Platform Chemicals Market

Platform Chemicals Market - Size, Trend and
Forecast Till 2027
Platform chemicals are building blocks that can be converted to a wide range of
materials or chemicals. They can be either bio-based or petroleum-based. Basic
solvents, acids, and starting material for polymers. Acetic acid, ethylene, methanol,
polypropylene, toluene, benzene, and ethanol are some of the commonly used
petroleum-based chemicals in the industry. However, due to increasing hazardous
effect from petroleum chemicals are the reason manufacturers are producing
renewable platform chemicals. Furthermore, increasing technological advancements
in biotechnology are driving the production of platform chemicals from renewable
feedstock. Propionic acid, butanediol, glycerol, sorbitol, succinic acid, and lactic acid
are some of the majorly used bio-based platform chemicals used in various
industries. Platform chemical finds applications in paints, dyes, agrochemicals,
coatings, paints, varnishes, specialty chemicals, and dyes.
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Market Outlook
Global platform chemicals market size is expected to expand significantly, owing to
increasing demand from various industries across the globe during the forecast
period. Platform chemicals are majorly used in the production of paints and coatings.
Growing population around the world is expected to increase the demand for paints
and coatings and hence increase the demand for platform chemicals, subsequently
driving the market growth. Furthermore, bio-based platform chemicals are expected
to witness significant demand from various industries. For instance, bio-based
platform chemicals are used for the production of plastics and varnished, which find
applications in various industries. Moreover, platform chemicals manufacturing
industries are shifting towards production of environment-friendly products. This is
expected to increase the demand for bio-based platform chemicals and hence propel
the market growth.
However, increasing side-effects and hazards occurring due to petroleum-based
platform chemicals is expected to hamper the global platform chemicals market
growth during the forecast period. Moreover, price volatility of raw materials along
with supply chain issues is expected to restrain the market growth in the near future.
Market Regional Analysis
Asia Pacific is expected to hold significant market share in the global platform
chemicals market during the forecast period. This is owing to the availability of cheap
labor and ample raw materials in the region. Furthermore, increasing demand for
platform chemicals from emerging economies such as India and China is expected
to impel growth of the market during the forecast period. Moreover, North America is
expected to hold significant market share during the forecast period, owing to the
presence of major market players in the region.
Market Players
Key players operating in the global platform chemicals market include Dow
Chemical, GFBiochemicals, DuPont Tate & Lyle, BASF, BioAmber, Novozymes,
INEOS, Myriant, Mitsubishi Chemical, and PTT Global Chemical Public Company
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Platform chemicals are building blocks that can be converted to a wide range of materials or chemicals. They can be either bio-based or petroleum-based.

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