Global Bio-based Platform Chemicals Market 2015-2019

Research and Markets has announced the addition of the “Global Bio-based Platform Chemicals Market 2015-2019” report to their offering. The analysts forecast the Global Bio-based Platform Chemicals market to grow at a CAGR of 13.82% over the period 2014-2019.

Platform Chemicals, also known as building block chemicals, is a fast growing segment in the Global Green Chemicals market. Platform chemicals are composed of two-six carbons and are used as an intermediate in the production of various chemicals. However, the scarcity of fossil-based feedstock and the growing awareness toward sustainable environment have shifted platform chemicals to renewable resources in their production process.

Growth in emerging countries such as South America and Africa is expected to open new opportunities in the market. Moreover, growing awareness and environmental sustainability in the emerging economies is expected to result in new applications of itaconic acid, a product type in the market.

According to the report, scarcity of non-renewable resources is one of the driving factors of the market. The rising price of crude oil is resulting in the replacement of traditional petroleum-based production of chemicals with bio-based production of chemicals.

Further, the report states that scarcity of raw materials in countries such as Germany and the US curtails the growth of the market. Also, a huge amount of investment is required to procure land to produce bio-based feedstock using bio itaconic acid and bio 1,4 diacids.