The 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 bio-based 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, and lignin.
Market Dynamics of the Bio-based Platform Chemicals Market in APAC:
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 eco-friendly products and technological advancements will offer numerous opportunities for the growth of the bio-based platform chemicals market.
Some of the major companies dominating the market with its products, and continuous product developments are:
Key Deliverables in the Study