As per a new market study by Fact.MR, the global Bio-based Platform Chemicals Market is expected to reflect healthy growth from 2020 to 2030. Bio-glycerol will account for higher demand, despite the threat of the COVID-19 pandemic, with the sector reflecting steady recovery towards 2021.
Bio-based platform chemicals largely find use in the pharma and agrochemicals sectors. While 2020 has been a negative year for the industry, analysts from Fact.MR anticipate very promising prospects for the duration of the assessment period, as far as the expansion of the bio-based platform chemicals market is concerned.
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Bio-based Platform Chemicals Market – Segmentation
Fact.MR’s research study assesses the global bio-based platform chemicals market in terms of application, type, and region. This report presents extensive market dynamics and trends associated with different segments of the market and their influence on the growth prospects of the global bio-based platform chemicals market.
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Bio-based Platform Chemicals Market Insights by Type
Itaconic acid, also known as methylene butanedioic acid or methylene succinic acid, is an organic compound produced with fermentation. Also, it is widely used as a substitute for petroleum-based products in the chemical production sector. The material is soluble in alcohol, including ethanol, methanol, and propanol. Also, the product is largely biodegradable. Further, the compound is used in the production of monoesters, and is reactive to pyrrolidones alternatives, which are used in applications such as detergents, shampoo, and more. The derivatives of the chemical find roles in chemical, pharmaceutical, and textile industries.
Bio-based itaconic acid is used as an alternative to acrylic acid, for the development and production of super absorbent polymer variants. The slump of fossil fuel consumption and demand for sustainable development are expected to boost demand through the forecast period, aiding growth of the bio-based platform chemicals market. One of the key factors holding back the use of itaconic acid is relatively higher costs as compared to other alternatives. Consequently, the material is primarily used in low volume applications.
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Bio-based Platform Chemicals Market Insights by Application
Polymer production is a major segment in terms of applications in the bio-based platform chemicals market. Bio-based platform chemicals are key components for the production of polymers. These chemicals are more widely used in polymer manufacturing than other bio-based offerings. Lignocellulosic polymers are extensively used in high-value applications, including filters, films, and fibers. Developments in the bioplastics sector are still fairly new. However, the segment is likely to grow strongly in the near future.
The Bio-based Platform Chemicals Market research answers important questions, including the following:
- Why Bio-based Platform Chemicals Market players are focusing on the business expansion in region?
- Which regulatory authorities have granted approval to the application of Bio-based Platform Chemicals Market
- What are the pros and cons of the Bio-based Platform Chemicals Market the environment?
- Why players are targeting the production of segment?
- What are the strategies implemented by emerging players in the global Bio-based Platform Chemicals Market?
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The Bio-based Platform Chemicals Market report serves the readers with the following data:
- In-depth analysis of supply-side and demand-side trends.
- Direct and indirect impacts of the growth of relevant markets on the Bio-based Platform Chemicals
- Importance of segment in various regions.
- Accurate Y-o-Y growth of the global Bio-based Platform Chemicals
- Consumption trends among individuals across the globe.
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