Bio-based Platform Chemicals Market Trends and Report 2024

1. Downloaded from: justpaste.it/70aht Bio-based Platform Chemicals Market by Trends and Growth 2024 The bio-based platform chemicals market size has the potential to grow by USD 2.11 billion during 2020-2024, and the market’s growth momentum will accelerate during the forecast period. Know more: https://www.technavio.com/talk-to-us?report=IRTNTR44435&type=sample&src=report This report provides a detailed analysis of the market by type (bio-1 4 diacids, bio-glycerol, bio-glutamic acid, bio- 3-HPA, and bio-itaconic acid) and geography (APAC, Europe, North America, MEA, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including BASF SE, Braskem SA, DuPont Tate & Lyle Bio Products Company LLC, Evonik Industries AG, IP Group Plc, Koninklijke DSM NV, LyondellBasell Industries NV, Merck KGaA, Parchem fine & specialty chemicals Inc., and PTT Global Chemical Public Co. Ltd. Market Competitive Analysis The market is fragmented. BASF SE, Braskem SA, and DuPont Tate & Lyle Bio Products Company LLC are some of the major market participants. Vendors compete based on factors such as innovation, price, operational cost, and product quality. Also, some of the players can drive down the market prices because their costs are lower than that of their competitors. Although the volatility in crude oil prices will offer immense growth opportunities, the threat of substitutes will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. To help clients improve their market position, this bio-based platform chemicals market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this bio-based platform chemicals market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities. APAC was the largest bio-based platform chemicals market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. Factors such as the shift in consumer preference toward environment-friendly products and the growing concerns regarding sustainability and effects of petroleum- based synthetic chemicals will significantly drive bio-based platform chemicals market growth in this region over the forecast period. 40% of the market’s growth will originate from APAC during the forecast period. China and India are the key markets for bio-based platform chemicals in APAC. Market growth in this region will be faster than the growth of the market in other regions. Technavio’s market research analyst predicts the global bio-based platform chemicals market to grow steadily at a CAGR of over 11% by 2024. One of the primary factors driving the market growth is the high volatility of crude oil prices. The oil and gas industry is one of the major suppliers of raw materials to the platform chemicals market.

2. Consequently, fluctuations in the crude oil prices affect the prices of the raw materials considerably, thereby affecting the costs of platform chemicals. In 2015, there was a significant drop in crude oil prices compared with the previous year. This has compelled vendors to seek alternative solutions to maintain their profit margins, thereby reducing the use of petroleum-derived feedstock chemicals. Also, the continuous supply of raw materials could be negatively affected by adverse weather conditions, national emergencies, natural disasters, supply shortages, and other events. Price fluctuations and non-availability of raw materials can affect the cost of the products and operations of the vendors. The above-mentioned factors are expected to play a crucial role in driving growth in the global bio-based platform chemicals market during the forecast period. The sudden rise in the demand for bio-based succinic acid is one of the latest bio-based platform chemicals market trends gaining traction. Bio-based succinic acid is used as a substitute for adipic acid due to its environment-friendly nature and low volatile organic compounds (VOC) emissions. The major application area of this compound is in biodegradable plastics that are suitable for manufacturing packaging products such as single- use dishes, garbage bags and carrier bags, and packaging film or bottles. Moreover, the attractive applications for bio-based succinic acid in nonwovens and fibers, automotive engineering, textile, and other industries due to its lightweight and stability is expected to foster growth in the global bio-based platform chemicals market in the coming years. Bio-based Platform Chemicals Market: Key Highlights of the Report for 2020-2024 CAGR of the market during the forecast period 2020-2024 Detailed information on factors that will drive bio-based platform chemicals market growth during the next five years Precise estimation of the bio-based platform chemicals market size and its contribution to the parent market Accurate predictions on upcoming trends and changes in consumer behavior The growth of the bio-based platform chemicals industry across APAC, Europe, North America, MEA, and South America A thorough analysis of the market’s competitive landscape and detailed information on vendors Comprehensive details of factors that will challenge the growth of bio-based platform chemicals market vendors