As per Fact.MR – a market research and competitive intelligence provider, the global bio-based platform chemicals market is anticipated to top US$ 23 Mn by 2031, progressing at a CAGR of 8% over the next ten years.
Depletion of fossil fuels and strict regulations associated with environmental pollution are key factors that are aiding the adoption of bio-based platform chemicals that are eco-friendly. Rapid growth of the green chemistry sector will also contribute to developments in the industry. Wide scope of applications, including agrochemicals, cosmetics, plastics, and chemical reactions, are likely to aid the growth of the market over the coming years.
Also, 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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“Rising demand for bio-based platform chemicals from end-user industries and changes in consumer preference for eco-friendly products are key factors driving long-term growth of the market,” according to a Fact.MR analyst.
The global bio-based platform chemicals market is moderately consolidated in nature, and is characterized by market leaders holding a significant share in terms of volume and value. Leading players are focused on strategic collaborations with the aim of bolstering the scope of applications for bio-based platform chemicals, which will generate new revenue streams in the years to come.
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