Europe Bio-based Platform Chemicals Market - Segmented by Product Type, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The Europe bio-based platform chemicals market is estimated to register a moderate rate during the forecast period (2018-2023). Germany is estimated to lead the regional market supported by the ongoing surge in demand owing to government’s regulations and increasing customer’s preference of eco-friendly products over traditional harmful 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 are 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.
Germany being the Major Country to Dominate the Market
Europe is the leading consumer of bio-based platform chemicals in 2017 globally. Germany has accounted the highest market share among other European 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. It is followed by Italy, United Kingdom, France, and Spain. Germany had approx. 3017 kilo tons of production of bio-diesel in 2016, while has production capacity of 4005 kilo tons of bio-diesel in 2017, an increase in production of by-product bio-glycerol in last year. Riverdia, a joint venture DSM and Roquette, has operating plant for bio succinic acid in Italy since 2013.
Notable Developments in the Market
March 2018: Archer Daniels Midland Co. (ADM) has announced to suspend the production of bio-diesel at its Mainz plant in Germany. It is because of the increasing cheap imports of the renewable fuel into the European Union
Major Players: BASF SE, BioAmber, Cargill, DSM, Novozymes, Myriant Corporation, 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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