Bio-based Platform Market Chemicals is Expected To Grow In Near Future By 2026
A variety of chemicals can be manufactured with the help of bioprocessing techniques using biomass. Common examples of chemicals manufactured through bioprocessing or with the help of biomass include amino acids, carboxylic acids, isoprene, propane, short chain olefins, butanediols, ethanol, vitamins, polymers such as alginate and xanthan gum and commercially viable industrial enzymes that find usage as additives in products such as washing powder. Bio-based platform chemicals are a group of chemicals manufactured from sugar via the process of biological conversions. This group of chemicals contains molecules with a variety of functional groups, carrying the potential of getting transformed into a variety of other high-value chemicals.
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The report presents a 360-degree view of the market and analyzes it in a ground up manner. The report presents detailed data about market’s key elements. The report analyzes these market elements on a global level for a broader overview as well as a regional level for a much detailed overview. The report incorporates a number of analytical techniques to filter out the most important business-related data from the vast amount of qualitative and quantitative data gathered with the help of a number of primary and secondary research methodologies.
The global market for bio-based platform chemicals market has witnessed significant evolution over the past few years owing to rising demand in the face of increased demand from industries, rising regulations on the use of conventional petroleum-derived chemicals, and the rising inclination of consumers on environment-friendly products. As the demand for eco-friendly products across industries gathers strength and companies focus on the development of more effective varieties of bio-based platform chemicals, the market is also expected to expand at an impressive pace in the next few years. However, the high popularity and well-rooted application areas of fossil-fuel products continue to challenge the growth prospects of the market to a certain degree. Nevertheless, encouraging government reforms and attempts made for increasing awareness among consumers could help companies operating in the global bio-based platform chemicals market gain traction.
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Geographically, the market for bio-based platform chemicals has been examined for regions such as Asia Pacific, North America, Europe, Latin America, Europe, and Middle East and Africa. Of these, the market in Asia Pacific is presently the leading revenue contributor to the global market, thanks to the rising concerns pertaining to the ill-effects of petroleum-based chemicals on the environment and the increased numbers of regulatory reforms mandating the increased uptake of bio-based chemicals in a number of applications. Moreover, the strong development prospects of the manufacturing sector in countries such as India, China, and Japan also supplement the growth prospects of the bio-based platform chemicals in the regional market.
With a rising number of companies ploughing increased funds into the development of bio-based platform chemicals, the level of competition in the market has significantly intensified. Some of the leading companies in the market are Myriant Technologies LLC, BASF, Itaconix Corporation, Cargill Incorporated, Lucite International Group, Royal DSM, BioAmber Inc., INNEOS, Alpha Chemika, and Braskem.