The global bio-based platform chemicals market size is expected to grow by USD 2.11 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global Bio-based Platform Chemicals Market 2020-2024 (Graphic: Business Wire)
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Crude oil is conventionally used as a carbon feedstock for producing chemicals. However, the fluctuations in crude oil prices affect the prices of the raw materials considerably, which in turn, affects the costs of platform chemicals. In 2010, the price of Brent crude oil was around USD 77 per barrel. However, the price increased by nearly 41% in 2012. The price of crude oil per barrel decreased in the subsequent years, and by nearly 60% in 2016. The volatile prices of raw materials directly impact the revenue and profit margins of manufacturers due to which they are compelled to seek alternative solutions to maintain their profit margins. Bio-based platform chemicals have emerged as an alternative to petroleum-based chemicals owing to the comparatively stable costs. Thus, the volatility in crude oil prices will drive the growth of the market during the forecast period.
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As per Technavio, the strict environmental regulations and policies will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Bio-based Platform Chemicals Market: Strict Environmental Regulations And Policies
The rise in energy prices and growing awareness regarding the hazardous effects of conventional energy sources has led governments to invest in other alternatives, such as bio-based fuels to meet the growing demand for energy. In addition, government initiatives towards sustainability are also fueling the demand for bio-based platform chemicals. The increased demand for sustainable products has encouraged chemical manufacturers to use bio-based raw materials to produce alcohols, polymers, and other products. Moreover, the imposition of stringent regulations by the European Commission and the federal government agencies are leading manufacturers toward achieving a green environment with minimum or zero harmful emissions. Bio-based platform chemicals manufacturers are playing a crucial role in these winning imperatives as they are adhering to these regulations to achieve sustainable growth. Thus, strict environmental regulations and policies will drive the growth of the market.
"Other factors such as the increase in demand for biofuels, and the growing demand for paints and coatings, resins, and adhesives in the automotive segment will have a significant impact on the growth of the bio-based platform chemicals market value during the forecast period," says a senior analyst at Technavio.
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Bio-based Platform Chemicals Market: Segmentation Analysis
This market research report segments the bio-based platform chemicals market by type (Bio-1 4 diacids, Bio-glycerol, Bio-glutamic acid, Bio-3-HPA, and Bio-itaconic acid) and geography (APAC, Europe, North America, MEA, and South America).
The APAC region led the bio-based platform chemicals market share in 2019, followed by Europe, North America, MEA, and South America respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the shift in consumer preference toward environment-friendly products and growing concerns around sustainability and effects of petroleum-based synthetic chemicals.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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