A new study by Fact.MR states that, the depletion of fossil fuels and strict regulations associated with environment pollution are key factors that are aiding the adoption of bio-based platform chemicals. Rapid growth of the green chemistry sector will also contribute to developments in the industry.
Strong growth of disposable income and wide scope of applications, including agrochemicals, cosmetics, plastics, and chemical reactions, are likely to aid the growth of the bio-based platform chemicals market over the coming years. Players in the market are increasingly using eco-friendly and biodegradable offerings to improve market accessibility through supply and distribution channels. Investments in research for biocatalysts and easy access to biomass feedstock are likely to positively impact production, allowing for better product quality without substantial changes to the composition of the end product.
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Key Segments in Bio-Based Platform Chemicals Industry Research
- By Type
- C-3 Platform Chemicals
- Glycerol
- Bio-3-Hydroxypropionic Acid
- C-4 Platform Chemicals
- Succinic Acid
- Fumaric Acid
- Malic Acid
- Aspartic Acid
- C-5 Platform Chemicals
- Levulinic Acid
- Glutamic Acid
- Itaconic Acid
- Xylitol
- C-6 Platform Chemicals
- Sorbitol
- Glucaric Acid
- 2,5-Furan Dicarboxylic Acid
- By Application
- Polymers
- Plastic Formulation
- Bio-fuel
- Cosmetics
- Paints & Coatings
- Solvents
- Pharmaceuticals
- By Region
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
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Key Takeaways from Bio-based Platform Chemicals Market Report
- Strict regulations on petroleum-based products and application in drug development to generate growth opportunities.
- Consumer preference towards eco-friendly offerings and tech innovations will provide impetus to players in the bio-based platform chemicals market.
- Bio-glycerol holds a major market share with a wide scope of application in food & beverages, pharmaceuticals, and cosmetics.
- North America is a dominant bio-based platform chemicals market, driven by significant investments into the pharma sector, in addition to strict environment regulations.
- The COVID-19 pandemic will result in short-term decline in the growth of the bio-based platform chemicals market, but long-term prospects look bright.
Key Companies Profiled
- BioAmber, Inc.
- Cargill, Inc.
- BASF SE
- Mitsubishi Chemical Corporation
- PTT Global Chemical Public Co. Ltd.
- DuPont Tate & Lyle Bio Products Company LLC
- Braskem SA
- Evonik Industries AG
- DowDuPont, Inc.
- GFBiochemicals Ltd.
- Koninklijke DSM NV
- Myriant Corporation
- Novozymes A/S
- Prinova Group LLC.
- Yield10 Bioscience, Inc.
- Succinity GmbH
