Global Bio-Based Platform Chemicals Market is Growing at a Significant Rate in the Forecast Period 2019-2026

According to Data Bridge Market Research new Market report, global bio-based platform chemicals market will account to an estimated USD 5.58 billion in 2018 growing at a CAGR of 12.75% during the forecast period of 2019 to 2026.

Global Bio-Based Platform Chemicals Market

Global Bio-Based Platform Chemicals Market

Growing concerns and awareness regarding the usage and production of petroleum-based chemicals gave way for the adoption and penetration of bio-based platform chemicals. These chemicals are majorly produced with the usage of renewable raw materials and are therefore environmental friendly. These platform chemicals are the basis for the production and development of various other end-products.

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Segmentation: Global Bio-Based Platform Chemicals Market

Global bio-based platform chemicals market is segmented on the basis of chemical, type, application and geography.

By Chemical (Bio-1/4-Diacid, Bio-Glycerol, Bio-Glutamic Acid, Bio-3-Hydroxypropionic Acid, Bio-Itaconic Acid, Bio-Succinic Acid), Type (Sugar, Syngas, Biogas, Oil, Algae, Others), Application (Polymers, Fuels, Solvents, Pharmaceuticals, Perfumes, Others) and Geography (North America, South America, Europe, Asia-Pacific, Middle East & Africa)

FACTORS DRIVING GROWTH IN BIO-BASED PLATFORM CHEMICALS MARKET

Increasing levels of production and consumption of non-hazardous chemicals

According to Eurostat, there has been a steady rise in the production and consumption of non-hazardous chemicals in the EU-28 regions. According to their database, production of non-hazardous chemicals has been rising from 2015 where it was 72.5 million tonnes to 72.6 in 2016 and 72.8 in 2017. Also, with this rise in production consumption has also been rising due to the growing awareness and concerns regarding the health of the individuals and environment. The consumption of non-hazardous chemicals in the 28 countries for 2015 was at 87.2 million tonnes, this number dropped in the year of 2016 to 86.1 but then rose to 88.2 in 2017.

This steady rise in the production of non-hazardous chemicals is expected to be a driver for the market growth due to the growing concerns and awareness of the population regarding the benefits of environmental friendly and bio-based platform chemicals.

Note: EU-28 include Austria, Belgium, Bulgaria, Croatia, Cyprus, Czechia, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, United Kingdom.

Global Bio-Based Platform Chemicals Market

Global Bio-Based Platform Chemicals Market

Key Market Competitors: Global Bio-Based Platform Chemicals Market

Few of the major competitors currently working in the bio-based platform chemicals market are Braskem, IP Group plc, GFBiochemicals Ltd., Reverdia, GC Innovation America, Cargill Incorporated, Mitsubishi Chemical Corporation, Ava Biochem BSL AG, LyondellBasell Industries Holdings B.V., Koninklijke DSM N.V., BASF SE, Lucite International, Inneos LLC, Alpha Chemika, DowDuPont, Dairen Chemical Corporation (DCC), PTT Global Chemical Public Company Limited, Novozymes, Prinova Group LLC, Yield10 Bioscience Inc., and Zhejiang Guoguang Biochemistry Co.Ltd.

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