CovationBio Expands Bio Based Chemicals Production in China

China Biomaterials Plant Reaches Major Milestone

CovationBio has reached an important stage in the development of its large biomaterials project in China. The company announced that the first commercial plant at its Qidong facility in Jiangsu Province has completed mechanical construction work as per the company's claim. This means the main setup of the plant is now ready before production activities begin. Also, with this achievement, the company introduced a new brand called Xatryx R. This brand will represent a new range of bio-based PTMEG products made from renewable raw materials instead of traditional fossil-based sources. Through this launch, CovationBio wants to expand its presence in the sustainable materials market and support industries looking for cleaner production solutions.

Moreover, the company explained that the new facility has been developed using its own advanced production technology. The project is being built in three phases with a total investment of RMB 10 billion. After all phases are completed, the site is expected to produce around 500,000 tons of bio-based materials every year.

According to Towards Chemicals And Materials Analytics and Consulting, the global bio-based platform chemicals market size was valued at USD 21.75 billion in 2025, is estimated to reach USD 24.28 billion in 2026, and is projected to reach USD 65.47 billion by 2035, exhibiting a compound annual growth rate (CAGR) of 11.65% over the forecast period from 2026 to 2035. In terms of volume, the bio-based platform chemicals market is projected to grow from 16.55 million tons in 2025 to 44.72 million tons by 2035. growing at a CAGR of 10.45% from 2026 to 2035, due to the heavy shift towards manufacturing sustainability.

Furthermore, one of the main goals of this project is to reduce dependence on fossil resources. The company is using non-food agricultural waste materials as feedstock for production. With the help of its advanced thermochemical technology, these agricultural by-products are converted into useful chemical materials that can be used in manufacturing industries.