“We have produced a new premium report Bio-Based Platform Chemicals Market. The report covers the analysis of global as well as regional markets of Bio-Based Platform Chemicals. The objective of the study is to identify market sizes of different segments & countries in recent years and to forecast the values for the next six years. The report also deep dives into the sub-segments of Bio-Based Platform Chemicals Market by type (Glycerol, 3-Hydroxypropionic Acid, Succinic, Fumaric, Malic & Aspartic Acid, Levulinic, Xylitol), by applications (agriculture, bio fuels, bio plastics, food applications, industrial chemicals, pharmaceuticals) through main geographies in the global market such as North America, Europe, Asia-Pacific and RoW. According to the report the Global Bio-Based Platform Chemicals Market is projected to grow at a CAGR of 8% in terms of value over the period of 2017-2023.
The report covers market changing aspects including drivers, restraints, opportunities, and trends expected to encouragement the expansion of the Bio-Based Platform Chemicals Market during the said period. The report also provides market attractiveness analysis, by geography, and market share analysis, by key players respectively. Some of the prominent participants in the Global Bio-Based Platform Chemicals Market are Australian Renewable Fuels Limited, BASF AG, BioAmberInc, Royal DSM, Mitsubishi Chemicals, Myriant Technologies LLC, Novamont S.P.A, RaizenEnergiaParticipacoes, Tianjin Green Bio Materials Co. Ltd, and Zhejiang Hisun Biomaterials Co. Ltd.”
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The demand for environmental friendly bio-cleaning applications is expected to grow significantly during the forecast period.
Increasing acceptance of bio-based platform chemicals in food and beverages, personal care and pharmaceuticals industries are driving the growth of the bio-based platform chemicals market. The preference showed by consumers for environmental friendly applications made from bio sources is a major factor in the growth of the global bio-based platform chemicals market. The limited reserves of non-renewable resources such as coal, gas, and oil, along with the increasing pollution related to those resources are expected provide boost the growth of the bio chemicals market. Moreover, the stringent government guidelines force many sectors to move towards bio-based platform chemicals over conventional petroleum based chemicals. Unhindered availability of raw materials, adverse weather conditions, price fluctuations of petroleum-based chemicals are the main challenges expected to affect the prospects of major players in the market.
The Bio-Based Platform Chemicals are Slowly Replacing Petroleum-Derived Chemicals.
The report provides regional analysis covering geographies such as North America, Europe, Asia-Pacific, and Rest of the World. In this section the key trends and market size for each geography is provided over the period of 2017 – 2023.
In North American region, USA is the largest producer of ethanol. Hence, it is expected to build upon the current market share of around ten percentages in the chemicals market and drive the growth of the North American bio-based platform chemicals market. Asia-Pacific region is the largest bio-based platforms chemical market. The increasing demand for citric acid from food and beverages industry in the region is expected to drive the growth of the bio-based platform chemicals market. In Europe, there are serious concerns about the clearing of forests for cultivation of crops for bio-energy. European Union’s industrial policy that favors increase in share of bio-based applications industry up to 20% by 2023 is expected to enhance the growth of the bio-based platform chemicals market in the region. The ethanol production in the Brazil accounts for significant portion of the global ethanol production and it drives the Latin American market. Moreover, the increasing demand for the bio-based platform chemicals is expected to drive the Latin American bio-based chemical market. African region is also expected to experience a steady growth in the bio-based platform chemicals market. The emergence of innovative technologies, huge private investments, and partnerships between various chemical companies and agro-companies are keys to the growth of bio-based platform chemicals market. It is a challenge for major players in the market to usurp the dominant petroleum based chemicals, by providing competitive pricing and performance at commercial scale. However, in several industrial sectors, strict environmental friendly guidelines issued by governments provide opportunity for bio-chemicals companies to expand their capacities and provide reliable alternatives to harmful chemicals.