is expected to further propel the market. Initiatives by organizations like the World Health Organization and government bodies in countries such as India are raising awareness about hygiene, thereby boosting the demand for bio-based itaconic acid. The market is characterized by a few major players, including BASF SE, Cargill, Incorporated, and DSM, who hold a significant share of the market demand.

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Bio-based Platform Chemicals Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Favorable Government Regulations for Bio-Based Platform Chemicals

      2. 1.1.2 Consumer Inclination Towards the Use of Environmental Friendly and Sustainable Products

      3. 1.1.3 Other Drivers

    2. 1.2 Restraints

      1. 1.2.1 High Cost of Production

      2. 1.2.2 Other Restraints

    3. 1.3 Industry Value-Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Consumers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size in Value)

    1. 2.1 Product Type

      1. 2.1.1 Bio Glycerol

      2. 2.1.2 Bio Glutamic Acid

      3. 2.1.3 Bio Itaconic Acid

      4. 2.1.4 Bio-3-Hydroxypropionic Acid

      5. 2.1.5 Bio Succinic Acid

      6. 2.1.6 Other Product Types

    2. 2.2 Geography

      1. 2.2.1 Asia-Pacific

        1. 2.2.1.1 China

        2. 2.2.1.2 India

        3. 2.2.1.3 Japan

        4. 2.2.1.4 South Korea

        5. 2.2.1.5 Rest of Asia-Pacific

      2. 2.2.2 North America

        1. 2.2.2.1 United States

        2. 2.2.2.2 Canada

        3. 2.2.2.3 Mexico

      3. 2.2.3 Europe

        1. 2.2.3.1 Germany

        2. 2.2.3.2 United Kingdom

        3. 2.2.3.3 Italy

        4. 2.2.3.4 France

        5. 2.2.3.5 Rest of Europe

      4. 2.2.4 South America

        1. 2.2.4.1 Brazil

        2. 2.2.4.2 Argentina

        3. 2.2.4.3 Rest of South America

      5. 2.2.5 Middle-East and Africa

        1. 2.2.5.1 South Africa

        2. 2.2.5.2 Saudi Arabia

        3. 2.2.5.3 Rest of Middle-East and Africa

Bio-based Platform Chemicals Market Size FAQs

The Bio-based Platform Chemicals Market size is expected to reach USD 15.41 billion in 2024 and grow at a CAGR of 6.61% to reach USD 21.22 billion by 2029.

In 2024, the Bio-based Platform Chemicals Market size is expected to reach USD 15.41 billion.

Bio-based Platform Chemicals Market Report Snapshots

Bio-based Platform Chemicals Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)