The market is segmented by Product Type (Bio Glycerol, Bio Glutamic Acid, Bio Itaconic Acid, Bio-3-Hydroxypropionic Acid, Bio Succinic Acid, Other Product Types) and Geography (Asia-Pacific, North America, Europe, South America, and Middle East & Africa)
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Scope of the Report
Key Market Trends
TABLE OF CONTENTS
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The market for bio-based platform chemicals is expected to witness a CAGR of around 9% during the forecast period. The major factors driving the growth of the market studied are rising demand from the pharmaceutical industry and stringent government regulations on conventional petroleum-based products. On the flip side, raw material shortage and fitted competition from oil-based platform chemicals are likely to hinder the growth of the studied market.
Bio-glycerol segment dominated the market and is expected to grow during the forecast period with growing demand from industries, such as pharmaceutical, cosmetics, food and beverages, etc.
Increasing consumer inclination toward eco-friendly products and technological modification are likely to provide opportunities for the studied market, during the forecast period.
North America dominated the market across the world, which is fueled by huge investment into its pharmaceutical industry, and stringent regulations promoting the use of environmentally friendly products.
Scope of the Report
The bio-based platform chemicals market report includes:
Bio Glutamic Acid
Bio Itaconic Acid
Bio Succinic Acid
Other Product Types
Rest of Asia-Pacific
Rest of Europe
Rest of South America
Middle East & Africa
Rest of Middle East & Africa
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Key Market Trends
Bio-Itaconic acid (IA) Segment to Witness Strong Growth
Itaconic acid (IA) is also known as methylene succinic acid or methylene butanedioic acid. It is an organic compound manufactured through the fermentation process. Furthermore, it is primarily used as an alternative to petrochemical-derived products (including acrylic acid), during the production of various other chemicals.
IA can dissolve in many alcohols, including methanol, ethanol, and 2-propanol, as well as is biodegradable in nature. Moreover, it is used to produce monoesters, including monomethyl itaconate. It reacts with substituted pyrrolidones, which are used in applications, such as shampoos, detergents, pharmaceuticals, etc. Itaconic acid and its derivatives have major applications in chemical, textile, and pharmaceutical industries.
One of the major factors hindering the adoption of itaconic acid is its high cost, as compared to its substitutes. Thus, IA is primarily used in areas where less volume of it is required.
Increasing application of superabsorbent polymers in several end-user industries is one of the factors driving the global bio-based itaconic acid market’s growth. Superabsorbent polymers (SAPs) are materials that possess the ability to absorb and retain large volumes of liquid or aqueous solutions. This makes them ideal for use in water-absorbing applications, such as baby nappies, adult incontinence pads, absorbent medical dressings, and controlled release drugs.
Bio-based itaconic acid is used instead of acrylic acid, primarily in the production of super absorbent polymers. The depletion of fossil fuels and the need for sustainable development is likely to augment the demand for bio-based itaconic acid for the production of superabsorbent polymers during the forecast period.
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North America Region to Dominate the Market
North America region dominated the global market share and is likely to continue holding the largest share during the forecast period, owing to government regulations promoting the use of bio-based products, and continuous research and innovations in the field of technological modification.
Moreover, stringent regulations related to petroleum-based platform chemicals, and depletion of fossil fuel reserves further provides growth opportunity for the bio-based platform chemicals market in the region.
In addition, end-user industries, such as food and beverage, cosmetics, pharmaceutical, and fertilizer industries, in the country are strictly regulated, in order to avoid negative effects on the health of citizens. In this regard, these industries are more likely to shift to bio-based raw materials when compared to petroleum-based raw materials.
Research and development of bio-based platform chemicals and exploration of its beneficial applications in such industries can lead to the mandate of the use of such bio-based platform chemicals in the region.
Hence, all such factors are likely to drive the demand for bio-based platform chemicals in the region, during the forecast period.
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The bio-based platform chemicals market is a consolidated market, where few players account for a significant portion of the market demand. Some of the major players in the market include BASF SE, Cargill, Incorporated, DSM, PTT Global Chemical Public Company Limited, and Champlor (Valtris Specialty Chemicals), amongst others.