Global Bio-based Platform Chemicals Market - Segmented by Product, Type, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The market for bio-based platform chemicals is expected to register a significant growth during the forecast period, 2018 to 2023. This tremendous growth is significantly driven by the growing stringent regulations on conventional petro-based platform chemicals.
Stringent Government Regulations on Conventional Petro-based Products
The evolution of bio-refineries has driven the development of bio-based platform chemicals as an alternative to petrochemicals. Due to increasing government concerns regarding health, the environment and limited fossil resources, there is a growing interest in using sustainable technologies to produce chemicals, plastics, and other products from renewable resources. The bio-based platform chemicals offer great potential for decarbonizing everyday products, allowing everything from running shoe soles to plastics and car parts, to become bio-based. These trends are successful in creating a huge demand for bio-based platform chemicals market.
Bio-Glycerol Segment to Dominate the Market
Bio-glycerol is s major by-product in the bio-diesel manufacturing process. Bio-based glycerol is comparatively economical and is used as a feedstock in various products, like butanol, 1,3-propanediol, 2,3-butanediol, citric acid, and poly(hydroxyalkanoates) to be used in various end-user industries, such as cosmetics, pharmaceuticals, and food & beverages. Among the product types, bio-glycerol holds the largest market share of the global bio-based platform chemicals market. The demand for this segment is mainly driven due to the growing demand in developing countries, as China, India, Russia, and Latin American countries. In addition to the largest market share, it is also the fastest growing product segment during the forecast period.
Asia-Pacific to Ignite the Market Growth
Though North America is the largest regional market for global bio-based platform chemicals market, Asia-Pacific is also an equally important market as it represents the second largest and regional market with highest growth rate during the forecast period. The increasing demand from pharmaceutical, automotive, and personal care industries of the countries, like China, India, Thailand, and Korea are providing great opportunity for the bio-based platform chemicals market to continue the fastest pace of growth. The large market size with this huge growth of Asia-Pacific is instrumental in expansion of the global bio-based platform chemicals market.
Key Developments in the Market
August 2017: BioAmber bought the bio-based succinic acid plant, which is located in Sarnia in Canada, as part of a joint venture with Mitsui
Major Players: Koninklijke DSM N.V., BioAmber Inc, Braskem, DowDuPont, Myriant Corporation and Dairen Chemicals, amongst others.
Reasons to Purchase this Report
Identify the Current and future prospects of global bio-based platform chemicals market in the developed and emerging markets
Analyze various perspectives of the market with the help of Porter’s five forces analysis
Information of the segment that is expected to dominate the market
Identify the region that is expected to witness fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet in excel
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