Pune, India -- (SBWire) -- 05/03/2019 --Our latest research report entitled Bio-based Platform Chemicals Market (by types (C-2, C-3, C-4, C-5, and C-6), applications (agriculture, biofuels, bioplastics, food applications, industrial chemicals, pharmaceuticals, and other applications)) provides complete and deep insights into the market dynamics and growth of bio-based platform chemicals. Latest information on market risks, industry chain structure bio-based platform chemicals cost structure and opportunities are offered in this report. The past, present and forecast market information will lead to investment feasibility by studying the essential bio-based platform chemicals growth factors. The global bio-based platform chemicals market is projected to grow at a CAGR of 8.2% over the forecast period of 2019-2025.
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Bio-based Platform Chemicals Market: Industry Insights
Bio-based platform chemicals are the alternatives for petrochemical which are derived due to increasing oil prices, limited fossil resources and environmental concerns due to the usage of other chemicals. Bio-based platform chemical is composed of 2-6 carbons produced by fossil resources and used for making a wide range of chemicals and materials which are derived from biodiesel. Bio-based platform chemicals are derived from renewable resources, such as agricultural products, lignocelluloses, and marine biomass, making them carbon neutral and sustainable. They are building block compound which can be transformed into a wide range of materials or chemicals. Bio-based platform chemicals had a potential for decarbonizing products which are made by renewable raw materials.
Bio-based Platform Chemicals Market: Drivers and Restraints
Increasing demand for the renewable energy and eco-friendly products due to the limited natural fossil resources owing to the growth of the global bio-based platform chemicals market. Stringent government regulation for the carbon emission by the petrochemical vehicle which is hazardous to the environment and human health drive the growth for the usage of bio-based chemicals and materials. High cost for the raw material may hamper the growth of the global bio-based platform chemicals market.
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Bio-based Platform Chemicals Market: Segmentation
Global bio-based platform chemicals market is segmented on the basis of types and applications. By types, the market is segmented into C-3 (including Glycerol, 3-Hydroxypropionic Acid), C-4 (Succinic, Fumaric, Malic & Aspartic Acid), C-5 (Levulinic, Glutamic and Itaconic Acid, Xylitol), and C-6 (Sorbitol, Glucaric Acid) in which C-3 (including Glycerol, 3-Hydroxypropionic Acid) holds highest market share in the global Bio-Based Platform Chemicals Market because it is derived while production of biodiesel and comparatively much cheaper in cost owing the growth of bio-based platform chemicals market. Applications are bifurcated into Agriculture, Biofuels, Bioplastics, Food applications, Industrial chemicals, Pharmaceuticals, and other applications.
Bio-based Platform Chemicals Market: Regional Insights
Global bio-based platform chemicals market is segmented regionally into North America, Europe, Asia-Pacific and Rest of World (RoW). North America holds the highest market in the Global Bio-Based Platform Chemicals Market as increasing usage of biodiesel due to environmental hazards by other chemicals in North America. In North America, the U.S. dominates the market followed by Canada and Mexico. Asia-Pacific holds the second position in the market and is expected to grow with the highest CAGR during 2018-2025, as government taking initiative to protect environment due to hazardous chemical usage and adoption of bio-refinery concepts which are major factors owing to the growth of the Asia-Pacific region in the forecasted period.
Bio-based Platform Chemicals Market: Competitive Analysis
The global bio-based platform chemicals market comprise with the major players, Australian Renewable Fuels Limited, BASF AG, BioAmber Inc., Royal DSM, Mitsubishi Chemicals, Myriant Technologies LLC, Novamont S.P.A, Raizen Energia Participacoes, Tianjin Green Bio Materials Co. Ltd. and Zhejiang Hisun Biomaterials Co. Ltd. Product innovation and acquisitions & mergers are the key parameters to remain competitive and to gain greater market share.
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Report Findings
1) Drivers
- Increasing acceptance of bio-based platform chemicals in industries.
- Stringent government guidelines on conventional petroleum-based chemicals.
- Preference for environmentally friendly applications by consumers.
2) Restraints
- Unhindered availability of raw materials.
- Huge competition from fossil fuel products.
3) Opportunities
- Technological advancements.
- Rising crude oil prices.
