According to latest report by IMARC Group, titled “Bio-based Platform Chemicals Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” The global bio-based platform chemicals market grew at a CAGR of around 10% during 2015-2020. Bio-based platform chemicals refer to a group of chemical compounds manufactured by breaking down and processing various biological materials. Some of the commonly used bio-based platform chemicals include bio-glycerol, glutamic acid, itaconic acid, bio-3-hydroxy propionic acid, and succinic acid. They are generally produced by using amino acids, carboxylic acids, isoprene, propane, short-chain olefins, butanediols, and ethanol. Bio-based platform chemicals act as a crucial ingredient for manufacturing chemicals, polymers, adhesives, resins, cleaning agents, and fibers. Looking forward, IMARC Group expects the global bio-based platform chemicals market to exhibit moderate growth during the next five years.
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A significant rise in the chemical and pharmaceutical industries is the primary factor driving the market for bio-based platform chemicals. Additionally, the widespread adoption of bio-itaconic acid (IA) as a substitute to petrochemical-derived products is also propelling the market growth. IA is used as an organic compound to manufacture shampoos, detergents, and various pharmaceutical products as it easily dissolves in various alcohols, such as methanol, ethanol and propanol. Furthermore, escalating demand for environment-friendly and bio-based chemicals is also driving the market growth. Moreover, the increasing utilization of superabsorbent polymers (SAPs) that exhibit superior water-absorbing capability in diapers, adult incontinence pads, absorbent medical dressings, etc., is also augmenting the global market.
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Key Market Segmentation:
The report has also examined the competitive landscape of global retail analytics market. Some of the major players in the market are BASF SE, Braskem S/A (Odebrecht), Cargill Incorporated, DuPont de Nemours Inc., Itaconix Corporation, Koninklijke DSM N.V., LyondellBasell Industries N.V., Novozymes A/S, PTT Global Chemical Public Company Limited and Yield10 Bioscience Inc.
Market Breakup by Chemical:
1. Bio Glycerol
2. Bio Glutamic Acid
3. Bio Itaconic Acid
4. Bio-3-Hydroxypropionic Acid
5. Bio Succinic Acid
Market Breakup by Feedstock:
Market Breakup by End Use Industry:
Market Breakup by Region:
1. North America
4. Latin America
5. Middle East and Africa
Region-wise, the market has been classified into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others); Latin America (Brazil, Mexico and others); and Middle East and Africa.
Key highlights of the report:
1. Market Performance
2. Market Outlook
3. Porter’s Five Forces Analysis
4. Market Drivers and Success Factors
5. SWOT Analysis
6. Value Chain
7. Competitive Structure
8. Profiles of Key Players
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