C-3 Platform Chemicals to Contribute Up to US$ 10 Mn to Bio-Based Platform Chemicals Sales by 2031
The market study by Fact.MR provides incisive coverage on the growth drivers and restraints expected to affect the global bio-based platform chemicals market for the next decade. Rising application of bio-based platform chemicals in pharmaceutical and cosmetics industry will continue to spur the sales through the assessment period
NEW YORK, Sept. 29, 2021 /PRNewswire/ -- Fact.MR projects the bio-based platform chemicals market to exhibit 8% CAGR between 2021 and 2031. Sales of bio-based platform chemicals is expected to total US$ 23 Bn through the assessment period. The increasing application in pharmaceutical and cosmetics industries will continue driving sales in the market.
Rising consumption of C-3 platform chemicals, coupled with the growing demand for environmental-friendly and bio based chemicals in diverse end-use industries will push growth in the bio-based platform chemicals market.
Besides this, the market will continue gaining from product innovations such as development of superabsorbent polymers (SAPs). These polymers exhibit superior capability of water absorption and are therefore extensively used in the production of diapers, adult incontinence pads, absorbent medical dressings, and controlled release drugs.
Sales of bio-based platform chemicals are expected to rise considerably, thanks to the implementation of favorable government initiatives supporting sustainability in chemical production and encouraging research initiatives in the field of green chemistry.
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Based on these factors, the demand for bio-based sorbitol and C-6 platform chemicals will continue increasing, enabling growth in the market through 2031.
"Due to depletion of fossil fuels and growing demand for eco-friendly and bio-based chemicals, adoption of bio-based platform chemicals has increased exponentially across various industries. In order to capitalize on existing opportunities, the market players are likely to partner with international organizations. This will also help them expand their portfolio," says a Fact.MR analyst.
Key Takeaways from Bio-based Platform Chemicals Market Survey
Based on chemical type, C-3 platform chemicals segment is projected to exceed US$ 10 Mn by 2031-end
Over 40% of bio-based platform chemicals sales will come from polymer industry
The U.S. is expected to be one of the most lucrative market on the back of rising demand for eco-friendly chemicals within cosmetics and pharmaceutical industry
China is expected to spearhead the growth of East Asia bio-based platform chemicals market, topping roughly US$ 5 Mn by 2031-end
Germany is expected to emerge as the most lucrative market of Europe, exhibiting growth at 6% CAGR through 2021 & beyond
Implementation of stringent regulations on the use of conventional petroleum-derived chemicals will spur the adoption of bio-based chemicals
Growing inclination of consumers towards environment-friendly products and bio-based chemicals, especially within pharmaceutical industry will drive the sales
Easy availability of alternatives and low-cost products will restrict the sales of bio-based platform chemicals
High cost production of C-3 and C-4 platform chemicals is the major factor restraining market growth
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Presence of numerous players has led to intense competition in the market. Key companies are emphasizing on product launches and collaborations to gain competitive edge. They also are collaborating with other bio-based chemicals suppliers to sustain their position in the industry
Recently, Lygos Inc. announced its collaboration with bio-based chemicals manufacturer, Bioindustrial Manufacturing and Design Ecosystem to improve prototyping and reduce commercialization costs for bio-based platform chemicals.
In October 2020, another leading player, Virent Inc. announced its merger with Cargill Inc for the development and production of drop-in, low-carbon biofuels, and biochemical for applications such as jet fuel and gasoline.
Some of the leading players operating in the bio-based platform chemicals market profiled by Fact.MR are:
Mitsubishi Chemical Corporation
PTT Global Chemical Public Co. Ltd.
DuPont Tate & Lyle Bio Products Company LLC
Evonik Industries AG
Koninklijke DSM NV
Prinova Group LLC.
Yield10 Bioscience, Inc.
More Valuable Insights on Bio-based Platform Chemicals Market
In its latest report, Fact.MR report on global bio-based platform chemicals market offers unbiased analysis, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021 and 2031. The study also provides detailed analysis on the market which is segmented on the basis of:
C-3 Platform Chemicals
C-4 Platform Chemicals
Bio-based Succinic Acid
Bio-based Fumaric Acid
Bio-based Malic Acid
Bio-based Aspartic Acid
C-5 Platform Chemicals
Bio-based Levulinic Acid
Bio-based Glutamic Acid
Bio-based Itaconic Acid
C-6 Platform Chemicals
Bio-based Glucaric Acid
Bio-based 2,5-Furan Dicarboxylic Acid
Paints & Coatings
Middle East & Africa
Key Questions Covered in the Bio-based Platform Chemicals Market Report
The market study also highlights projected sales growth for bio-based platform chemicals market between 2021 and 2031
Bio-based platform chemicals market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
Bio-based platform chemicals market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
Explore Fact.MR's Coverage on the Chemical & Materials Domain –
Cosmetic & Toiletry Chemicals Market- Due to significant population expansion in the recent decade and income rise of middle-class groups in emerging nations, the cosmetic and toiletry chemicals market is expected to see high demand over the forecast period. With a growing consumer base, there is a growing need for high-quality cosmetics, which is expected to become a trend in the cosmetics and toiletry chemicals market. Furthermore, urban women in well-developed urban cities use at least five cosmetic and skincare products each day, presenting considerable prospects for the cosmetic and toiletry chemicals market.
Bio-Based Acetic Acid Market- The market for bio produced acetic acid is primarily driven by demand from the food and chemical industries. One of the causes for overall market growth in terms of value is a significant increase in sales of sugar-based bio-acetic acid. The cause for market expansion is an increase in bio-based acetic acid production across the globe, as well as an increase in the acceptance of bio-based chemicals across industries, ranging from personal care to chemicals. The need for bio-based acetic acid will be boosted by the demand for polymeric binders in paints and coatings applications.
Biofuels Market-The worldwide effort to replace fossil fuels with biofuels for a more sustainable ecosystem has resulted in a huge growth in biofuel output. Environmentalists and policymakers throughout the world are concerned about greenhouse gas pollution, fossil resource depletion, and reliance on unreliable foreign suppliers, which is likely to drive up biofuel production and consumption. The most profitable region for biofuel demand will continue to be North America. Sugarcane, corn, and soybean production have enough harvest land in North America. As a result, it is self-sufficient in terms of biofuel feedstock.
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