The bio-based platform chemicals market in North America 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 of 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.
The bio-based platform chemicals market is 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 the type of raw material into: carbohydrates, fats and oil, and lignin.
Market Dynamics of the Bio-based Platform Chemicals Market in North America:
Depleting natural resources and stringent government regulations are the major drivers of the bio-based platform chemicals market in the North American region. However, the market faces certain drawbacks such as the huge competition from fossil-fuel products.
The bio-based platform chemicals market is segmented by geography as U.S.A, Canada, Mexico and others. USA is the leading consumer of bio-based platform chemicals in 2015 in North America accounting for a share of XX%.
Furthermore, the shifting focus towards organic alternatives and shifting focus towards eco-friendly products and technological advancements will offer numerous opportunities for 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: