World Bio-based Platform Chemicals
Market Opportunities and Forecasts, 2014-2021, states that the bio-based
platform chemicals market would reach a volume of 14.9 million tons and revenue
of $18.8 billion by 2021. Asia-Pacific held a dominant share in the world
bio-based platform chemicals market in 2015, and is expected to maintain this
position throughout the forecast period.
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 low cost feedstock and favourable 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, high production cost of bio-based
chemicals is likely to hamper the market growth.
C-3 chemicals (Glycerol and
3-hydroxypropionic 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, absence of a petrochemical
route for the production of (3-hydroxypropionic 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. 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 forms 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 where as 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 the study
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 grow at the CAGR of 8.5% during 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 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.
North America and Europe,
collectively accounted for more than half of the total platform chemicals
market in 2015 and are expected to maintain this throughout the forecast
period. Key factors responsible for the market growth in these regions include,
stringent government regulations imposed on the consumption of toxic chemicals
and rapid adoption of innovative technologies. However, Asia-Pacific is
projected to be the fastest-growing segment due to increase in industrial
activities and rise in popularity of green chemicals.
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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