Growth in Customer Inclination towards Eco-Friendly Products Expected to Drive B
Posted by Anita on November 19th, 2019
Bio-based chemicals are products derived from natural or biological origins for instance feedstock, crops, trees, plants, and biological waste. The products are suitable alternative to conventional chemicals and play a major role in reducing the reliance on fossil fuels. The products are used to reduced carbon emission levels & maintain the ecological balance. Lignocellulose is the most generally available raw material used for the production of biofuels.
According to study, “Bio-Based Platform Chemicals Market Research Report by Type (Sugar, Syngas, Biogas, Oil, Algae, and Others), Application (Polymers, Fuels, Solvents, Pharmaceuticals, Perfumes, and Others), and Region (North America, APAC, Europe, and Others)-Global Forecast to 2023” the key companies operating in the bio-based platform chemicals market are BioAmber Inc., Qingdao Kehai Biochemistry Co. Ltd., Braskem, AVA Biochem AG, Itaconix PLC, Royal DSM NV, GF Biochemicals Ltd, GC Innovation America, BASF SE, Mitsubishi Chemical Corporation, Aktin Chemicals Inc., DuPont, Evonik Industries AG, Koninklijke DSM NV, Champlor (Valtris Specialty Chemicals), Zhejiang Guoguang Biochemistry Co. Ltd, LyondellBasell Industries NV, Kawasaki Kasei Chemicals Ltd., Cargill Incorporated, Reverdia, Nippon Shokubai Co. Ltd., PTT Global Chemical Public Company, Novozymes, Tokyo Chemical Industry Co. Ltd.
Based on type, bio-based platform chemicals market is segmented into Bioplastics, Bio-Lubricants, Bio-Solvents, Bio-Alcohols, Bio-Based Acids, and Bio-Surfactants. Based on platform type, market is segmented into C-3, C-4, C-5 and C-6. C-3 is further sub-segmented into Glycerol, and 3-Hydroxypropionic Acid. C-4 is further sub-segmented into succinic acid, malic acid, fumaric acid, and aspartic acid. C-5 is further sub-segmented into glutamic acid, levulinic acid, itaconic acid, and xylitol. Additionally, C-6 is further sub-segmented into glucaric acid, sorbitol, and 2, 5-furan dicarboxylic acid. C-3 platform chemicals segment holds the largest share due to growth in end-user industries such as construction, plastic, and paints & coatings. Based on product type, market is segmented into sugar, biogas, oil, syngas, algae, and others. Sugar segment is anticipated to maintain its dominance during the assessment period owing to the abundant availability of carbohydrates derived from lignocellulosic biomass. In addition, based on application, market is segmented into pharmaceuticals, adhesives & sealants, agriculture, paint dispersion, paints & coatings, detergents & cleaners, personal care, packaging, and food & beverages, and others.
The bio-based platform chemicals market is driven by rise in availability of low-cost feedstock, followed by increase in customer inclination towards eco-friendly products, rapid industrialization, favorable government regulations, increase in use of bio-based products and rise in technological modification. However, high production cost may impact the market. Moreover, support from the federal government is a major opportunity for market.
Based on geography, the Asian-Pacific region holds major share, followed by European region in bio-based platform chemicals market owing to favorable regulatory policies towards polymer manufacturing industries and rapid growth in development of infrastructure in the region. The North-American region is expected to witness considerable growth rate due to rapid consumption of pharmaceutical items along with rise in demand for cosmetic products over the forecast period. It is projected that the market will be reached at fast pace as a result of inclination towards organic products, change in lifestyles of consumer, and increase in expendable income levels during the forecast period.
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Ankur Gupta, Head Marketing & Communications
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