Summary
Bio-based Platform Chemicals Market in Europe-Segmented by Product Type, By Raw Material, and Geography-Trends and Forecasts( 2017-2022)
Description
The bio-based platform chemicals market in Europe has been estimated at USD XX. XX billion in 2015 and is projected to reach USD XX. XX billion by 2020, at a CAGR of XX. XX % during the forecast period. Platform chemicals commonly referred to as building block chemicals is one of the fastest growing segment of the bio-based chemicals market. Platform chemicals are basically composed of 2-6 carbons, which are used as an intermediate in the production of various chemicals. However, due to the scarcity of fossil-based products and the rising crude oil prices have shifted the platform chemicals to use renewable resources in its production process. Moreover, the technological advancements in the biobased products made it possible in developing microbial strains in the production of chemicals.
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Bio-based platform chemicals market is segmented by product types such as bio glycerol acid, bio glutamic acid, bio itaconic acid, bio-1,4-diacids, bio-3-hydroxypropionic acid, bio levulinic acid, bio glucaric acid, and others. The market has also ben segmented by raw material type into: carbohydrates, fats and oils, and lignin.
Market Dynamics of the Bio-based Platform Chemicals Market in Europe:
Depleting natural resources and stringent government regulations are the major drivers of the bio-based platform chemicals market in the European region. However, the market faces certain drawbacks such as the huge competition from fossil-fuel products.
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Europe is the leading consumer of bio-based platform chemicals in 2015 globally, accounting for a share of XX %, followed by North America and APAC. The huge government support towards sustainable products in Europe will open-up opportunities in the market in the coming years.
Furthermore, the shifting focus towards organic alternatives and shifting focus towards eco-friendly products and technological advancements will offer numerous opportunities in the growth of the biobased platform chemicals market.
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