Renewable Chemicals Market by Product Type (Alcohols, Ethanol, Methanol, Biopolymers, Ketones, Platform Chemicals, Organic Acids and Others); By Application (Agriculture, Textiles, Environment, Transportation, Food & Beverage Packaging, Communication, Bio-Medical, and others); and Region - Global Analysis of Market Size, Share & Trends for 2019 - 2020 and Forecasts to 2030
Renewable chemicals, also known as bio-based chemicals are produced from natural and bio-based raw materials. They are obtained from agricultural feedstock, agricultural waste, organic waste products, biomass, and microorganisms. Renewable chemicals have emerged as potential substitutes for petroleum-based chemicals as they offer fewer carbon footprints and are ecofriendly. Some of the commonly used renewable chemicals include polymeric (lignin, hemicellulose, cellulose, starch, protein) and monomeric (carbohydrates, oils, plant extractives, amino acids) components. Renewable chemicals are utilized in surfactants and lubricants, consumer goods, resins, and plastics for environmental purposes. Renewable chemicals find application in various chemical industries such as housing, environment, transportation, food processing, pharmaceutical, textiles, and others.
Global Renewable Chemicals Market to surpass USD 250.37 billion by 2030 from USD 85.80 billion in 2020 at a CAGR of 11.28% throughout the forecast period, i.e., 2020-30. Global Renewable Chemicals market is estimated to grow due to the growing awareness regarding environmental safety and government support for eco-friendly sources & processes, and technological innovations. Additionally, rising demand for ethanol & methanol, green packaging materials, and consumer goods packaging materials is anticipated to boost the market growth in the coming years.
In April 2018, a Brazil-based petrochemical company, Braskem expanded its research and development activities of renewable chemicals in Boston, U.S. This will include material science and biotechnology R&D.
In June 2019, Genomatic, Inc., a biotechnology company, acquired selected assets of Renewable Energy Group, which is the largest supplier of biofuels in North America. It will assist Genomatic, Inc. to develop a wider range of renewable chemicals.
Global Renewable Chemicals Market is segmented by Product type into Alcohols, Ethanol, Methanol, Biopolymers, Ketones, Platform Chemicals, Organic Acids, and others. Alcohol, segment held the largest market share in the year 2019 owing to abundant availability and increasing application scope in several industries.
Global Renewable Chemicals market is divided by application into Agriculture, Textiles, Environment, Transportation, Food & Beverage Packaging, Communication, Bio-Medical, and Others. Food & Beverage packaging segment held the largest market share in the year 2019 and will continue to dominate the market throughout the forecast period. High utilization of biopolymers in food and beverage packaging is projected to propel the growth of the renewable chemicals market in the coming years.
The growing environmental concerns and safety along with government support and initiatives are encouraging the production, usage, and souring of renewable chemicals. Additionally, consumers are getting aware of the health issues and the negative impact of the chemicals on the environment which has led to rising demand for renewable chemicals. Furthermore, several technological innovations from the manufacturers are likely to stimulate market growth.
Rising greenhouse gas emissions and increasing prices of fuel linked with conventional petroleum-derived feedstocks are anticipated to boost the demand for renewable chemicals as a substitute for these products. Bio-feedstocks such as sugarcane and corn are cultivated across the globe, which makes it a potential substitute for crude oil as a feedstock in the manufacturing of chemicals.
Cost of renewable chemicals is high when compared to the conventional polymers is expected to hinder the growth of market. Furthermore, technical glitches during the process and the chances of quality or performance compromise with the traditional chemicals may hamper the market growth.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, and SWOT Analysis.
Global Renewable Chemicals Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and Middle East, and Africa.
Global Renewable Chemicals Market markets market in Asia Pacific held the largest market share in the year 2019. Asia Pacific will continue to dominate the global Renewable Chemicals market owing to abundant raw material and cheap labor costs. Rapid urbanization and industrialization in this region are further expected to proliferate the demand for renewable chemicals across various end-user industries. Stringent regulation on the use of fossil fuels has compelled manufacturers and researchers to emphasize on R&D of new technology that may replace fossil fuels and boost the demand for renewable chemicals.
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