Chemicals and Materials Bio-based Chemicals Market

Global Bio-Based Platform Chemicals Market Report Examines
Latest Trends and Key Drivers Supporting Growth
Bio-Based Platform Chemicals are products derived from biological origins
such as feedstock, plants, crops, trees, and biological waste. They are an apt
substitute to conventional chemicals and plays a major role in reducing the
dependence on fossil fuels. This leads to reduced carbon emission levels and
maintaining the ecological balance. Owing to these factors, the global bio-
based Platform chemicals market is anticipated to record a CAGR of 11% over
the forecast period i.e. 2019-2027.
Furthermore, emergence of numerous bio-refineries is likely to drive the bio-
based Platform chemicals market. The focus on maintaining a steady supply
chain of raw materials in conventional industries such as automotive
through technological breakthrough by producer creates new investment
opportunities. The shale gas boom has elicited the demand for bio-based
polymers and intermediates.
On the basis of regional analysis, the bio based Platform chemicals market is
segmented into five major regions including North America, Europe, Asia
Pacific, Latin America and Middle East & Africa region. Europe dominated
the bio-based Platform chemicals market owing to environmental
policies rolled out by governments in the region. The sustainable
development goals set by the European Union to reduce greenhouse gas
emissions by 40% and save on energy expenses over 27% by 2030 is an
opportune moment for the bio-based Platform chemicals market. In April
2019, the governments of Poland, the Czech Republic, and Slovakia decided
on a joint agreement to encourage the production of bio-fuels. In addition,
the blend of bioethanol with petrol as a fuel source is likely to commercialize
and achieve climate goals.