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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