The development of plant-based biofuel composition as an alternative to products derived from crude oil will be the chemical industry's most significant trend over the remaining part of this decade, predicts Frost & Sullivan.
According to the analyst, some of the world's largest industries are facing "megatrends" which respond to "seismic shifts" in markets that create opportunities for developers no matter what their size.
Brian Balmer, industry principal for chemicals at Frost & Sullivan, says: "Social trends - in particular for more environmentally sustainable solutions - will be the single biggest factor affecting future chemicals demand."
He adds that the trend towards plant-based biofuel composition is likely to play a key role in satisfying social demands in the chemicals industry until 2020.
Frost's Chemicals & Materials Growth Partnership Service focuses on the economic opportunities raised by megatrends and the expansion of the low-carbon economy in countries all over the world.
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