Asia-Pacific Bio-based Platform Chemicals Market - Segmented by Product Type, Application, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The Asia-Pacific bio-based platform chemicals market is estimated to grow at a higher rate during the forecast period 2018-2023. China is estimated to lead the regional market supported by the ongoing surge in demand owing to government’s regulations and increasing customer’s preference for eco-friendly products over conventional petro-based products.
C3 Chemicals to Dominate the Market
Platform chemicals are basically composed of 2-6 carbons, which are used as an intermediate in the production of various chemicals. In 2017, C3 chemicals (bio-glycerol and bio-3-hydroxypropionic acid) together accounted for the highest consumption among all the bio-based platform chemicals owing to their unique properties and usage as different alcohols, acids, and resins. Bio-based glycerol is increasing replacing synthetic alternatives that is produced from propene, as a drop-in alternative. 3-hydroxypropionic acid (HPA) can be majorly used as a raw material for the production of bio-based acrylic acid. Other potential applications include the production of 1,3-propanediol, acrylamide, and acrylonitrile.
Stringent Government Regulation to Drive the Demand
The stricter regulations for the usage of petro-based products owing to their harmful environmental effects, and continuous decreasing fossil fuel reserve has driven the demand for bio-based platform chemicals. Crude glycerol is the major by-product in the manufacturing of bio-diesel. Continuous R&D and technological advancements are providing opportunities for the bio-based platform chemicals.
China being the Major Country to Dominate the Market
China has accounted the highest market share among other South American countries in this market in 2017 and is expected to continue its dominance in the region at a moderately high CAGR during the forecast period. The market in this region is driven by the availability of raw materials, growing awareness against traditional petro-based products and other factors. The countries, like India, ASEAN countries, etc. are expected to have faster growth rate during the forecast period.
Major Players: BASF SE, BioAmber, Cargill, Myriant Corporation, PTT Global Chemical Public Company, DSM, etc., among others.
Reasons to Purchase this Report
To understand the impact of increasing stringent regulations on the market
Analyze various perspectives of the market with the help of Porter’s five forces analysis
Countries expected to witness the fastest growth during the forecast period
Identify the latest developments, market share/ranking, and strategies employed by the major market players
3-month analyst support, along with the Market Estimation sheet (in Excel)
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