The global bio-based platform chemicals market was valued at USD 6.23 billion in 2017. Rising environmental concerns owing to the pollution caused by hazardous chemicals is expected to drive the bio-based platform chemicals market. Depletion of fossil fuels at a high rate is also predicted to promote the demand for these platform chemicals.
While the use of petroleum-based chemicals is being reduced owing to government policies and regulatory bodies, these chemicals are gaining market share by increasing production through renewable sources. Rising green chemistry market is expected to be a vital factor for boosting the demand of bio-based platform chemicals.
The agriculture sector is likely to be the largest consumer of bio-based platform chemicals in the form of bio-fertilizers and bio-pesticides over the coming years. These chemicals are required to increase the crop yield and provide protection against plant diseases. Furthermore, the pharmaceutical industry is one of the major end users of these products, which are used in drug formulations and various therapies.
In 2017, Asia Pacific emerged as the largest consumer for bio-based platform chemicals owing to the rising demand from end-use industries such as food & beverage, chemical, pharmaceutical, and agriculture sector. Factors such as availability for bio-feedstock, adoption of novel bio-based value chains, government policies, and business sustainability programs are expected to influence the bio-based platform chemicals market in the region.
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