Bio-based chemicals refer to the convergence of industrial biotechnology and green chemistry. These chemicals are produced using raw materials such as animal fats, vegetable oils, bio-ethanol, and sugar and starch and as a result are less harmful to the environment compared to petroleum-based chemicals. The demand for bio-based chemicals stems from the growing consequences of climate change and the need for energy security. The demand for crude oil is increasing at a pace that surpasses new crude oil discoveries. This, combined with the requirement to improve the competitiveness of the chemicals industry, has boosted the marketfor bio-based chemicals. Policy frameworks in most countries support the growth of this market primarily owing to its green credentials.
The rapid development of this innovative industry can be capitalized based on the key findings offered by Persistence Market Research. Competition mapping and in-depth assessment are some of the prominent offerings of PMR, supported by which, clients can gain an edge over the rest and strengthen their position in the bio-based chemicals market.