SAN FRANCISCO, April 1, 2019 /PRNewswire/ -- The global bio-based platform chemicals market size is expected to reach USD 22.75 billion by 2025 expanding at a CAGR of 12.6%, according to a new report by Grand View Research, Inc. Growing polymer and bioplastics industry is projected to drive the product demand over the forecast period. Bio-based platform chemicals are gaining popularity over petroleum-based chemicals owing to rising environmental concerns. They are also likely to replace conventional chemicals used in various end-use industries, such as F&B, polymer, and pharmaceuticals.
Key suggestions from the report:
Succinic acid is projected to witness high demand over the forecast period. The lactic acid segment is expected to register a CAGR of 15.2% over the forecast period
Major companies in the global bio-based platform chemicals focus on joint ventures and partnerships for expanding product portfolio and manufacturing capacities
For instance, the joint venture between BP and E. I. du Pont de Nemours and Company, intended for bio-butanol production
Some of the key companies are Genomatica, Inc.; Gevo, Inc.; Rennovia, Inc.; DuPont Tate & Lyle Bio Products Company, LLC; Corbion N.V.; Amyris, Inc.; Avantium N.V.
Fluctuation in crude oil prices is also contributing to the product demand as it directly impacts the industrial production and costs incurred in such process. To avoid losses and the demand-supply conundrum of oil, market participants are shifting their preferences toward bio-based platform chemicals. Moreover, the advent of new fermentation techniques along with increasing production capacities is projected to fuel the product demand. Bio-derived organic acids, polymers, and alcohols are used in wide range of applications, such as surfactants, solvents, plasticizers, paints and coatings, lubricants, and binders.
Rising demand for these products and increasing usage of bio-based products are projected to foster the market growth further. Rapidly developing green chemistry market is expected to integrate the circular economy and bioeconomy in Europe, which is directed at improving the sustainability of resources. Increasing demand for green chemicals is anticipated to boost the bioeconomy of various regions through the generation of new jobs. However, supply chain issues coupled with price volatility of raw materials is expected to challenge the market growth.
Grand View Research has segmented the global bio-based platform chemicals market on the basis of product and region:
• Bio-based Platform Chemicals Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
Dodecanedioic Acid (DDDA)
Polylactic Acid (PLA)
3-Hydroxypropionic Acid (3-HP)
• Bio-based Platform Chemicals Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
Fuel Cell Market – Global fuel cell market size was valued at USD 3.21 billion in 2016 and is projected to expand at an estimated CAGR of 20.9% over the forecast period
Hydrogen Generation Market – Global hydrogen generation market size was valued at USD 108.1 billion in 2016 and is predicted to exhibit a CAGR of 5.8% by 2025
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.