Seattle, WA -- (SBWIRE) -- 11/14/2019 -- Platform chemical is a type of chemical, which works as building blocks and can be converted into numerous materials or chemicals. They are either bio-based or petroleum-based. Acetic acid, ethylene, methanol, polypropylene, toluene, benzene, and ethanol are some of the commonly used petroleum-based chemicals in the industry. However, increasing hazardous effect from petroleum chemicals are major reason for manufacturers to produce renewable platform chemicals. Furthermore, growing introduction of novel technologies in biotechnology is expected to drive growth of the global platform chemicals market during the forecast period. 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.

Request to Get the PDF Sample of the Report: https://www.coherentmarketinsights.com/insight/request-pdf/2785

Market Dynamics-

Global platform chemicals market is expected to witness significant growth during the forecast period, owing to increasing demand from various industries across the globe. Platform chemicals find major applications 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 used in various industries and are expected to witness significant demand during the forecast period. For instance, bio-based platform chemicals are used for the production of plastics and varnishes, which find applications in various industries. Moreover, growing inclination of platform chemicals manufacturing industries towards production of environment-friendly products is expected to drive the market growth during the forecast period.

Market Dynamics- Restraints

However, increasing side-effects and hazards occurring due to petroleum-based platform chemicals is expected to restrain 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 attributed 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 drive 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.

Request Customization Of Research Report @ https://www.coherentmarketinsights.com/insight/request-customization/2785

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

About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.