Bio-based Platform Chemicals Market Size

Statistics for the 2023 & 2024 Bio-based Platform Chemicals market size, created by Mordor Intelligence™ Industry Reports. Bio-based Platform Chemicals size report includes a market forecast to 2029 and historical overview. Get a sample of this industry size analysis as a free report PDF download.

Market Size of Bio-based Platform Chemicals Industry

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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

Major Players

Bio-based Platform Chemicals Market Major Players

*Disclaimer: Major Players sorted in no particular order

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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 Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)