Environmental concerns and growing demand for bio-based chemicals are driving multiple new projects from major chemical firms, according to this analysis. Dow Chemical, BASF and Braskem are some of the firms investing in renewable chemicals, while Evonik and OPX Biotechnologies recently struck a deal to co-develop bio-based specialty chemicals. "Our strategy clearly focuses on innovations for a sustainable future. Chemistry-driven innovations are the responses to megatrends, such as the shift to renewable raw materials," said Andreas Kreimeyer, board member and research executive director at BASF.

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