Global Bio-based Platform Chemicals Market Overview
The latest analysis was conducted by Market Research Future (MRFR) on Bio-Based Platform Chemicals. As per their report, the global bio-based platform chemicals market is expected to showcase a strong growth trajectory over the next few years. The bio-based platform chemicals market is expected to exhibit a 12.67% CAGR over the forecast period.
Increasing awareness of the environment has propelled the adoption of sustainable materials. Such rising utilization of sustainable materials is a primary factor contributing to the ascension of the global bio-based platform chemicals market. Furthermore, bio-based platform chemicals have a vast scope for application in the manufacturing sector. Pharmaceutical solvents, as well as perfumes, contain bio-based platform chemicals, among other consumer products. A rising disposable income has led to higher demand for such products, which, in turn, is promoting a higher growth rate in the global bio-based platform chemicals market size.
Governments have initiated various regulations curbing the use of petroleum-based chemicals, creating many growth avenues for the bio-based platform chemicals market. Further, the introduction of various policies in favor of eco-friendly products is contributing heavily to the ascension of the bio-based platform chemicals market. However, the capital and energy-intensive nature of bio-based platform chemicals have created many challenges for market vendors in the market.
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Bio-based Platform Chemicals Market Segmentation
The COVID-19 analysis on bio-based platform chemicals market forecast is analyzed in detail for different types of bio-based platform chemicals as well as their applications in different commodities and industries. The global bio-based platform chemicals have a vast range of application in the manufacturing of polymers, solvents, pharmaceuticals, fuels, and perfumes. The production of polymers in on the rise and is demanding the highest amount of bio-based platform chemicals over the forecast period. This booming consumption of bio-based platform chemicals in the manufacture of the polymer can be attributed to the fast depletion of fossil fuel-based chemicals. Further, strict regulations have been introduced by the government on fossil fuel-based chemicals, which have encouraged polymer manufacturers to shift towards the use of bio-based platform chemicals. The demand for bio-based platform chemicals, for the production of polymers, is expected to expand at 13.74% CAGR over the assessment period.
Bio-based Platform Chemicals Market Detailed Regional Analysis
The global bio-based platform chemicals industry is studied for various regional segments of Asia Pacific, Latin America, North America, the Middle East & Africa, and Europe. Among these segments, the APAC region is estimated to lead the global bio-based platform chemicals market. At the beginning of the review period, Asia Pacific held approximately 41% share of the global bio-based platform chemicals market. Asia Pacific is expected to witness a 13.79% CAGR over the forecast period. This can be attributed to the renewable feedstock and the introduction of favorable government regulations encouraging the adoption of bio-based platform chemicals. Further, research and development are highly supported by governments residing in the region to promote the use of bio-based platform chemicals. Europe and North America are expected to follow the APAC region and exhibit fast-paced growth in the bio-based platform chemicals market.
Bio-based Platform Chemicals Market Key Players
Some distinguished market vendors are mentioned in the report by MRFR including BASF SE, Mitsubishi Chemical Corporation, Itaconix PLC, GC Innovation America, AVA Biochem AG, Zhejiang Guoguang Biochemistry Co. Ltd, Reverdia, BioAmber Inc., Qingdao Kehai Biochemistry Co. Ltd., Braskem, Cargill Incorporated, GFBiochemicals Ltd, Royal DSM NV, and LyondellBasell Industries NV.
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NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of market and industries. Cordially get in touch for more details.