World Bio-Based Platform Chemicals Market - Opportunities and Forecast, 2016 - 2021

Summary

A new report published by Allied Market Research, titled, "World Bio-based Platform Chemicals Market Opportunities and Forecasts, 2014-2021", states that the bio-based platform chemicals market would reach a volume of 14.9 million tons and revenue of $18.8 billion by 2021. Asia-Pacific held a dominant share in the world bio-based platform chemicals market in 2015, and is expected to maintain this position throughout the forecast period.

Platform chemicals represent a group of twelve (one not commercialized yet) building block chemicals that can be produced from sugars via biological conversions. Factors responsible for the growth of the bio-based platform chemicals market are volatility in crude oil prices, availability of low cost feedstock and favourable government regulations towards bio-based products. Furthermore, rising adoption of bio-based chemicals in different industries such as personal care, pharmaceuticals, food & beverages including others are some of the key factors driving the market growth. However, high production cost of bio-based chemicals is likely to hamper the market growth.

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C-3 chemicals (Glycerol and 3-hydroxypropionic acid) accounted for the highest consumption in 2015, owing to its unique property of getting converted into various other useful chemicals such as alcohols, acids and resins. Furthermore, absence of a petrochemical route for the production of (3-hydroxypropionic acid) 3-HP, drives the C-3 platform chemicals market growth. 3-HP can be transformed into different high-value chemicals such as 1,3-propanediol, acrylic acid, methyl acrylate, acrylamide, malonic acid, ethyl 3-HP, propiolactone and acrylonitrile. These high value chemicals are used in a variety of applications such as solvents, plastics & molding, fibers & resins, composites, adhesives,...