Global Bio Based Platform Chemicals Market Set to Grow with CAGR of 12.75 % By 2026

Global Bio-Based Platform Chemicals Market, By Chemical (Bio-1/4-Diacid, Bio-Glycerol, Bio-Glutamic Acid, Bio-3-Hydroxypropionic Acid, Bio-Itaconic Acid), Type (Sugar, Syngas, Biogas, Oil, Algae, Others), Application (Polymers, Fuels, Solvents, Pharmaceuticals, Perfumes, Others)

Market Analysis: Global Bio-Based Platform Chemicals Market

Global Bio-Based Platform Chemicals Market is expected to rise from its initial estimated value of USD 5.58 billion in 2018 to an estimated value of USD 14.59 billion by 2026, registering a CAGR of 12.75% in the forecast period of 2019-2026. This rise in market value can be attributed to the growing demand of the various applicable industries.

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Market Definition: Global Bio-Based Platform Chemicals Market

Bio-based platform chemicals can be defined as the method of producing chemicals and materials that are manufactured through the breaking down and processing of bio based materials. This method is used to produce a number of chemicals and materials that have better functionality and have the capabilities of being transformed into a number of other chemicals.

Market Drivers:

• Presence of strict regulations regarding the usage of petrol-based chemicals is also expected to drive the market growth
• Growing demand and applications from the various industries for the product is also expected to drive the market growth

Market Restraints:

• Complications in production and in technology; is expected to act as a restraint to the market growth
• High cost of production caused due to the shortage of raw materials is expected to act as a restraint to the market growth

Segmentation: Global Bio-Based Platform Chemicals Market

• By Chemical
• Bio-1/4-Diacid
• Bio-Glycerol
• Bio-Glutamic Acid
• Bio-3-Hydroxypropionic Acid
• Bio-Itaconic Acid
• Bio-Succinic Acid
• By Type
• Sugar
• Syngas
• Biogas
• Oil
• Algae
• Others
• By Application
• Polymers
• Fuels
• Solvents
• Pharmaceuticals
• Perfumes
• Others

Key Developments in the Market:

In August 2018, LyondellBasell Industries Holdings B.V. announced the completion of its acquisition of A. Schulman, increasing the size and capabilities of various plastics and chemicals industries helping it serve a broader market.

In June 2018, LyondellBasell Industries Holdings B.V. announced an agreement to acquire Braskem.

Competitive Analysis: Global Bio-Based Platform Chemicals Market

Global Bio-Based Platform Chemicals Market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of bio-based platform chemicals market for global, Europe, North America, Asia Pacific, South America and Middle East & Africa.

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