Bio-BasedPlatform Chemicals are products derived from biological origins such as feedstock, plants, crops, trees, and biological waste. They are anaptsubstitute to conventional chemicals and plays a major role in reducing the dependence on fossil fuels. This leads to reduced carbon emission levels and maintaining the ecological balance.Owing to these factors, the global bio-based Platformchemicals market is anticipated to record a CAGR of 11% over the forecast period i.e. 2019-2027.
Furthermore, emergence of numerous bio-refineries is likely to drive the bio-based Platformchemicals market. The focus on maintaining a steady supply chain of raw materials in conventional industries such as automotive through technological breakthrough by producer creates new investment opportunities. The shale gas boom has elicited the demand for bio-based polymers and intermediates.
On the basis of regional analysis, the bio based Platform chemicals market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.Europe dominated the bio-based Platformchemicalsmarket owing to environmental policies rolled out by governments in the region. The sustainable development goals set by the European Union to reduce greenhouse gas emissions by 40% and save on energy expenses over 27% by 2030 is an opportune moment for the bio-based Platform chemicals market. In April 2019, the governments of Poland, the Czech Republic, and Slovakia decided on a joint agreement to encourage the production of bio-fuels. In addition, the blend of bioethanol with petrol as a fuel source is likely to commercialize and achieve climate goals.
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The APAC region is anticipated to report significant growth on the back of rapid industrialization and favorable policies in the region. China and India are prime contributors to the regional market revenue and Malaysia possessed the latent potential and vision to yield biochemical from palm plantations.
Government Regulation Pertaining to Environmental Pollution
Rising regulatory concerns regarding environmental pollution caused by hazardous chemicals is likely to propel the market. Depletion of fossil fuels is predicted to promote the product demand. Producers have to comply with regulations, acts, and guidelines published by the regulatory authorities, such as Environment Protection Agency (EPA), European Commission (EC), and Registration, Evaluation, Authorization, and Restriction of Chemicals (REACH). While the use of petroleum-based chemicals is being reduced owing to government policies, bio-based Platform chemicals are gaining market share by boosting production through renewable sources.
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Availability of Biomass Feedstock- Growing green chemistry market, business sustainability programs, and innovative value chains are anticipated to bolster the market growth. Moreover, availability of biomass feedstock is likely to have a positive impact on the production. Strategic partnerships with raw material processors, alliances with farmers for sourcing raw materials, and various bio-based value chains are projected to fuel the demand for raw materials.
The report titled “Bio Based PlatformChemicals Market: Global Demand Analysis & Opportunity Outlook 2027”delivers detailed overview of the global bio-based chemicals market in terms of market segmentation by type, by application and by region.
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 bio based Platformchemicals market which includes company profiling ofBASF SE, VertecBioSolvents, AGAE Technologies, TOTAL, BioAmber Inc, Archer Daniels Midland Company, DowDuPont, Braskem SA, Evonik Industries, Toray Industries Inc, Cargill, Incorporated, Itaconix Plc, GFBiochemicals Ltd, Mitsubishi Chemical Corporation and Royal DSM NV.
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 bio based chemicals 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.
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