San Francisco, United States, 2019-May-13 — /EPR Network/ —
The global bio-based platform chemicals market size is expected to reach USD 22.75 billion by 2025 expanding at a CAGR of 12.6%, according to a new report by Grand View Research, Inc. Growing polymer and bioplastics industry is projected to drive the product demand over the forecast period. Bio-based platform chemicals are gaining popularity over petroleum-based chemicals owing to rising environmental concerns. They are also likely to replace conventional chemicals used in various end-use industries, such as F&B, polymer, and pharmaceuticals.
Fluctuation in crude oil prices is also contributing to the product demand as it directly impacts the industrial production and costs incurred in such a process. To avoid losses and the demand-supply conundrum of oil, market participants are shifting their preferences toward bio-based platform chemicals. Moreover, the advent of new fermentation techniques along with increasing production capacities is projected to fuel the product demand. Bio-derived organic acids, polymers, and alcohols are used in a wide range of applications, such as surfactants, solvents, plasticizers, paints and coatings, lubricants, and binders.
Rising demand for these products and increasing usage of bio-based products are projected to foster the market growth further. Rapidly developing green chemistry market is expected to integrate the circular economy and bioeconomy in Europe, which is directed at improving the sustainability of resources. Increasing demand for green chemicals is anticipated to boost the bioeconomy of various regions through the generation of new jobs. However, supply chain issues coupled with price volatility of raw materials is expected to challenge the market growth.
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Further key findings from the study suggest:
- Succinic acid is projected to witness high demand over the forecast period. The lactic acid segment is expected to register a CAGR of 15.2% over the forecast period
- Major companies in the global bio-based platform chemicals focus on joint ventures and partnerships for expanding product portfolio and manufacturing capacities
- For instance, the joint venture between BP and E. I. du Pont de Nemours and Company, intended for bio-butanol production
- Some of the key companies are Genomatica, Inc.; Gevo, Inc.; Rennovia, Inc.; DuPont Tate & Lyle Bio Products Company, LLC; Corbion N.V.; Amyris, Inc.; Avantium N.V.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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|Bio-based Platform Chemicals Market is Expected to Generate Huge Profits by 2025|