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Key Emerging Trends in the Bio-Based Platform Chemicals Market
Bio-based polymers represent a category of polymers derived from renewable sources, exhibiting sustainability and a reduced carbon footprint compared to conventional polymers. These environmentally friendly polymers are sourced from materials like sugarcane and starch, significantly reducing reliance on fossil fuels. The global focus on mitigating fossil fuel depletion and addressing concerns about climate change is expected to propel the demand for bio-based polymers in the forthcoming years. Utilizing various bio-based platform chemicals as key ingredients, these polymers serve as crucial building blocks in their production processes. Among the essential platform chemicals, succinic acid and 1,4-butanediol (BDO) stand out, playing significant roles in the creation of bio-based polymers. These substances are pivotal in developing bio-based alternatives such as bio-based polycarbonates and replacing petrochemical-based materials like polybutylene succinate (PBS). For instance, bio-based succinic acid and BDO serve as substitutes for petrochemical-derived PBS. The burgeoning requirement for bio-based polymers across diverse sectors like consumer goods, construction, and automotive industries is anticipated to drive the demand for bio-based platform chemicals involved in their manufacturing processes. An analysis by MRFR highlighted that in 2017, the polymers segment of the global bio-based platform chemicals market contributed the highest revenue and is expected to sustain a robust CAGR of 13.74% throughout the forecast period. These bio-based polymers are considered sustainable alternatives owing to their reduced environmental impact and reliance on non-renewable resources. By using sugarcane, starch, and other sources, the dependence on finite fossil fuels is diminished, making bio-based polymers an attractive solution for reducing carbon footprints. The increasing awareness and concern regarding fossil fuel scarcity and environmental damage caused by conventional polymers have propelled the demand for bio-based polymers. Bio-based platform chemicals, including succinic acid and BDO, hold a prominent position in the shift towards eco-friendly polymers. These chemicals serve as pivotal components in producing a spectrum of bio-based polymers, offering an eco-conscious alternative across various industries. This transition towards sustainable polymers is significantly influencing the consumer goods, construction, and automotive sectors, wherein bio-based polymers are increasingly preferred due to their environmentally friendly attributes. The surge in the demand for these bio-based polymers is expected to further drive the need for bio-based platform chemicals during the forecast period, offering sustainable solutions and contributing positively to environmental conservation initiatives. Covered Aspects:| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | The growing demand in Asia pacific is boosted market growth |
| Market Dynamics | Rising application of bio-based polymers |
Bio-Based Platform Chemicals Market Highlights:
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