Bio-based Platform Chemicals Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth And Forecast 2022 - 2027

Report Code: CMR 43954 Report Format: PDF + Excel

Bio-based Platform Chemicals Market Overview

The Bio-based Platform Chemicals Market size is forecast to reach US$26.3 billion by 2027 after growing at a CAGR of 8.9% during the forecast period 2022-2027. Bio-based platform chemicals are a group of chemicals that are manufactured from sugar through the procedure of biological conversions. This group of chemicals include molecules that have a wide range of functional groups, hence, they can be converted into a range of other high-value chemicals. Some of the examples of Bio-based Platform Chemicals include Bio Glutamic Acid, Bio-3-Hydroxypropionic Acid, Bio Succinic Acid, and Isobutanol. An increase in demand for Bio-based Platform Chemicals from the pharmaceutical and packaging industry acts as the major driver for the market. On the other hand, shortage and fluctuating prices of raw materials may act as a major constraint for the market.

COVID-19 Impact

There is no doubt that the COVID-19 lockdown has impacted the Bio-based Platform Chemicals Industry. Strict lockdowns all over the world interrupted the entire supply and trade of raw materials from manufacturing hubs like China, and India. This, in turn, resulted in slow developments and manufacturing of drugs along with severely affecting multiple companies that primarily depended on outsourcing. However, the Bio-based Succinic Acid Industry started gaining momentum during the end of 2020 due to increasing demand for vaccines and drugs such as Hydroxychloroquine and Remdesivir that were used to fight against COVID-19. For instance, according to a research report published on PLOS medicine, the cumulative volume of antibiotics that were sold in 2020 was about 16,290 million doses. Likewise, Gilead Sciences reported that its total revenue increased by 17% after incorporating the sales of coronavirus treatment Remdesivir. The increasing demand for drugs required for the treatment of COVID-19 along with increasing demand for vaccines to be manufactured in bulk in many countries across the world resulted in the growth of the Bio-based Platform Chemicals Market as platform chemicals such as Bio Succinic Acid is generally used as a starting material for active pharmaceutical ingredients (API) along with being used as an additive in drug formulation and for controlled release of drugs. All of these factors have eventually led to the growth of the Bio-based Platform Chemicals Market and it is expected to rise in the upcoming years as well.

Report Coverage

The report: “Bio-based Platform Chemicals Market – Forecast (2021-2026)”, by IndustryARC covers an in-depth analysis of the following segments of the Bio-based Platform Chemicals Industry.

By Product Type: Bio Glycerol, Bio Itaconic Acid, Bio Glutamic Acid, Bio Succinic Acid, Bio-1,4-Diacids, Bio-3-Hydroxypropionic Acid, Others.
By Geography: North America (USA, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and New Zealand, Indonesia, Taiwan, Malaysia, and the Rest of Asia-Pacific), South America (Brazil, Argentina, Colombia, Chile and the Rest of South America), the Rest of the World (the Middle East, and Africa).

Key Takeaways

  • Bio-Itaconic Acid in Bio-based Platform Chemicals Market is expected to see the fastest growth, owing to the increasing demand of Bio-Itaconic Acid from the pharmaceuticals industry.
  • Bio-based Platform Chemicals are generally used for the production of adhesives, polymers, superabsorbents, fibers, plastic packaging, resins, and cleaning agents which makes them ideal for use in the packaging and personal care industry.
  • North America dominated the Bio-based Platform Chemicals Market in 2021. The major reason behind this is the increasing demand for Bio-based Platform Chemicals for the production and controlled release of medical drugs and formulations, thus, boosting the market growth.

Figure: North America Bio-based Platform Chemicals Market Revenue, 2021-2027 (US$ Billion)

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Bio-based Platform Chemicals Market Segment Analysis – By Product Type

The Bio-Itaconic Acid segment held the largest share in the Bio-based Platform Chemicals Market in 2021 and is expected to grow at a CAGR of 8.3% between 2022 and 2027. The reason behind this is the increasing demand for Bio-Itaconic Acid and its derivatives for the controlled release of drugs in the pharmaceutical industry. Likewise, Bio-Itaconic Acid can easily dissolve in alcohols, such as ethanol, methanol, and propanol, hence, they are also used for effective and controlled release of drugs. For instance, in 2019, the UNDESA published a report, which showed that the majority of the elderly population (approx. 703 billion) have a weaker immune system, hence, they tend to fall sick quite often. This can increase the demand for Bio-Itaconic Acid required for the production of medical drugs and medications, hence, leading to Bio-based Platform Chemical Market growth in the upcoming years.

