Chemicals and Materials Bio-based Chemicals Market | Page 2

The APAC region is anticipated to report significant growth on the back of
rapid industrialization and favorable policies in the region. China and India
are prime contributors to the regional market revenue and Malaysia
possessed the latent potential and vision to yield biochemical from palm
plantations.
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Government Regulation Pertaining to Environmental Pollution
Rising regulatory concerns regarding environmental pollution caused by
hazardous chemicals is likely to propel the market. Depletion of fossil fuels
is predicted to promote the product demand. Producers have to comply with
regulations, acts, and guidelines published by the regulatory authorities,
such as Environment Protection Agency (EPA), European Commission (EC),
and Registration, Evaluation, Authorization, and Restriction of Chemicals
(REACH). While the use of petroleum-based chemicals is being reduced
owing to government policies, bio-based Platform chemicals are gaining
market share by boosting production through renewable sources.
Availability of Biomass Feedstock- Growing green chemistry market,
business sustainability programs, and innovative value chains are
anticipated to bolster the market growth. Moreover, availability of biomass
feedstock is likely to have a positive impact on the production. Strategic
partnerships with raw material processors, alliances with farmers for
sourcing raw materials, and various bio-based value chains are projected to
fuel the demand for raw materials.