A new study by Fact.MR states that, the depletion of fossil fuels and strict regulations associated with environment pollution are key factors that are aiding the adoption of bio-based platform chemicals. Rapid growth of the green chemistry sector will also contribute to developments in the industry.
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Strong growth of disposable income and wide scope of applications, including agrochemicals, cosmetics, plastics, and chemical reactions, are likely to aid the growth of the bio-based platform chemicals market over the coming years.
Players in the market are increasingly using eco-friendly and biodegradable offerings to improve market accessibility through supply and distribution channels. Investments in research for biocatalysts and easy access to biomass feedstock are likely to positively impact production, allowing for better product quality without substantial changes to the composition of the end product.
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Key Takeaways from Bio-based Platform Chemicals Market Report
- Strict regulations on petroleum-based products and application in drug development to generate growth opportunities.
- Consumer preference towards eco-friendly offerings and tech innovations will provide impetus to players in the bio-based platform chemicals market.
- Bio-glycerol holds a major market share with a wide scope of application in food & beverages, pharmaceuticals, and cosmetics.
- North America is a dominant bio-based platform chemicals market, driven by significant investments into the pharma sector, in addition to strict environment regulations.
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- The COVID-19 pandemic will result in short-term decline in the growth of the bio-based platform chemicals market, but long-term prospects look bright.
“Growing demand for bio-based platform chemicals from end-user industries, stricter regulations on the application of conventional petroleum-based chemicals, and changes in consumer preference on eco-friendly products are key factors driving long-term growth of the bio-based platform chemicals market.” says a Fact.MR analyst.
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Product Research Efforts to Provide Impetus to Bio-based Platform Chemicals Market
The bio-based platform chemicals market is moderately consolidated in nature, and is characterized by significant market share among market leaders in terms of volume and value. Leading players are focused on strategic collaborations with the aim of bolstering scope of applications for bio-based platform chemicals, generating new revenue streams in the years to come.
- Arzeda announced the expansion of its protein design platform, aimed towards applications in the commercial deployment of designer enzymes in the food sector, for the development of sustainable, nutritional ingredients.
- Cargill and Virent Inc have joined hands to analyze the scope of applications for corn dextrose, to be used as a feedstock with the help of bio-forming technology for low-carbon bio-fuels and biochemicals.
For More Insights – http://www.globenewswire.com/en/news-release/2020/03/05/1995851/0/en/Consumption-of-Pine-Chemicals-Projected-to-Soar-at-over-5-CAGR-Through-2027-Bio-friendly-Products-to-Steal-the-Limelight-Says-a-Fact-MR-Report.html
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