Global Bio-based Platform Chemicals Market Overview:

The latest report by IMARC Group, titled “Bio-Based Platform Chemicals Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022- 2027,”  offers a comprehensive analysis of the industry, which comprises insights on the bio-based platform chemicals market trends. The report also includes competitor and regional analysis, and contemporary advancements in the market. the global bio-based platform chemicals market size reached a value of US$ 14.5 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 24.7 Billion by 2027, exhibiting a CAGR of 9.2% during 2022-2027.

Bio-based platform chemicals refer to a group of twelve building block chemicals that are produced from sugar using biological conversions. They consist of molecules with different functional groups that can be potentially transformed into other high-value chemicals. Amino acid, carboxylic acid, butanediols, ethanol, short-chain olefin, polymers like alginate and xanthan gum, isoprene, propane, and industrial enzymes are some of the bio-based platform chemicals. They form an essential raw material for manufacturing other chemicals with superior functionalities.

As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviors of the consumers globally-our estimates about the latest market trends and forecast values after considering the impact of this pandemic. These observations will be integrated into the report.

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Global Bio-based Platform Chemicals Market Trends: 

The global bio-based platform chemicals market is primarily driven by growing concerns regarding environmental pollution and depleting fossil fuels. In line with this, governments of various nations have implemented stringent regulations to curb the use of conventional petroleum-based products that cause harmful effects on the environment. As a result, there has been an increased demand for bio-based platform chemicals for manufacturing bio-fertilizers, biocides, and chemical formulations that are biodegradable and eco-friendly in nature. Apart from this, bio-based platform chemicals are also utilized in the pharmaceutical and chemical industries. For instance, bio-itaconic acid (IA) is used to manufacture shampoos, detergents, and several pharmaceutical products as it can dissolve in various alcohols, such as ethanol, propanol and methanol. Besides this, manufacturers are conducting extensive research and development (R&D) activities to introduce new products using renewable feedstock.