Bio-Based Platform Chemicals Market to reach $18.8 billion at a CAGR of 8.3% also chemicals volume stood at 9,199.8 kilo tons by 2021.
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Platform chemicals represent a group of twelve (one not commercialized yet) building block chemicals that can be produced from sugars via biological conversions. Factors responsible for the growth of the bio-based platform chemicals market are volatility in crude oil prices, availability of loEdit Link cost feedstock and favorable government regulations towards bio-based products.
Furthermore, rising adoption of bio-based chemicals in different industries such as personal care, pharmaceuticals, food & beverages including others are some of the key factors driving the market growth. However, the high production cost of bio-based chemicals is likely to hamper the market growth.
C-3 chemicals (Glycerol and 3-hydroxy propionic acid) accounted for the highest consumption in 2015, owing to its unique property of getting converted into various other useful chemicals such as alcohols, acids, and resins. Furthermore, the absence of a petrochemical route for the production of (3-hydroxy propionic acid) 3-HP, drives the C-3 platform chemicals market growth. 3-HP can be transformed into different high-value chemicals such as 1,3-propanediol, acrylic acid, methyl acrylate, acrylamide, malonic acid, ethyl 3-HP, propiolactone, and acrylonitrile.
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These high value chemicals are used in a variety of applications such as solvents, plastics & molding, fibers & resins, composites, adhesives, laminates, floor polishes, paints & coatings, aliphatic polyesters & copolyesters, wastewater treatment, gel electrophoresis, papermaking, ore processing, vitamins and disinfectants used to sterilize vaccines, tissue grafts, blood plasma, surgical instruments and enzymes.
C-5 chemicals form the second most dominating group in bio-based chemicals market with glutamic acid as major contributor apart from levulinic acid, itaconic acid, and xylitol. Glutamic acid and its derivatives have capability to replace traditional petroleum-based polymers such as polyesters and polyamide whereas itaconic acid potential to produce verity of the high value chemicals such as 3-methyl pyrrolidine, 3-methyl NMP, 4-methyl NMP, 2-methyl-1,4-BDO, 3-methyl THF, 3-methyl GBL, 4-methyl GBL, 2-methyl-1,4-butanediamine, and itaconic diamide making them fastest growing chemicals in C-5 chemicals group.
Key Findings of Bio-Based Platform Chemicals Market:
C-3 and C-5 platform chemicals, together, accounted for more than 89% of total bio-based platform chemicals consumption in 2015.
LAMEA bio-based platform chemicals consumption is projected to grow at the CAGR of 8.5% during the analysis period.
Asia-Pacific was the highest consumer of bio-based platform chemicals across the globe in 2015.
Bio-medical industry application segment of glycerol (C-3 platform chemicals) is projected to grow at the CAGR of 25.2%.
Out of total C-3 chemicals consumed, 3-hydroxypropionic acid accounted for more than 60% share in 2015.
Fumaric acid accounted for the largest share of the total C-4 platform chemicals.
North America was the highest consumer of glutamic acid (C-5 platform chemical) in 2015 and is expected to maintain its lead through 2020.
The prominent players profiled include-Succinity GmbH, Bio-Amber Inc., Myriant Corporation, Novozymes, Cargill Incorporated, DSM, Metabolix Inc., GF Biochemicals, E.I. du Pont de Nemours and Company and Prinova LLC.
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