Bio-based Platform Chemicals Market Segment Analysis – By Geography

North America held the largest share in the Bio-based Platform Chemicals Market in 2021 up to 32%, owing to the increasing demand for Bio-based Platform Chemicals for controlled release of medical drugs and formulations. For instance, according to the data on therapeutic drug use in the U.S. published by National Centre for Health Statistics, the number of drugs that were ordered and provided through physician office visits reached around 2.9 billion, and the number of drugs that were given or prescribed through hospital emergency department visits reached around 336 million in 2020. Likewise, recent reports published by Kaiser Family Foundation (KFF) show that over 90 million of 246 million U.S. adults fall at a higher risk of serious illness if infected with the coronavirus. Thus, an increased risk of people falling sick or suffering from certain medical illnesses will also increase the demand for medicines or drug production required for the treatment. This can lead to an increase in demand for Bio-based Platform Chemicals required for the controlled release of medical drugs and formulations during their production. This, in turn, will play a major role in leading market growth in the upcoming years.

Bio-based Platform Chemicals Market Drivers

An increase in demand from the pharmaceuticals industry is most likely to increase demand for the product

Bio-based Platform Chemicals such as Bio Succinic Acid and Glutamic Acid are generally used as a starting material for active pharmaceutical ingredients (API) along with being used as an additive in drug formulation. A recent study indicates that the total sales revenue of traditional pharmaceuticals in China amounted to about $28.8 billion in 2019 and is expected to increase in the upcoming years. Likewise, recent reports from India Brand Equity Foundation (IBEF) show that the Indian pharmaceutical sector supplies over 50% of the global demand for various vaccines, 40% of the generic demand for the US, and 25% of all medicines for the UK during the ongoing COVID-19 pandemic. Hence, in this way, an increase in demand for medicines and drugs from pharmaceutical sectors across multiple countries will eventually lead to an increase in demand for Bio-based Platform Chemical such as Bio Succinic Acid, and Glutamic Acid required for their production as well, thus, leading to market growth.

An increase in demand from the packaging industry is most likely to increase demand for the product

Bio-based Platform Chemicals are generally used for the production of packaging materials such as adhesives, polymers, and biodegradable plastics which makes them ideal for use in packaging applications. For instance, China holds the largest market share around the world when it comes to food packaging. According to a recent study published on Interpack, the consumption of food packaging is expected to increase to 447,066 million by 2023. Likewise, it also states that the Chinese packaging companies such as 3D, SIP, and WLCSP alone achieved a revenue of around $5.88 billion with end packaging. Furthermore, The Flexible Packaging Association (FPA) stated that the total U.S. flexible packaging industry was valued at around $33.6 billion in 2019. It included packaging for retail and institutional food, industrial materials, pharmaceuticals, shrink and stretch films, consumer storage bags, retail shopping bags, along with wraps and trash bags. Hence, increased demand for packaging materials also increases the demand for Bio-based Platform Chemicals required during their production, thus, resulting in the growth of the market in the upcoming years.

Bio-based Platform Chemicals Market Challenges

Health hazards associated with the prolonged use of Platform Chemicals can cause an obstruction to the market growth

According to recent research, prolonged use of Platform Chemicals may cause eye irritation, skin irritation, and gastrointestinal irritation. Side effects of excessive exposure to platform chemicals include nausea, vomiting, and diarrhea in mild cases. In severe cases, it may also cause respiratory tract irritation in case of inhalation. Hence, health hazards and risks associated with the prolonged use of Platform Chemicals may confine the market growth.

Bio-based Platform Chemicals Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Bio-based Platform Chemicals Market. Bio-based Platform Chemicals Market top companies are:

  1. BASF SE
  2. Braskem S/A
  3. Cargill Incorporated
  4. DuPont de Nemours Inc.
  5. Itaconix Corporation
  6. Koninklijke DSM N.V.
  7. LyondellBasell Industries N.V.
  8. Novozymes A/S
  9. PTT Global Chemical Public Company Limited
  10. Yield10 Bioscience Inc.

