Summary
Bio-based Platform Chemicals Market in APAC -Segmented by Product Type , By Raw Material , and Geography-Trends and Forecasts ( 2017-2022 ).
Description
The bio-based platform chemicals market in APAC 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 in 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 .
Bio-based platform chemicals are 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 been segmented by raw material type into :
� carbohydrates , � fats and oil , � lignin .
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Market Dynamics of the Bio-based Platform Chemicals Market in APAC :
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Depleting natural resources and stringent government regulations are the major drivers of the bio-based platform chemicals market in the Asia-Pacific region . However , the market faces certain drawbacks such as the huge competition from fossil-fuel products . APAC will be the fastest growing market posting a CAGR of XX . XX % in 2015 owing to the availability of cheaper raw materials in the region and China will dominate the demand in the region . The report also covers countries such as Japan , India , Australia , and others . Furthermore , the shifting focus towards organic alternatives and shifting focus towards ecofriendly products and technological advancements will offer numerous opportunities for the growth of the bio-based platform chemicals market .
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