The global bio-based platform chemicals market to grow at a CAGR of 10.88% during the period 2017-2021.
The report, Global Bio-Based Platform Chemicals Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
One trend in market is increase in R&D activities. Growing R&D expenditure is a major trend that is being witnessed in the global bio-based platform chemicals market in recent years. There has been a significant increase in R&D activities to increase the application areas of bio-based platform chemicals in various industries, such as biofuels and resins, by many major vendors in recent years. Globally, major bio-based platform chemicals players have increased their R&D spending to reduce the manufacturing cost of bio-based platform chemicals.
Furthermore, the manufacturers have been heavily emphasizing on new product innovations and developments to maintain a competitive edge and gain shares in the market. In 2016, an International Bioeconomy Forum (IBF) aimed at improving the orientation of research in Europe and foster multilateral cooperation was formed. This forum helps in providing an informal multilateral network for countries that are engaged in the development of a bio-based economy.