Praj industries has announced that it will foray into the global renewable chemicals and materials (RCM) industry. As a part of its newly launched ‘Bio-Prism’ portfolio, Praj is developing technologies to produce bio-based RCM. RCM produced from bio-based feedstocks, are sustainable alternatives to products made from fossil resources.Praj’s ‘Bio-Prism’ portfolio comprises variety of bio-industrial products, including bio plastics along with cellulose-lignin refinery products etc. These products have applications in automotive, packaging, furnishing, construction, agriculture and food industries. Over a short to medium term, Praj plans to commit substantial resources for technology and application development with its strategic partners. It has entered into technical collaborations with global organisationsand signed a MoUwith the National Chemical Laboratory for jointly working on promising project opportunities in RCM space.
The chemical industry worldwide is today estimated at $25 trillion annually. Renewable chemicals have a potential to replace a majority of chemicals that are currently sourced using fossil resources. The RCM industry worldwide is estimated to have reached $65 billion and over a decade is likely to cross around $200 billion at a CAGR of 11-12 per cent. Meanwhile, the Asian market is presently pegged at around $25 billion.