Bio-based Platform Chemicals Market Size

Global Bio-based Platform Chemicals Market size was valued at USD 5.6 billion in 2023 and is poised to grow from USD 6.09 billion in 2024 to USD 11.86 billion by 2032, growing at a CAGR of 8.7% during the forecast period (2025-2032). 

Surging emphasis on sustainability around the world, fluctuations in fossil fuel prices and availability, advancements in bio-based technologies, preference for green products, corporate sustainability commitments, and establishment of new bio-refineries are helping boost sales of bio-based platform chemicals on a global level.

Increased greenhouse emissions have led to major climate change issues thereby prompting high emphasis on reducing emissions. Bio-based platform chemicals are derived from natural and renewable sources thereby making them more eco-friendly as compared to their petrochemical counterparts. High volatility in crude oil prices around the world is also pushing end users to opt for bio-based platform chemicals that have comparatively more stable pricing.

Innovations in biotechnology, including metabolic engineering and synthetic biology are estimated to create new opportunities for bio-based platform chemicals manufacturers in the long run. These innovations have also led to reduced costs of production and better yields for bio-based platform chemicals. Rising consumer preference for sustainable and green products is also a key factor promoting the adoption of bio-based platform chemicals around the world. High investments in the establishment of new bio-refineries are also slated to open up new avenues of business for market players through 2032.

As awareness regarding sustainability rises more businesses and organizations are committing to lowering their carbon footprint thereby leading them to opt for more bio-based offerings such as bio-based platform chemicals. On the contrary, high costs of production, feedstock supply challenges, lack of awareness and acceptance among end users, regulatory hurdles, competition from petrochemicals, and technical limitations of certain bio-based chemicals are predicted to hurt the global bio-based platform chemicals market growth across the study period and beyond.

Key Market Attributes

In September 2024, Exel Composites, a renowned manufacturer of composites based in Finland announced a new purchasing agreement for its ENVIREZ bio-based resin system with INEOS, a leading chemical manufacturer. The new resin is made with 23% bio-based glycol and help Exel phase out its hydrocarbon-derived resins as part of its efforts to enhance sustainability. The new bio-based resin is manufactured in the INEOS’ production site in Kilpilahti, Finland and then transported to Exel’s factories in Joensuu and Mäntyharju. Exel’s ENVIREZ platform allows for the creation of new resins using bio-based and circular feedstocks.

In August 2024, BASF, a European multinational chemical company announced its plans to offer exclusively offer bio-based Ethyl Acrylate in the future. The new bio-based Ethyl Acrylate is produced in Ludwigshafen using bioethanol exclusively as alcohol source with properties identical to its traditional fossil-based counterparts. The new bio-based chemical can be used as a drop-in alternative in polymer dispersion applications along with coatings and adhesive industry verticals.

In July 2024, ZymoChem, a leading biotechnology company focusing on a fossil-free future announced the launch of world’s first scalable bio-based and biodegradable super absorbent polymer. BAYSE is intended to act as a drop-in replacement for traditional super absorbent polymers and is made from renewable resources. The new launch is part of ZymoChem’s effort to create a zero waste economy and finds extensive application in different industry verticals such as agriculture, cosmetics, and water treatment.

Growing emphasis of chemical companies to incorporate sustainability in their operations is expected to substantially boost sales of bio-based platform chemicals. Collaborations and partnerships to create new bio-based chemicals are also expected to be preferred strategies among market players. Investing in Europe is expected to pay off big time for almost all bio-based platform chemical suppliers operating on a global level.