Global Bio-Based Platform Chemicals Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Bio-Based Platform Chemicals Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Bio-Based Chemicals refer to products such as bulk chemicals and fine chemicals produced using renewable biomass (starch, glucose, lignocellulose, etc.) as raw materials. Notably, examples of bio-based chemicals include non-food starch, cellulose fibers and cellulose derivatives, tall oils, fatty acids and fermentation products such as ethanol and citric acid. An important role can be played by bio-based chemicals, which are defined as chemical products that are wholly or partly derived from materials of biological origin (for example biomasses, feedstock, but also plants, algae, crops, trees, marine organisms and biological waste).
Bio-based polymers are defined as materials in which at least a portion of the polymer is made of materials produced from renewable raw materials. For example, bio-based polymers can be produced from corn or sugar cane. The remainder of the polymer can come from fossil fuel-based carbon. Bio-based polymers generally have a lower carbon dioxide footprint and are related to the concept of sustainability.

Market Overview:

The latest research study on the global Bio-Based Platform Chemicals market finds that the global Bio-Based Platform Chemicals market reached a value of USD 115124.25 million in 2022. It’s expected that the market will achieve USD 186165.76 million by 2028, exhibiting a CAGR of 8.34% during the forecast period.

Market Drivers

Bio-based materials (including Bio-Based Chemicals and Bio-Based Polymer) refer to the use of renewable biomass (such as grains, legumes, straw, bamboo and wood powder, etc.) as raw materials for production, through biological, chemical and physical methods. A new class of materials and chemicals. In recent years, with the rapid development of various industries, the reserves of non-renewable resources such as fossil raw materials have been declining, which has also caused pollution to the environment to a certain extent. Therefore, the traditional economic model that mainly relies on fossil raw materials is no longer suitable for the development requirements of the current era. Green, low-carbon, and sustainable have gradually become the main goals of many countries to promote economic development. Bio-based materials have the characteristics of green production, environmental friendliness, renewable raw materials, and biodegradability. With the support of advanced technology and the assistance of related policies, bio-based materials such as Bio-Based Chemicals and Bio-Based Polymer have gradually become another new leading industry leading the contemporary world in technological innovation and economic development. This is one of the important factors driving the development of the Bio-Based Chemicals and Bio-Based Polymer industry.

Market Development Constraints

Although Bio-Based Chemicals and Bio-Based Polymer have many advantages, the problem of higher cost still limits the development of the industry. Compared with traditional plastics, the production cost of Bio-Based Chemicals and Bio-Based Polymer is higher, which has become the main obstacle hindering the marketization of Bio-Based Chemicals and Bio-Based Polymer. The solution to this point is mainly production technology. Therefore, manufacturers need to increase R&D investment, improve the production technology level of Bio-Based Chemicals and Bio-Based Polymer, reduce costs, and thereby reduce prices.

Region Overview:

Asia-Pacific had the highest growth rate of all regions.

Company Overview:

BASF SE is one of the major players operating in the Bio-Based Platform Chemicals market, holding a share of 2.23% in 2021.

BASF SE is a German multinational chemical company and the largest chemical producer in the world. The BASF Group comprises subsidiaries and joint ventures in more than 80 countries and operates six integrated production sites and 390 other production sites in Europe, Asia, Australia, the Americas and Africa. Its headquarters is located in Ludwigshafen, Germany. BASF has customers in over 190 countries and supplies products to a wide variety of industries.

BASF operates in a variety of markets. Its business is organized in the segments of Chemicals, Plastics, Performance Products, Functional Solutions, Agricultural Solutions, and Oil and Gas.

Toray Industries, Inc. is a multinational corporation headquartered in Japan that specializes in industrial products centered on technologies in organic synthetic chemistry, polymer chemistry, and biochemistry. Its founding business areas were fibers and textiles, as well as plastics and chemicals. The company has also diversified into areas such as pharmaceuticals, biotechnology and R&D, medical products, reverse osmosis big membranes, electronics, IT products, housing and engineering, as well as advanced composite materials.

Segmentation Overview:

Among different product types, Bio-Based Chemicals segment is anticipated to contribute the largest market share in 2027.

Application Overview:

By application, the Packaging segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Bio-Based Platform Chemicals market covered in Chapter 3:

Kuraray Co. Ltd.
Solvay
PTT Global Chemical Public Company Limited
Arkema S.A.
BASF SE
Mitsubishi Chemical Holdings Corporation
Corbion NV
Novamont S.p.A.
Teijin Limited
Toray Industries, Inc.
Covestro AG

In Chapter 4 and Chapter 14.2, on the basis of types, the Bio-Based Platform Chemicals market from 2018 to 2029 is primarily split into:

Bio-Based Chemicals
Bio-Based Polymer

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Bio-Based Platform Chemicals market from 2018 to 2029 covers:

Packaging
Agriculture
Textiles
Food Safety
Automotive
others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)