New Delhi: Bioenergy agency Praj Industries at present introduced it’s foraying into the brand new enterprise of Renewable Chemicals and Supplies (RCM) the place the merchandise produced from bio-based feedstocks as a substitute for fossil fuels based mostly sources.
RCM is estimated to be a $65 billion trade globally and has the potential to cross $200 billion mark rising at a Compounded Annual Development Charge (CAGR) of 11-12 per cent, based on the corporate.
“Over the previous three many years we now have developed insights at our R&D facility, Praj Matrix, in processing various vary of bio-based feedstocks. Our stride in RCM is the results of unique work in molecular biology, microbiology, fermentation and chemical synthesis,” Govt Chairman Pramod Chaudhari mentioned in a media interplay.
As a part of the plan, the corporate has collaborated with the National Chemical Laboratory (NCL) to discover the alternatives out there within the RCM trade. It has additionally shaped a panel of consultants and advisors to attract up a blueprint for the RCM programme.
Praj’s Bio-Prism portfolio, below which the brand new initiative has been launched, includes bio-industrial merchandise together with bio-plastics, cellulose-lignin refinery merchandise and specialty chemical compounds. These merchandise have functions in automotive, packaging, furnishing, building, agriculture and meals sectors.