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NEW YORK, March 06, 2019 (GLOBE NEWSWIRE) -- The global Bio-based Feedstock market is expected to witness a CAGR of 3.11%, and is projected to reach USD 6.88 Billion by 2024. The growth is attributed to the growing usage of bio products over fossil fuelled derivatives. With more number of initiatives to develop bio-based economy across the globe, industries sustainability goals must be met. Creating energy efficient processes utilizing bio-based feedstock offers an comprehensible solution allowing the industries to produce products from domestic resources with substantially lower carbon emissions. Industries such as chemical by developing economic and efficient processing technologies can lay pathways for complete transition from petroleum derivative feedstock to bio-based feedstock, thus meeting sustainability goals. The transition can produce a completely new producing business of feedstock provide, preparation and conversion, which will re-purpose idled or less-competitive manufacturing facilities and revitalize many local economies. Additionally, with chemical production and refining based on domestic raw materials, new domestic manufacturing plants and revitalized existing plants would not be susceptible to transition overseas – helping to maintain jobs, production and productivity. These all factors tends to support the overall market growth over the coming years.
Key findings from the report:
Bio-based Feedstock; Raw material to the sustaiblility and innovative products
The overall bio-based industry trend is to focus on delivering products with similar or even better performance and technical characteristics than the conventional, fossil- fuel derived products, to counterbalance their higher cost. In terms of biomass feedstock, there is a huge potential in waste deriving from the agri-food value chain that could be valorised for bio-based production and in organic waste in general. In the field of bio-based chemicals, the main market drivers are moving towards less petroleum dependency and feedstock diversification (multiple feedstock inputs) and aim to increase the environmental responsibility of the consumer, promote the idea of sustainability to manufacturers and offer innovative products. Government supporting policies and investment programs, is expected to positively impact the cellulosic market growth over the forthcoming years.
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Bio-based Feedstock Market - Regional insight
Asia-pacific is accounted to hold the largest share in the global market over the forecast period. Countries such as China, Indonesia and India are at forefront of producing Bio-based feedstock on commercial scale and its usage across various end-user. Further, large investment and increasing number of plants in the region has led to speed up development of these feedstock to make it commercially viable on large scale. Given the stringent emission norms in Europe efforts are being put extensively to develop green fuel for transportation and initiative towards building green economy is expected to drive the higher demand for bio-based feedstock in the coming years. Incorporating green marketing in the U.S. economy attract more capital into the business for research and development providing thrust to the bio-based feedstock market in the region. Brazil one of the leading region in the global bio-based feedstock market is running number of inititatives to stimulate cellulosic ethanol production from various bio-based feedstock sources. Africa remains a prominent region for bio-based feedstock market and is expected to be a vital market over the coming years.
The report segments Bio-based feedstock market on the basis of type, source, processing,application, end-use and region.
Global Bio-based Feedstock Market, By Type
Global Bio-based Feedstock Market, By Source
Global Bio-based Feedstock Market, By Processing
Global Bio-based Feedstock Market, By Application
Global Bio-based Feedstock Market, By End-Use
Global Cellulosic Ethanol Market, By Region
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