PUBLISHER: Grand View Research | PRODUCT CODE: 1789977
PUBLISHER: Grand View Research | PRODUCT CODE: 1789977
Bio-based Platform Chemicals Market Summary
The global bio-based platform chemicals market size was estimated at USD 14.7 billion in 2024 and is projected to reach USD 24.8 billion by 2033, growing at a CAGR of 5.8% from 2025 to 2033. The growing demand for sustainable and eco-friendly alternatives drives interest in producing chemicals from biomass, a renewable feedstock.
To compete effectively with fossil-based refineries, integrated biorefineries are increasingly being utilized to upgrade biomass using a range of feedstocks and conversion technologies. These biorefineries produce biofuels and bio-based platform chemicals, which are gaining significant traction in the global market. Key platform chemicals are in high demand due to their versatility and potential to replace a wide array of fossil-derived industrial chemicals. Their use as building blocks for a broad spectrum of downstream products underscores their growing importance in transitioning to a bio-based economy. Developing integrated biorefinery systems into the current industrial infrastructure is crucial in establishing a successful bio-based chemical industry. By advancing biorefinery technologies, it becomes possible to efficiently and cost-effectively convert biological raw materials into a wide array of bio-based products.
The transportation sector is the primary driver for advancing and implementing new biorefinery technologies. Meeting regulatory mandates for renewable energy, particularly in the short to medium term, requires significant volumes of renewable fuels. Second-generation biofuels are expected to play a key role in addressing this demand, especially for sectors like heavy-duty road transport and aviation, where alternatives to fossil fuels are limited.
Succinic acid (SA) is recognized as one of the leading platform chemicals due to its broad range of applications across multiple industries. Its molecular structure, featuring two terminal carboxylic acid groups, makes it highly versatile and suitable for conversion into numerous valuable derivatives. The biological production of SA presents a cleaner and more sustainable alternative to traditional methods, with the added benefit of helping to mitigate climate change by capturing carbon dioxide, a major greenhouse gas. This bio-based approach recycles renewable carbon from biomass (an indirect form of CO2) and directly fixes CO2 into SA, offering a carbon-negative production pathway that can significantly reduce atmospheric CO2 levels. These compelling environmental and economic advantages drive a shift from fossil-based to microbial production of SA, a trend supported by several commercial-scale bio-SA facilities established in recent years.
While both conventional (e.g., ethanol, biodiesel) and advanced biofuels (e.g., lignocellulosic ethanol & methanol, butanol) are generally not economically viable under current crude oil price conditions, their market entry often depends on government mandates or financial incentives such as tax breaks. However, such support mechanisms are unlikely to sustain the market long-term. Significant cost reductions in production and the widespread adoption of comprehensive carbon pricing mechanisms will be essential to establish a viable and lasting biofuel market.
Global Bio-based Platform Chemicals Market Report Segmentation
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2033. For this study, Grand View Research has segmented the global bio-based platform chemicals market report based on product and region: