Bio-Based Platform Chemicals Market Outlook 2031
The global bio-based platform chemicals market was valued at US$1.7 billion in 2021
It is estimated to grow at a CAGR of 11.9% from 2022 to 2031
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The global market for bio-based platform chemicals is expected to reach US$5.3 billion by the end of 2031
Introduction to Bio-Based Platform Chemicals Market
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 basic chemicals (one of which is not yet commercially available) that can be produced from sugar via biological conversions. The group contains molecules with different functional groups, capable of being converted into various other high-value chemicals.
Fumaric acid is an important specialty chemical with many industrial applications, ranging from its use as a raw material for the synthesis of polymer resins to acidulants in foods and pharmaceuticals. Itaconic acid is an unsaturated di-carbonic acid. It has a wide range of applications in the industrial production of resins and is used as a base element for acrylic plastics, acrylate latexes, super-absorbents and anti-scale agents. Aspartic acid is an α-amino acid produced naturally by plants and animals. Glutamic acid is a non-essential amino acid found in animal and vegetable proteins, which is mainly used and produced in the form of its sodium salt as monosodium glutamate (MSG). Both acids play an important role as general acids in enzymatic active centers.
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Increase in adoption of blended fuels increasing the global market for bio-based platform chemicals
Growing environmental concerns and increased awareness for 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 dependence on fossil raw materials for chemicals, materials and fuels, as well as greenhouse gas emissions in 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 largest emitter of greenhouse gases, primarily due to the use of fossil fuels to power internal combustion engines. Countries around the world are putting in place strict regulations to limit greenhouse gas emissions. They also mandate the use of gasoline blended with ethanol to reduce emissions and reduce dependence on fossil fuels.
The Indian government and various petroleum marketing companies are actively promoting the blending of 10% ethanol in motor gasoline to gradually increase the blend percentage to 20% by 2028. Global consumption of bio-gasoline stood at 965,000 barrels of oil equivalent per day, in 2016, which saw a significant increase until 2019 and a decrease in 2020 due to the COVID-19 pandemic. Consumption is expected to recover once the effect of the pandemic completely subsides. Similarly, Canada will likely release final regulations for the release of its Clean Fuel Standard program in the spring of 2022.
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The Clean Fuel Standard program includes a national target of an average blend of 15% ethanol by 2030. In March 2022, the Brazilian Ministry of Economy announced that it would waive its import duties on the ethanol, including other products, until the end of 2022 to mitigate inflation. pressures. This should give a boost to ethanol blending in the country. Thus, increasing adoption of blended fuels is expected to propel the global bio-based platform chemicals market over the forecast period.
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