The company is looking to enter into the next frontier of Bioeconomy, enabling a sustainable alternative to fossil fuel-based products
Praj Industries has announced of its foray into the global Renewable Chemicals and Materials (RCM) industry, as a part of its newly-launched Bio-Prism portfolio. The company’s strategy has been to expand its business horizons leveraging its innovative, technology solutions in Bioeconomy. RCM produced from bio based feedstocks, are sustainable alternatives to products made from fossil resources.
The Bio-Prism portfolio from Praj comprises a variety of bio-industrial products, including bio plastics as a priority, along with cellulose-lignin refinery products and specialty products. These products have applications in industry sectors such as automotive, packaging, furnishing, construction, agriculture and food, the company noted. Over a short to medium term, Praj plans to commit substantial resources for technology and application development with its strategic partners.
To bring this vision into reality, Praj has technical collaborations with renowned global organizations. The company has already entered into an overarching MoU with National Chemical Laboratory (NCL) for jointly working on promising project opportunities in the RCM space. Praj brings its expertise in technology development, process optimisation, integration and scale-up. Additionally, it has constituted an expert panel of advisors around the globe to help draw-up a strategic blue print and to guide in progression of RCM programme.
The chemical industry globally is currently estimated at $ 25 trillion annually, with renewable chemicals having the 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 %. The Asian market is presently pegged at about US $ 25 billion.
Dr Pramod Chaudhari, Executive Chairman, Praj Industries, said the company pole-vaults into a league of select companies worldwide that are configuring the RCM landscape, with the launch of the Bio-Prism portfolio. Together with Bio-mobility, Bio-Prism becomes another mainstay of Praj’s contribution to the global Bio economy, he added. Dr Chaudhari noted that over the past three decades the company has developed deep insights and expertise at its R&D facility, Praj Matrix, in processing diverse range of bio-based feedstocks. “Our stride in RCM is the result of exclusive work in molecular biology, microbiology, fermentation and chemical synthesis.