Platform chemicals, represent group of twelve (one not commercialized yet) building block chemicals that can be produced from sugar via biological conversions. The group contains molecules with different functional groups, holding the potential to be converted into various other high value chemicals. The market for platform chemicals has witnessed a tremendous growth since the past few years. Stringent government regulations and increasing consumer adoption of eco-friendly products are significant factors driving the growth of the platform chemicals market. In 2014, global platform chemicals volume stood at 9,199.8 kilo tons and is expected to grow at a CAGR of 8.3%, during the forecast period.
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Platform chemicals market has been segmented by type as C-3 (glycerol, 3-hydroxypropionic acid), C-4(1,4-diacids, aspartic acid, 3-hydroxybutyrolactone), C-5 (Levulinic acid, glutamic acid, itaconic acid, xylitol), and C-6(Sorbitol, glucaric acid, 2,5-furan dicarboxylic acid). In 2014, C-3 platform chemicals segment held the largest share of 60.87%, in terms of volume. This was due to the growth in end user industries such as plastic, construction and paints & coatings. Further, the growth is fueled by the increasing production of bio-diesel as C-3 chemicals are the resultant byproduct of bio-diesel. In terms of geography, the market has been segmented into North America, Europe, Asia- Pacific & LAMEA. In 2014, Asia-Pacific consumed one-third of the total platform chemicals. Availability of renewable feedstock, increasing consumer awareness towards green products and political turmoil existing in major oil producing countries are key factors driving the growth of platform chemicals market in Asia-Pacific. Region. However, LAMEA would be the fastest growing market and is expected to grow at a CAGR of 8.6% during 2015-2020.
Competitive Intelligence on few prominent manufacturers of platform chemicals provide key insights in terms of strategies implemented to gain significant share in the platform chemicals market. The leading players in the market are adopting acquisition & innovation as key developmental strategies in order to expand their business horizons across different geographies and launch novel products in the market. Some of the leading manufacturers profiled in this report 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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Platform chemicals represent a group of twelve (one not commercialized yet) building block chemicals that can be produced from sugars through biological conversions. Platform chemicals contain molecules with different functional groups that can be converted into various other useful molecules. The group is further bifurcated into C3, C4, C5 and C6 sub-groups, based on number of carbon atoms present in the molecules. C3 sub group is further segmented into glycerol & 3-hydroxypropionic acid; C4 into succinic acid, fumaric acid, malic acid and aspartic acid; C5 into levulinic acid, glutamic acid, itaconic acid and xylitol; C6 into sorbitol, glucaric acid and 2,5-furan dicarboxylic acid.
In 2014, consumption of bio-based C-3 platform chemicals was the highest, accounting for 64.2% of the total bio-based platform chemicals market in terms of volume, owing to increasing adoption of bio-based glycerol across the globe, as it is comparatively cheaper and produced as a by-product during the production of bio-diesel. Therefore, the market for C-3 platform chemicals is directly aligned with the production of bio-diesel. The production of biodiesel has increased tremendously during the past five years. According to the U.S. Energy Information Administration, the production of biodiesel was 431 thousand barrels per day in 2012, an increase of 64.5% as compared to the production in 2008.
Top Winning Strategies
Key players in the world platform chemicals market are adopting various business strategies such as product launches, acquisitions, innovations, agreements, and expansions to sustain in the competitive market. The market players included in the report are the platform chemicals manufacturers. Data pertaining to market players and their strategic moves are gathered through the press release of respective companies and various blogs that are available on the website and primary calls made to the experts in the industry.
The pie chart represents the percentage split of the strategies adopted by the top companies in the global market. Acquisition was leading strategy adopted by the key players in this market in order to produce new products using renewable feedstock and develop their bio-based platform chemicals business. Acquisition by the market players covered 33% share out of the total number of strategies.
Bio-Amber, Novozymes, and Cargill Incorporated are the companies who have adopted acquisition as their key business strategy. Innovation and agreement by the market players covered 22% share out of the total number of strategies respectively.
Bio-Amber Inc., Myriant Corporation, Succinity GmbH, Novozymes, Cargill Incorporated, and DSM are the prominent companies who have adopted different key business strategies to increase their market share in the world bio-based platform chemicals market. The companies employed product launch, acquisition, innovation, agreement, and expansion in order to gain a competitive edge in this market. Myriant Corporation has adopted agreement and innovation in order to distribute its products and expand its business in Germany, Austria, and Switzerland. Along with this, company has entered into an agreement with Sojitz Corporation to distribute bio-succinic acid in Japan, China, South Korea, and Taiwan.
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