Praj Industries forays into RCM space

Bio energy company Praj Industries on Thursday announced its foray into the global renewable chemicals and materials (RCM) segment Praj Industries is developing technologies to produce bio-based renewable chemicals and materials (RCM) as a part of its newly launched Bio-Prism portfolio, the company said in a statement.

Bio energy company Praj Industries on Thursday announced its foray into the global renewable chemicals and materials (RCM) segment

Praj Industries is developing technologies to produce bio-based renewable chemicals and materials (RCM) as a part of its newly launched Bio-Prism portfolio, the company said in a statement. "We are now 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 our contribution to the global bio economy," the company said. RCM produced from bio-based feedstocks are sustainable alternatives to products made from fossil resources. Praj has technical collaborations with global organizations and has already entered into an overarching memorandum of understanding (MoU) with National Chemical Laboratory (NCL) for jointly working on promising project opportunities in RCM space. Globally, the chemical industry is currently estimated at USD 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 USD 65 billion and over a decade, is likely to cross around USD 200 billion at a CAGR of 11-12 per cent. The Asian market is presently pegged at around USD 25 billion, the company added.