Market Size of Bio-based Platform Chemicals Industry
| 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
*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.
