A
lot of research was carried out in the past few years on bio-based chemicals
and bio-based materials. According to the global statistics, the current global
production of bio-based chemicals and polymer materials is approximately 50
million tons and the production of bio-based plastic is approximately 2440
thousand tons over the past few years. The bio-based chemicals industry has
developed drastically due to advent of advanced technology, increase in product
categories and enhanced economical efficiency which has encouraged huge
industrial investments. The market for bio-based chemicals is still at the
budding stage and will witness a drastic growth over the next few years. Each
variant of bio-based chemical has limited players indicating very low competition
in the market. All the manufacturers in bio-based chemicals market are at a
budding stage and are yet to stabilize their business.
All
the Asian countries are rich in biomass resources. Bio-based chemicals are
derived from renewable sources or natural raw materials. Various the bio-based
chemicals products are alcohols, organic acids, ketones, platform chemicals,
biopolymers, and others (Bio-based 1,3-PDO, ECH, and 1,4-BDO). Bio-based
chemicals are used in transportation, textiles, food safety, environment,
communication, housing, recreation, health, hygiene, bio-medical, agriculture
and other applications. The key factor affecting the growth in Asia bio-based
chemicals market is the high price of the bio-based chemical products compared
to the conventional chemicals. Therefore, many manufacturers are investing
heavily in research and innovation to develop improved bio-based chemicals.
According
to the study “Asia
Bio-Based Platform Chemicals Industry Situation and Prospects Research Report”,
the evolution of bio-refineries in Asia’s petrochemicals sector was due to
advanced developments in bio-based chemicals. Major concerns in the Asian
countries are increasing government concerns regarding health, environment, and
limited fossil resources which is encouraging sustainable technologies to
produce chemicals, and plastics. Bio-based chemicals offer great potential for
decarbonizing everyday products. Bio-based chemicals are introduced in all
sectors such as shoe soles, plastics, car parts, and many more. A positive
growth will be witnessed in Asia bio-based chemicals market due to increasing
consumption.
The
depleting fossil fuel reserve is a major factor for implementation of strict
regulations in Asian energy sector. Asian countries are witnessing a tremendous
growth in bio-based chemicals due to increasing stringent regulations on
conventional petro-based chemicals. The major by-product in bio-diesel
production is bio-glycerol which is comparatively economical. Bio-glycerol is
used as a major feedstock in various manufacturing industries, such as
cosmetics, pharmaceuticals, food and beverages. Bio-glycerol accounts for a
larger market share in Asia bio-based platform chemicals market due to the
drastic development in Asian economies such as China and India.
Various
available products in Asia’s bio-based platform chemicals market are Bio 1, 4-diacids,
Bio Glycerol, Bio Glutamic Acid, Bio Itaconic Acid and others. The leading
players in Asia’s bio-based chemicals market are BASF SE, BioAmber, Cargill,
Myriant Corporation, PTT Global Chemical Public Company, DSM, Succinity GmbH,
Novozymes and INEOS. Geographically, Asia’s bio-based platform chemicals market
is spread across China, Japan, India, Korea, Saudi Arabia and other regions.
Asian
bio-based chemicals market is generating huge growth opportunities due to
increasing adoption of bio materials in various industries such as
pharmaceutical, automotive, and personal care, advent of new raw bio-based
materials, and demand for low cost bio-based chemicals. Amongst, the Asian
countries China will witness a drastic development in the bio-based chemicals
due to the availability of raw materials, growing awareness against traditional
petro-based products and other factors.
Asia
bio-based chemicals market will witness a drastic growth because China will
lead all the markets supported by the ongoing demand adhering to the
government’s regulations, and customer’s preference for eco-friendly products
over conventional petro-based products. Asian countries are focussing on many
bio-based chemicals projects in China, India and Thailand. With the increasing
adoption and consumption, Asia will witness a positive growth in bio-based
chemicals market in the next few years.
To know more, click on the link below:
Related Reports:
Contact Us:
Ken
Research
Ankur
Gupta, Head Marketing & Communications
0124-4230204
No comments:
Post a Comment