Bio-based Platform Chemicals Market Demand, Application, COVID-19 Analysis, Share, Forecast 2023
Global Bio-based Platform Chemicals Market Overview
The latest analysis was conducted by Market Research Future (MRFR)
on Bio-Based Platform Chemicals. As per their report, the global bio-based
platform chemicals market is expected to showcase a strong growth trajectory
over the next few years. The bio-based platform chemicals market is expected to
exhibit a 12.67% CAGR over the forecast period.
Increasing awareness of the environment has propelled the adoption
of sustainable materials. Such rising utilization of sustainable materials is a
primary factor contributing to the ascension of the global bio-based platform
chemicals market. Furthermore, bio-based platform chemicals have a vast scope
for application in the manufacturing sector. Pharmaceutical solvents, as well
as perfumes, contain bio-based platform chemicals, among other consumer
products. A rising disposable income has led to higher demand for such
products, which, in turn, is promoting a higher growth rate in the
global bio-based platform chemicals market size.
Governments have initiated various regulations curbing the use of
petroleum-based chemicals, creating many growth avenues for the bio-based
platform chemicals market. Further, the introduction of various policies in
favor of eco-friendly products is contributing heavily to the ascension of
the bio-based platform chemicals market. However, the capital and
energy-intensive nature of bio-based platform chemicals have created many
challenges for market vendors in the market.
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Bio-based Platform Chemicals Market Segmentation
The COVID-19 analysis on bio-based
platform chemicals market forecast is
analyzed in detail for different types of bio-based platform chemicals as well
as their applications in different commodities and industries. The global
bio-based platform chemicals have a vast range of application in the
manufacturing of polymers, solvents, pharmaceuticals, fuels, and perfumes. The
production of polymers in on the rise and is demanding the highest amount of
bio-based platform chemicals over the forecast period. This booming consumption
of bio-based platform chemicals in the manufacture of the polymer can be
attributed to the fast depletion of fossil fuel-based chemicals. Further,
strict regulations have been introduced by the government on fossil fuel-based
chemicals, which have encouraged polymer manufacturers to shift towards the use
of bio-based platform chemicals. The demand for bio-based platform chemicals,
for the production of polymers, is expected to expand at 13.74% CAGR over the
assessment period.
Bio-based Platform Chemicals Market Detailed Regional Analysis
The global bio-based platform chemicals industry is
studied for various regional segments of Asia Pacific, Latin America, North
America, the Middle East & Africa, and Europe. Among these segments, the
APAC region is estimated to lead the global bio-based platform chemicals
market. At the beginning of the review period, Asia Pacific held approximately
41% share of the global bio-based platform chemicals market. Asia Pacific is
expected to witness a 13.79% CAGR over the forecast period. This can be
attributed to the renewable feedstock and the introduction of favorable
government regulations encouraging the adoption of bio-based platform
chemicals. Further, research and development are highly supported by
governments residing in the region to promote the use of bio-based platform
chemicals. Europe and North America are expected to follow the APAC region and
exhibit fast-paced growth in the bio-based platform chemicals market.
Bio-based Platform Chemicals Market Key Players
Some distinguished market vendors are mentioned in the report by
MRFR including BASF SE, Mitsubishi Chemical Corporation, Itaconix PLC, GC
Innovation America, AVA Biochem AG, Zhejiang Guoguang Biochemistry Co. Ltd,
Reverdia, BioAmber Inc., Qingdao Kehai Biochemistry Co. Ltd., Braskem, Cargill
Incorporated, GFBiochemicals Ltd, Royal DSM NV, and LyondellBasell Industries
NV.
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