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Foreword

UN has recently released a UN Environment Agency (UNEP) bioeconomy report on all major bio-based sectors. The report titled “Global Bioeconomy Assessment Coordinated Efforts of Policy, Innovation, and Sustainability for a Greener Future” covers various bio-based sectors including biomass energy products, pulp & paper, bio-based plastics, fibre for textiles and bio-based platform chemicals. Specifically for bio-based chemicals, it describes the various existing or developing conversion technologies.

The report also mentions that a major trend in the bio-based sector is the movement away from starch-based chemicals, usually taken from crops like corn or sugar, to lignocellulosic feedstocks. Lignocellulosic feedstocks can encompass tough woody waste from forestry or agricultural operations. This can cut back on resource competition and land disputes related to traditional grain production. Cellulose pretreatment, enzyme formulations and pentose fermentation are all developing technologies for producing bio-based chemicals.

A recent market report published by Astuteanalytical claims that the global bio-based chemicals market is set for ‘extraordinary growth over the next decade’. They estimate that the projected revenue opportunity can reach up to US$ 137.40 billion during the forecast period 2023–2031, with the market projected to reach an impressive US$ 271.76 billion by 2031. Such data reflect a compound annual growth rate (CAGR) of 9.2% from 2023 to 2031.

Current news with regards to investments and partnerships include the recent success of BioBTX, a pioneering developer of renewable aromatics technology in the Netherlands, in securing over €80 million to launch its first commercial-scale plant...