A recent report published by Infinium Global Research on bio-based platform chemicals market provides in-depth analysis of segments and sub-segments in the global as well as regional bio-based platform chemicals market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional bio-based platform chemicals market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global bio-based platform chemicals market. According to the report, the global bio-based platform chemicals market is projected to grow at a CAGR of 8.2% over the forecast period of 2019-2025.
Bio-based platform chemicals are produced in bio-refineries, which convert biomass to fuels, heat, power, and other value-added chemicals, by various biomass conversion processes. Biogas feedstocks derive from algal and plant materials. Cornstarch, crop residues, grass crops, sugarcane bagasse, residues of aquaculture and forestry wastes, and woody plants are some of the major bio-feedstocks. Intermediate chemicals and platform chemicals derived from feedstocks of biomass are bio-based platform chemicals. Bio-enzymes, bio fertilizers, bio-PE, bio-PET, biodegradable polyesters, cellulose fibers, cellulose derivatives, citric acid, ethanol, fatty acids, non-food starch, and tall oil are some of the major bio-based platform chemicals. Ethanol is the most commercially produced bio-based chemical. Platform chemicals are the fastest growing segment among the global bio-based platform chemicals market. Glycerol, 3-hydroxypropionic acid, aspartic acid, glutamic acid, itaconic acid, sorbitol, and glucaric acid are the major C3, C4, C5, C6 bio-based platform chemicals.
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 demand for environmental friendly bio-cleaning applications is expected to grow significantly during the forecast period. The preference showed by consumers for environmentally 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. Furthermore, the production capacities for bio-plastics are expected to grow significantly during the forecast period. Bio-pet and bio PE accounts for more than 50% of the bio-based polymers produced globally.
In the North American region, the U.S. is the largest producer of ethanol. In the U.S., the bio-based platform chemicals are slowly replacing petroleum-derived chemicals. 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 the 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 the cultivation of crops for bio-energy. European Union’s industrial policy that favors an increase in the 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 report on global bio-based platform chemicals market covers segments such as types and applications. On the basis of types, the sub-markets include C-2, C-3, C-4, C-5, and C-6. On the basis of applications, the sub-markets include agriculture, bio fuels, bio plastics, food applications, industrial chemicals, pharmaceuticals, and other applications.
The report provides profiles of the companies in the market such as BioAmber Inc., DSM, BASF SE, AZoNetwork, Raízen Energia S.A., Novamont S.p.A., Myriant Corporation, Mitsubishi Chemical Corporation, Tianjin GreenBio Materials Co., Ltd., Zhejiang Hisun Biomaterials Co., Ltd, Cargill Incorporated, and Others.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of bio-based platform chemicals market. Moreover, the study highlights current market trends and provides forecast from 2019-2025. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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