Transparency Market Research in its new report titled, “Bio-based Platform Chemicals Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 – 2026,” provides key insights on the bio-based platform chemicals market. The new report anticipates that the rising inclination of consumers on environment-friendly products coupled with the rising demand in the face of increased demand from industries, and rising regulations on the use of conventional petroleum-derived chemicals will drive the bio-based platform chemicals market during the forecast period i.e, 2018-2026. The report says that 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.
On the basis of regional perspective, the TMR report has examined the market for bio-based platform chemicals for regions such as Asia Pacific, North America, Europe, Latin America, Europe, and Middle East and Africa. Among these, the market in Asia Pacific is presently the leading revenue contributor to the global market, owing to 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, 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.
According to the TMR report, the markets in Europe and North America are also treading along a healthy growth path and efforts are being focused on the expansion of manufacturing facilities to provide increased volumes of these chemicals for a number of applications. In Middle East and Africa and Latin America, the market is expected to witness a vast rise in valuation in the next few years owing to increased demand from key end-use industries. The market in Latin America will be primarily driven by the rising prices of raw materials required for the production of petroleum-based chemicals, increased numbers of reforms, and increased awareness among consumers.
The report also includes the competitive landscape amongst the major players operating in the 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, the report says. Some of the leading companies in the market are included in this report and these are Myriant Technologies LLC, BASF, Itaconix Corporation, Cargill Incorporated, Lucite International Group, Royal DSM, BioAmber Inc., INNEOS, Alpha Chemika, and Braskem.
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