The market of metal, mining and chemicals has grown more actively in the recent trend with the significant development in the category of chemicals. While, the bio-based platform chemicals characterize a group of twelve building block chemicals which are imitative from the natural origin or biomass such as trees, animals and plants. They can be introduced from the sugar via biological conversions and are significant precursors for introducing a multiplicity of chemicals and materials such as fuels, polymers, pharmaceuticals and perfumes among others. Various bioplastics such as bo-polythylene teraphthalate, polyhydroxyalkanoates, bio-polythylene and polylactic acid are introduced from bio-based chemicals, which are widely used in cutlery, straws, pots, bowls, and crockery. The market key players are playing an important role by performing more actively and doing more development in the product making which are related to bio-based chemicals for acquiring the huge market share and leading the market growth in the reviewed period more significantly.
According to the report analysis, ‘Global Bio-Based Platform Chemicals Market Research Report – Forecast to 2023’ states that some of the major key players which are recently functioning in this market more actively for accounting the huge market share across the globe by doing more developments in the product which are produced from bio-based chemicals more efficiently includes Braskem (Brazil), BioAmberInc (US), Qingdao Kehai Biochemistry Co., Ltd (China), Itaconix PLC (UK), Zhejiang Guoguang Biochemistry Co., Ltd (China), GFBiochemicals Ltd (The Netherlands), Reverdia (The Netherlands), GC Innovation America (US), Cargill, Incorporated. (US), Mitsubishi Chemical Corporation (Japan), AVA Biochem AG (Switzerland), LyondellBasell Industries NV (The Netherlands), Royal DSM NV (The Netherlands), and BASF SE (Germany). Moreover, growing application of bio-based polymers, stringent regulations for the usage of petroleum-based chemicals, rising requirement in Asia Pacific and drivers impact analysis are the some key factor which driving the market growth more actively in the forecasted period. While, with the key drivers the market is having some restraints which hinder the market growth includes huge cost of production and technological complexities and restraints impact analysis. Not only has this, by utilizing the opportunities likewise construction of Lignocellulosic biorefineries, for attaining the fastest growth in the near future.
According to the analysis, the market of bio-based platform chemicals is predicted to grow globally more effectively in the forecasted period. While, based on the product type, the global market of bio-based platform chemicals has been split into syngas, biogas, oil, algae, and sugar whereas, in 2017 sugar sector accounted the market and is predicted to reach USD 4,635.2 million during the forecasted period due to the heaving requirement for bio-based sugar in the Asia Pacific region and Europe. Moreover, the global bio-based platform chemicals market has been analyzed across five key regions, including North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Not only has this, based on the application phase, the global bio-based platform sector registered the highest market share in 2017 and is anticipated to grow at the highest CAGR of 1.7% in the near future. Therefore, with the effective application and classification it is expected that in the near future the global market of bio based platform chemical will grow more actively over the recent few years.
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Ankur Gupta, Head Marketing & Communications