It is estimated that by 2030 crude oil reserves will be depleted resulting in major supply constraints of basic raw materials required for the production of chemicals.
So, naturally there has been increasing demand for the bio-based production of chemicals, which uses renewable raw materials such as vegetable oils, animal fats, sugar and starch, and bioethanol.
Large reserves of bio-based feedstock are expected to be available in the coming years, especially in the APAC region, because the raw materials are renewable and the products can be used more than once.
The Effects of Crude Oil Prices on Biochemical Products
Fluctuating crude oil prices affect the prices of chemicals and reduce profit margins for manufacturers. The use of these raw materials is expected to reduce the cost of production of chemicals.
This is projected to open up huge opportunities for the Global Bio-Ketones Market during the forecast period, which is expected to grow at a CAGR of 6.86 percent from 2014-2019.
What are Bio-Ketones?
Bio-ketones are environment-friendly organic compounds that are produced from bio-based raw materials. Bio-ketones are used as solvents in the Paints and Coatings sector, as preservatives, and in hydraulic fluids.
Reducing Our Carbon Footprint
Petroleum-based production of chemicals emits carbon dioxide, which is harmful to human health and the environment. The production of bio-based chemicals emits less carbon dioxide as it involves the use of raw materials such as wheat, maize, and sugarcane in its production process.
Moreover, increased awareness of sustainable development and demand for green products are expected to force vendors to shift toward the production of bio-based chemicals. This is projected to open up huge opportunities in the Global Bio-ketones market during the forecast period.
Huge Demand for Biochem Products in the Automobile Industry
Rising fuel prices and depleting renewable resources are expected to drive the demand for bio-ketones in the Automobile industry during the forecast period. Environment-friendly chemicals such as PEEK, which is a lightweight and high-strength material, are finding increased use in the Automobile industry to improve fuel efficiency.
The huge growth in the Automobile industry and rising awareness of fuel efficiency are expected to increase demand for bio-ketones during the forecast period.