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1. Bio-based Platform Chemicals Market- Market Overview
    1.1 Definitions and Scope
2. Bio-based Platform Chemicals Market - Executive Summary
    2.1 Key Trends by Product Type
    2.2 Key Trends by Geography
3. Bio-based Platform Chemicals Market – Comparative analysis
    3.1 Market Share Analysis- Major Companies
    3.2 Product Benchmarking- Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Bio-based Platform Chemicals Market - Startup companies Scenario Premium Premium
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Bio-based Platform Chemicals Market – Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. Bio-based Platform Chemicals Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes
7. Bio-based Platform Chemicals Market – Strategic Analysis
    7.1 Value/Supply Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies
8. Bio-based Platform Chemicals Market– By Product Type (Market Size - US$ Million/Billion)
    8.1 Bio Glycerol
    8.2 Bio Glutamic Acid
    8.3 Bio Itaconic Acid
    8.4 Bio-1,4-Diacids
    8.5 Bio-3-Hydroxypropionic Acid
    8.6 Others
9. Bio-based Platform Chemicals Market - By Geography (Market Size - US$ Million/Billion)
    9.1 North America
        9.1.1 USA
        9.1.2 Canada
        9.1.3 Mexico
    9.2 Europe
        9.2.1 UK
        9.2.2 Germany
        9.2.3 France
        9.2.4 Italy
        9.2.5 Netherlands
        9.2.6 Spain
        9.2.7 Russia
        9.2.8 Belgium
        9.2.9 Rest of Europe
    9.3 Asia-Pacific
        9.3.1 China
        9.3.2 Japan
        9.3.3 India
        9.3.4 South Korea
        9.3.5 Australia and New Zealand
        9.3.6 Indonesia
        9.3.7 Taiwan
        9.3.8 Malaysia
        9.3.9 Rest of APAC
    9.4 South America
        9.4.1 Brazil
        9.4.2 Argentina
        9.4.3 Colombia
        9.4.4 Chile
        9.4.5 Rest of South America
    9.5 Rest of the World
        9.5.1 Middle East
            9.5.1.1 Saudi Arabia
            9.5.1.2 UAE
            9.5.1.3 Israel
            9.5.1.4 Rest of the Middle East
        9.5.2 Africa
            9.5.2.1 South Africa
            9.5.2.2 Nigeria
            9.5.2.3 Rest of Africa
10. Bio-based Platform Chemicals Market – Entropy
    10.1 New Product Launches
    10.2 M&As, Collaborations, JVs, and Partnerships
11. Bio-based Platform Chemicals Market – Industry/Segment Competition Landscape Premium
    11.1 Company Benchmarking Matrix – Major Companies
    11.2 Market Share at Global Level - Major companies
    11.3 Market Share by Key Geography - Major companies
    11.4 Market Share at Country Level - Major companies
    11.5 Market Share by Key Product Type/Product category - Major companies
12. Bio-based Platform Chemicals Market – Key Company List by Country Premium Premium
13. Bio-based Platform Chemicals Market Company Analysis - Business Overview, Product Portfolio, Financials, and Developments
    13.1 Company 1
    13.2 Company 2
    13.3 Company 3
    13.4 Company 4
    13.5 Company 5
    13.6 Company 6
    13.7 Company 7
    13.8 Company 8
    13.9 Company 9
    13.10 Company 10 and more
"*Financials would be provided on a best efforts basis for private companies"

List of Tables

1 US Bio-based Platform Chemicals Market Size 2018
2 Canada Bio-based Platform Chemicals Market Share 2018
3 Brazil Bio-based Platform Chemicals Market Outlook 2019 - 2023
4 Mexico Bio-based Platform Chemicals Market Research 2018
5 Germany Bio-based Platform Chemicals Market Trends 2019 - 2023 
6 France Bio-based Platform Chemicals Market Growth 2019 - 2023 
7 UK Bio-based Platform Chemicals Market Demand 2019 - 2023 
8 Italy Bio-based Platform Chemicals Market Segmentation 2018
9 Russia Bio-based Platform Chemicals Market Analysis 2019 - 2023
10 China Bio-based Platform Chemicals Market Revenue 2019 - 2023
11 Japan Bio-based Platform Chemicals Market Volume 2019 - 2023
12 South Korea Bio-based Platform Chemicals Market Potential 2019 - 2023
13 India Bio-based Platform Chemicals Market Leaders 2018
14 Saudi Arabia Bio-based Platform Chemicals Market Forecast 2019 - 2023 
15 Kuwait Bio-based Platform Chemicals Market Value 2018

List of Figures

For complete list of 60+ tables and 60+ figures follow the Link