Market players are focusing on strategic collaborations with the target of strengthening applications scope for bio-based platform chemicals, creating new revenue streams over the forecast period.
ROCKVILLE, MD / ACCESSWIRE / December 15, 2020 / The global bio-based platform chemicals market will record a healthy growth rate amid the assessment period (2020-2030). Extensive application in cosmetics, pharmaceuticals, food & beverages will assist in attaining highest market share over the forecast period. Bio-glycerol will hold higher demand, in spite of the threat of the COVID-19 outbreak, with the sector exhibiting steady retrieval by 2021.
"Rising demand for bio-based platform chemicals from end-user sector, stringent regulations on the application of traditional petroleum-based chemicals, along with alterations in customers preference on eco-friendly products are prime factors fuelling long-term growth of the market." says a Fact.MR analyst.
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Bio-based Platform Chemicals Market - Key Takeaways
- North America, led by US will be dominating the global market followed by Europe.
- Bio-glycerol type accounts for majority of the market share over the forecast period.
- Polymer production segment on the basis of application will foresee strong growth prospects in the near future.
Bio-based Platform Chemicals Market - Drivers
- Rapid expansion of the green chemistry industry is likely to contribute to developments in the market.
- Sturdy expansion of disposable income and extensive scope of applications will assist the growth of the market in the foreseeable future.
- Customer preference for environment friendly offerings and technological innovations will drive the market growth.
Bio-based Platform Chemicals Market - Constraints
- Shortage of raw material and price fluctuations of raw materials are projected to hamper the growth.
- Fitted competition from oil-based platform chemicals could impact the products cost and vendors operations, can negatively impact market growth.
Anticipated Market Impact by COVID-19 Outbreak
The COVID-19 outbreak has moderately impacted the bio-based platform chemicals market. Although disruptions in supply chain are likely to hurt short-term forecasts, drop of fossil fuel usage amid the crisis will generate lucrative prospects.
In the pharma industry, demand for bio-based platform chemicals will remain high. Furthermore, applications in the agrochemicals industry will be gaining traction, as governments continue to invest in food security. These aspects will impact market growth in the post pandemic era.
Explore the global bio-based platform chemicals market with 38 figures, 116 data tables, along with the table of contents of the report. You can also find detailed segmentation on https://www.factmr.com/report/5366/biobased-platform-chemicals-market
Competition Landscape
The market is moderately consolidated and is categorised by substantial market share amid leading in terms of value and volume. Leading companies identified in the global bio-based platform chemicals market are BioAmber Inc., Yeild10 Bioscience Inc., Succinity GmbH, Prinova Group LLC, Cargill Inc., Dow DuPont Inc., GFBiochemicals Europe, Novozymes A/S, Koninklijke DSM NV, and Myriant Corporation.
More on the Report
The Fact.MR's market research report provides in-depth insights into the bio-based platform chemicals market. The market is scrutinized on the basis of type (c3 (glycerol and 3-hydroxypropionic acid), c4 (succinic acid, fumaric acid, malic acid, and aspartic acid), c5 (levulinic acid, glutamic acid, lactonic acid, and xylitol), and c6 (sorbitol, glucaric acid, and 2,5 furan dicarboxylic acid)) and application (plastic formulation, bio-fuel, cosmetics, paints & coatings, solvents, and others), across seven major regions (North America, Europe, East Asia, South Asia, Oceania, Latin America, and Middle East & Africa (MEA).
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SOURCE: Fact.MR
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