Bio-based
chemicals are products derived from natural or biological origins for instance
feedstock, crops, trees, plants, and biological waste. The products are
suitable alternative to conventional chemicals and play a major role in
reducing the reliance on fossil fuels. The products are used to reduced carbon
emission levels & maintain the ecological balance. Lignocellulose is the
most generally available raw material used for the production of biofuels.
According
to study, “Bio-Based
Platform Chemicals Market Research Report by Type (Sugar, Syngas, Biogas, Oil,
Algae, and Others), Application (Polymers, Fuels, Solvents, Pharmaceuticals,
Perfumes, and Others), and Region (North America, APAC, Europe, and
Others)-Global Forecast to 2023” the key companies operating in the
bio-based platform chemicals market are BioAmber Inc., Qingdao Kehai
Biochemistry Co. Ltd., Braskem, AVA Biochem AG, Itaconix PLC, Royal DSM NV, GF
Biochemicals Ltd, GC Innovation America, BASF SE, Mitsubishi Chemical
Corporation, Aktin Chemicals Inc., DuPont, Evonik Industries AG, Koninklijke
DSM NV, Champlor (Valtris Specialty Chemicals), Zhejiang Guoguang Biochemistry
Co. Ltd, LyondellBasell Industries NV, Kawasaki Kasei Chemicals Ltd., Cargill
Incorporated, Reverdia, Nippon Shokubai Co. Ltd., PTT Global Chemical Public
Company, Novozymes, Tokyo Chemical Industry Co. Ltd.
Based
on type, bio-based platform chemicals market is segmented into Bioplastics,
Bio-Lubricants, Bio-Solvents, Bio-Alcohols, Bio-Based Acids, and
Bio-Surfactants. Based on platform type, market is segmented into C-3, C-4, C-5
and C-6. C-3 is further sub-segmented into Glycerol, and 3-Hydroxypropionic
Acid. C-4 is further sub-segmented into succinic acid, malic acid, fumaric
acid, and aspartic acid. C-5 is further sub-segmented into glutamic acid,
levulinic acid, itaconic acid, and xylitol. Additionally, C-6 is further
sub-segmented into glucaric acid, sorbitol, and 2, 5-furan dicarboxylic acid.
C-3 platform chemicals segment holds the largest share due to growth in
end-user industries such as construction, plastic, and paints & coatings.
Based on product type, market is segmented into sugar, biogas, oil, syngas,
algae, and others. Sugar segment is anticipated to maintain its dominance
during the assessment period owing to the abundant availability of
carbohydrates derived from lignocellulosic biomass. In addition, based on
application, market is segmented into pharmaceuticals, adhesives &
sealants, agriculture, paint dispersion, paints & coatings, detergents
& cleaners, personal care, packaging, and food & beverages, and others.
The
bio-based platform chemicals market is driven by rise in availability of
low-cost feedstock, followed by increase in customer inclination towards
eco-friendly products, rapid industrialization, favorable government
regulations, increase in use of bio-based products and rise in technological
modification. However, high production cost may impact the market. Moreover,
support from the federal government is a major opportunity for market.
Based
on geography, the Asian-Pacific region holds major share, followed by European
region in bio-based platform chemicals market owing to favorable regulatory
policies towards polymer manufacturing industries and rapid growth in
development of infrastructure in the region. The North-American region is
expected to witness considerable growth rate due to rapid consumption of
pharmaceutical items along with rise in demand for cosmetic products over the
forecast period. It is projected that the market will be reached at fast pace
as a result of inclination towards organic products, change in lifestyles of
consumer, and increase in expendable income levels during the forecast period.
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