The bio renewable chemical is a concept of “green chemistry”, which uses natural renewable source of energy to produce certain chemicals. Now a days, companies and governments around the world are emphasizing on environmentally friendly business. In addition to that, scarcity of non-renewable resources also attracts stakeholders towards bio-renewable chemical market. Increase in demand for fossil fuels leads to increase in price of fuel related products and hence, to decrease this dependency, the demand for bio renewable chemicals is increasing. For example, increase in demand for polylactic acid (PLA), bioethylene and polyhydroxyalkanoate (PHA) would depreciate the demand for fossil fuels over the long run. The global market for bio-renewable chemicals is hampered due to unavailability or scarcity of raw materials used in production of renewable chemicals.. The global market for bio renewable chemicals is facing challenges in availing cost effective raw material due to its generic applications. However, governments and private organizations are granting reimbursements to promote the production of raw materials..
Bio-renewable chemical product (platform chemicals) market analysis:
Global bio-renewable chemical product market is segmented into Glycerin, Lactic Acid, Succinic Acid and other chemical products. Bio-renewable Glycerin has the largest market size due to its volume-based requirements followed by Lactic acid. Bio-renewable succinic acid’s demand increases, as it is used as the main ingredient for pigment and coating in planting and pharmaceutical industry.
Bio-renewable chemical application market analysis:
Global bio-renewable chemical application market is segmented into bio-plastic, bio-solvents, bio-cleaners & detergents and other applications. Bio-plastic is normally used as packaging material and it emits very less green house gasses; hence, it has a great demand globally, especially in USA and Europe. In addition, bio-solvent has the maximum demand due to its wide application in industries such as industrial and domestic cleaners, paints & coatings, printing inks, pharmaceutical and personal care products. However, bio-cleaners and detergents are utilized only in detergent industry.
Bio-renewable chemical geography market analysis:
Global bio-renewable chemical geography market is segmented into North America, Europe, Asia-Pacific and rest of the world. Initiatives have been taken by the North American countries for the production and usage of chemicals. For example, USA’s “federal bio preferred and toxic substitute program”, and Canada & California’s “toxic chemical list and alternatives initiatives” are few a programs that regulate the production and usage of chemicals in the North American countries. These programs make the North American market favorable towards using bio-renewable chemical product. Many European Governments are also focusing on the environmental issues and implementing related environmental regulations for chemical manufacturing. However, Glycerin and Lactic acids are mostly used in the Middle East market as these chemicals are the main ingredients for the production of bio-diesels.
Bio-renewable chemical competitive market analysis:
The key players of global bio-renewable chemical market are BASF, Solazyme, Myriant, Elevance Renewable Sciences, BioAmber, DuPont Industrial Biosciences (Genencor), Lanza Tech, Amyris, ZeaChem and Gevo. In Germany, Evonik Indystries and Lanzatech have signed a three-year research corporate agreement, which would make value addition to its synthetic gas and polymer market.
Bio-renewable chemical market high level analysis:
The report gives an overall view of global bio-renewable chemical market. The market is facing challenges due to unavailability or scarcity of raw materials such as corn, wheat, sugar, etc., which are used in the production of renewable chemicals. These factors are strategically dealt in the report and more emphasis is given towards the commercialization & environmental applications, and also the report deals with the impact challenges on the manufactures. The global bio-renewable chemical market is also analyzed on the basis of Porter’s five force model. The suppliers’ bargaining power is low, as the equipments and chemicals used are highly fragmented. The increasing number of new entrants is astounding due to limited barriers and very low capital requirement.
The global bio-renewable chemical market is segmented based on product types (platform chemicals), application and geographies.
KEY MARKET SEGMENTS
BY TYPES OF PLATFORM CHEMICALS