30-April-2019: The global bio-based platform
chemicals market size is expected to reach USD 22.75 billion by 2025 expanding
at a CAGR of 12.6%, according to a new report by Grand View Research, Inc.
Growing polymer and bioplastics industry is projected to drive the product
demand over the forecast period. Bio-based platform chemicals are gaining
popularity over petroleum-based chemicals owing to rising environmental
concerns. They are also likely to replace conventional chemicals used in
various end-use industries, such as F&B, polymer, and pharmaceuticals.
Fluctuation in crude oil prices
is also contributing to the product demand as it directly impacts the
industrial production and costs incurred in such process. To avoid losses and
the demand-supply conundrum of oil, market participants are shifting their
preferences toward bio-based platform chemicals. Moreover, the advent of new
fermentation techniques along with increasing production capacities is
projected to fuel the product demand. Bio-derived organic acids, polymers, and
alcohols are used in wide range of applications, such as surfactants, solvents,
plasticizers, paints and coatings, lubricants, and binders.
Rising demand for these products
and increasing usage of bio-based products are projected to foster the market
growth further. Rapidly developing green chemistry market is expected to
integrate the circular economy and bioeconomy in Europe, which is directed at
improving the sustainability of resources. Increasing demand for green
chemicals is anticipated to boost the bioeconomy of various regions through the
generation of new jobs. However, supply chain issues coupled with price
volatility of raw materials is expected to challenge the market growth.
In
depth research report on Bio-based Platform Chemicals Market
Further
key findings from the study suggest:
· Succinic
acid is projected to witness high demand over the forecast period. The lactic
acid segment is expected to register a CAGR of 15.2% over the forecast period
· Major
companies in the global bio-based platform chemicals focus on joint ventures
and partnerships for expanding product portfolio and manufacturing capacities
· For
instance, the joint venture between BP and E. I. du Pont de Nemours and
Company, intended for bio-butanol production
· Some of
the key companies are Genomatica, Inc.; Gevo, Inc.; Rennovia, Inc.; DuPont Tate
& Lyle Bio Products Company, LLC; Corbion N.V.; Amyris, Inc.; Avantium N.V.
Grand View Research has
segmented the global bio-based platform chemicals market on the basis of
product and region:
Bio-based
Platform Chemicals Product Outlook (Volume, Kilo Tons; Revenue, USD Million,
2014 - 2025)
· Lactic
Acid
· Fumaric
Acid
· Malic
Acid
· 1,3-Propanediol
(PDO)
· Dodecanedioic
Acid (DDDA)
· Bio-based
PE
· 1,5-Pentanediamine
· Polylactic
Acid (PLA)
· Glycerol
· Aspartic
Acid
· Itaconic
Acid
· 2,5-Furandicarboxylic
Acid
· 1,3-Butanediol
· 1,4-Butanediol
· 3-Hydroxypropionic
Acid (3-HP)
· Polyhydroxyalkanoates
(PHA)
· Succinic
Acid
· Farnesene
· Isobutanol
· Glucaric
Acid
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more research reports of this category:
About
Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
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