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Bio-Based Platform Chemicals Industry 2019Description:-
Bio-based platform chemicals are solvents containing two to six carbons and are developed from renewable resources. They are used as significant precursors for manufacturing a diversity of chemicals and materials, such as perfumes, pharmaceuticals, fuels, and polymers. Platform chemicals are two to six carbon-containing compounds originated from fossil fuel reserves.
The Bio-Based Platform Chemicals Market is presently sustaining a higher growth rate. With the improved efforts of making the reasonable use of sustainable materials, the bio-based chemicals are experiencing high demand in the market.
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Key players
Zhejiang Guoguang Biochemistry Co. Ltd, Reverdia, Cargill Incorporated, BioAmber Inc., Braskem, Qingdao Kehai Biochemistry Co. Ltd., AVA Biochem AG, Royal DSM NV, Itaconix PLC, GFBiochemicals Ltd, BASF SE,GC Innovation America, Mitsubishi Chemical Corporation, LyondellBasell Industries NV, are some of the major players operating in the Global Bio-Based Platform Chemicals Market.
The bio-based platform chemicals of more than 3,700 kilotons is propelled to be manufactured. This type of chemical finds its applications in various manufacturing industries. There is a big opportunity for the bio-based chemical platforms which have not been examined yet. However, various organizations specialized in the field of platform chemicals have recently started exploring deeply into the bio-based chemical platforms.
The primary factors driving the growth of the market are surging demand from the pharmaceutical industry and strict government regulations on traditional petroleum-based products. On the other hand, raw material deficiency and suited competition from oil-based platform chemicals are likely to impede the growth of the market. Boosting consumer preference toward eco-friendly commodities and technological improvements are likely to offer growth opportunities for the market during the forecast period.
Bio-glycerol segment led the market in the year 2018 and is anticipated to prosper during the forecast period with growing demand from industries, such as cosmetics, pharmaceutical, food and beverages, etc. North American region dominated the market across the world, which is fueled by enormous investment into its pharmaceutical industry, and rigid regulations promoting the usage of environmentally friendly products.
Research and development and advancement in the formulation of bio-based platform chemicals and exploration of its useful applications in such industries can dominate to mandate the use of such bio-based platform chemicals in the world.
Market segmentation
The report released by Researcher suggests that the global bio-based chemical platform market can be analyzed on the basis of type, application and regional demand. Based on the type, the market is segmented into sugar, algae, syngas, biogas, oil and others. On the basis of crucial applications, the global market has been bifurcated into polymers, solvents, perfumes, fuels, pharmaceutical and others.
Geographically, the Global Bio-Based Platform Chemicals Market is segmented into North America, Europe, Asia- Pacific, Middle East and Africa.
Important facts
• Bio-Glycerol Segment is set to observe strong growth over the forecast period.
• Bio-glycerol is a crucial by-product generated during the production of biodiesel through transesterification of triglycerides with methanol.
• Bio-based glycerol is reasonably economical and is utilized as a feedstock in various products, like 1,3-propanediol, butanol, 2,3-butanediol, and citric acid.
• Bio-glycerol is highly used in various end-user enterprises, such as pharmaceutical, cosmetics, food and beverages, resins, detergents, tobacco, and plastics.
• The market for bio-glycerol is mainly driven by the growing need in countries like India, China, Indonesia, Saudi Arabia, and the United States.
In addition to the largest market share, bio-glycerol is also anticipated to be the fastest evolving product segment, during the forecast span.
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