Press release
Opportunities in Bio-based Platform Chemicals Market is likely to Display Phenomenal Growth Rate
The global bio-based platform chemicals market was valued at US$ 1.7 Bn in 2021
It is estimated to advance at a CAGR of 11.9% from 2022 to 2031
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The global bio-based platform chemicals market is expected to reach US$ 5.3 Bn by the end of 2031
Bio-based Platform Chemicals Market Introduction
Bio-based platform chemicals are produced by breaking down and processing bio-based materials. This method is used to produce a large number of chemicals and materials that have better functionality and the ability to be transformed into several other chemicals. Bio-based platform chemicals represent a group of twelve (one not commercialized yet) building block chemicals that can be produced from sugar via biological conversions. The group contains molecules with different functional groups, holding the potential to be converted into various other high-value chemicals.
Fumaric acid is an important specialty chemical with wide industrial applications, ranging from its use as feedstock for the synthesis of polymeric resins to acidulants in foods and pharmaceuticals. Itaconic acid is an unsaturated di-carbonic acid. It has a broad application spectrum in the industrial production of resins and is used as a building block for acrylic plastics, acrylate latexes, super-absorbents, and anti-scaling agents. Aspartic acid is an ฮฑ-amino acid naturally produced by both plants and animals. Glutamic acid is a nonessential amino acid found in animal and plant proteins, which is primarily utilized and produced in the form of its sodium salt as monosodium glutamate (MSG). Both acids play important roles as general acids in enzyme active centers.
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Rise in Adoption of Blended Fuels Augmenting Global Bio-based Platform Chemicals Market
Growth in environmental concerns and increase in awareness regarding the use of renewable biological resources for industrial applications are contributing to the global demand for the bio-based platform chemicals market.
Platform chemicals derived from plants are preferred over those derived from fossil fuels. These sustainable alternatives help reduce reliance on fossil feedstock for chemicals, materials, and fuel, as well as greenhouse gas emissions across production chains. Plant-based raw materials such as vegetable oil and starch have long been used in the chemical industry, but bio-based chemicals take renewable resources to a whole new level.
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Globally, the transportation sector is the biggest emitter of greenhouse gases, majorly due to the usage of fossil fuels to power internal combustion engines. Countries all over the world are implementing stringent regulations to limit the emission of greenhouse gases. They are also mandating the utilization of gasoline blended with ethanol to lower emissions and reduce dependency on fossil fuels.
The Government of India and various oil marketing companies are aggressively promoting the blending of 10% ethanol in motor spirit to increase the blending percentage gradually to 20% by 2028. Global bio-gasoline consumption stood at 965 thousand barrels of oil equivalent per day, in 2016, which witnessed a significant increase till 2019 and a suffered a decline in 2020 due to the COVID-19 pandemic. Consumption is expected to recover once the effect of the pandemic subsides completely. Likewise, Canada is likely to release the final regulation for publication of its Clean Fuel Standard program in spring 2022.
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The Clean Fuel Standard program includes a nationwide goal of an average 15% ethanol blend by 2030. In March 2022, Brazil's Ministry of Economy announced that it would waive its import tariff on ethanol, including other products, through the end of 2022 to alleviate inflationary pressures. This is expected to give a boost to ethanol blending in the country. Thus, increase in the adoption of blended fuels is expected to propel the global bio-based platform chemicals market during the forecast period.
๐๐๐จ๐ฎ๐ญ ๐๐ซ๐๐ง๐ฌ๐ฉ๐๐ซ๐๐ง๐๐ฒ ๐๐๐ซ๐ค๐๐ญ ๐๐๐ฌ๐๐๐ซ๐๐ก
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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