Bio-Based Platform Chemicals Market Share

According to an analysis by MRFR, Asia-Pacific emerged as the leading market for bio-based platform chemicals in 2017, retaining its dominance throughout the forecast period. Valued at USD 2,078.4 million in 2017, the regional market is anticipated to achieve a substantial value of USD 4,482.2 million by 2023. This significant growth is attributed to several key factors contributing to the region's prominence in the bio-based platform chemicals market.

The surging population in countries like India and China has notably escalated dependence on crude oil imports for the production of petroleum-based chemicals. To counter the challenges associated with volatile crude oil prices and mitigate risks, manufacturers are increasingly shifting towards the utilization of biochemicals. This strategic shift is driving the adoption of bio-based platform chemicals in the region, ensuring a reliable and sustainable source for chemical production.

Moreover, the market growth is further propelled by supportive governmental policies that encourage the adoption of bio-based chemicals. The region benefits from favorable policies that stimulate the market growth by promoting eco-friendly alternatives. Notably, India, with its readily available feedstocks at cost-effective rates, stands out as a key contributor to market expansion. The country's Ministry of Environment, Forest and Climate Change reports an annual production of over 450 million tonnes of biomass, serving as a crucial feedstock for biochemical production. Such availability of feedstock supports the robust growth of bio-based platform chemicals in India and across the Asia-Pacific region.

In addition to favorable policies and ample feedstock availability, the growing awareness regarding the numerous benefits associated with bio-based platform chemicals is fostering the production of bioplastics. Countries like Thailand and Malaysia are leveraging their abundant feedstock resources to produce bioplastics. These nations have recognized the potential of bio-based materials and are embracing the production of bioplastics due to the ample availability of feedstocks. This shift towards bio-based plastics is further fueling the demand for bio-based platform chemicals in the Asia-Pacific region.

Considering these pivotal factors—escalating demand due to population growth, supportive government policies, abundant and cost-effective feedstock availability, and the rising trend towards bioplastics—the demand for bio-based platform chemicals is expected to witness a significant upsurge in the Asia-Pacific region throughout the forecast period. This region is poised to remain a key contributor to the global bio-based platform chemicals market, reflecting its pivotal role in the growing adoption of sustainable and environmentally friendly chemical alternatives.