Research Nester recently published report titled “Bio based platform chemical Market: Global Demand Analysis & Opportunity Outlook 2027” delivers detailed overview of the bio-based platform chemical market in terms of market segmentation by product type, by chemical type, by applications and by regions.
The global bio based platform chemical market is segmented by product type into sugar, syngas, biogas, oil, algae, and others; by chemical type into C3 (glycerol), C4 (succinic acid, fumaric acid), C5 (levulinic acid), and C6 (sorbitol, glucaric acid); by applications into polymers, fuels, solvents, pharmaceuticals, perfumes and others and by regions. The market is estimated to grow at a CAGR of around 11% over the forecast period i.e. 2019-2027.
The global market has witnessed significant evolution over the past few years attributed to rising demand in the face of increased demand from industries, rising regulations on the use of conventional petroleum-derived chemicals. The rising inclination of consumers on environment-friendly products and companies focus on the development of more effective varieties of bio-based platform chemicals, tends to drive the growth of bio-based platform chemical market.
North America bio-based platform chemical market is estimated to witness fast growth over the forecast period. The growth in this region is attributed to stringent government regulations imposed on the consumption of toxic chemicals and rapid adoption of innovative technologies. Shifting consumer preferences toward bio-based products along with various government policies regarding environmental protection. Rapidly expanding bio-based polymer industry along with increasing adoption of bio-refinery concepts is anticipated to drive the market growth in the region.
Increasing Demand from End-Use Industries
Bio-based chemical finds its applications in different manufacturing industries. Currently, a huge range of products including solvents, pharmaceutical and solvents contains the bio-based platforms chemicals. Rising demand for these chemicals and increasing usage of bio-based products are projected to drive the market growth further. Growing acceptance of bio-based chemicals across various industries such as personal care, pharmaceuticals, food & beverages including others are some of the key factors driving the market growth.
Presence of strict regulations regarding the usage of petrol-based chemicals and the rising inclination of consumers on environment-friendly products technological modification are likely to contribute towards the growth of market. There has been a significant increase in R&D activities to increase the application areas of bio-based platform chemicals in various industries, such as biofuels and resins, by many major vendors. All these factors contributing to drive the bio-based platform chemical market growth.
However, high yield cost of bio-based chemicals is one of the major factors challenging the growth of bio-based platform chemical market.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global bio based platform chemical market which includes company profiling of Myriant Technologies LLC, BASF, Itaconix Corporation, Cargill Incorporated, Lucite International Group, Royal DSM, BioAmber Inc., INNEOS, Alpha Chemika, Braskem and Other Prominent Players. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global bio based platform chemical market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.