Renewable Chemicals Market Will Generate New Growth Opportunities in Upcoming Year
According to the latest market study on "Renewable Chemicals Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Product (Alcohols, Organic Acids, Ketones, Platform Chemicals, Biopolymers, Others); by Application (Food and Beverages, Agriculture, Textiles, Transportation, Chemical Intermediates, Packaging, Bio-Medical and Pharmaceuticals, Others)," The renewable chemicals market was valued at US$ 80,566.30 million in 2021 and is projected to reach US$ 1,76,750.76 million by 2028 it is expected to grow at a CAGR of 11.9% from 2021 to 2028. The report highlights key driving factors and prominent market players along with their developments in the market.
Renewable chemicals or bio-based chemicals are defined as those categories of chemicals, which are synthesized from renewable sources like agricultural feedstock, agricultural waste, organic waste products, biomass, and microorganisms. Renewable chemicals are categorized as sustainable and environment-accommodating chemicals which emits less carbon footprints as compared to traditional petro-based chemicals. The absolute most broadly available renewable chemicals are lignin, carbohydrates, oils, plant extractives, hemicellulose, cellulose, starch, protein, and others. Such chemicals find application in different application bases like food and beverage, agriculture, textiles, automotive, packaging and others.
Renewable sciences have been regarded as one of the viable ways to advance the quality of air, water, and soil and contribute to sustainability by commercializing the use of eco-accommodating bio-based chemicals in different applications. Eco-accommodating sustainable renewable chemicals can be obtained from renewable feedstocks like biomass, agricultural buildups or feedstock, and microorganisms with the assistance of green chemistry synthesis or biorefineries. The state run administrations of several economies have carried out severe regulations related to carbon and greenhouse gas emissions to advance great environment. For instance, the European Commission aims to achieve 80% reduction in the carbon emission by 2050 by phasing out ~ 81Mt of carbon dioxide to be used in clinker production. Regulatory bodies, like REACH (Registration, Evaluation, Authorisation and Restriction of Chemicals), EPA (Environmental Protection Agency), and European Commission force severe environment regulations on the production and disposal of petrochemicals. Also, the growing focus of European Union on the establishment of 'Green Economy' combined with its '20-20-20' initiative is phasing out the demand for petrochemicals. The reduction in oil assets along with political instability in the leading oil producing nations and volatility in the cost of oil based good increase inclination for renewable chemicals. Global warming and climate change are creating demand for healthy, green, and clean products. Additionally, the circular economy is creating over US$5.6 trillion worth of novel opportunities for the improvement of eco-accommodating advances including the innovation associated with renewable chemicals. Such collaborative endeavors, regulations, and initiatives drive the growth of the renewable chemicals market.
The ongoing pandemic has drastically altered the status of the industrial sector and have negatively impacted the growth of the renewable chemicals market. The implementation of measures to combat the spread of the virus has aggravated the situation and have impacted the growth of several industrial sectors. Industries, for example, food and beverages, agriculture, textiles, transportation, packaging, pharmaceuticals have been impacted by the unexpected distortion in operational efficiencies and disruptions in the value chains attributable to the abrupt conclusion of national and international boundaries. The significant decline in the growth of the several industrial sectors negatively impacted the demand for renewable chemicals in the global market. The disruptions as far as sourcing of raw materials from providers as well as temporarily terminations of manufacturing base because of indefinite lockdowns and temporary quarantines have impacted the growth of the market during pandemic period. Nevertheless, as the economies are planning to resuscitate their operations, the demand for renewable chemicals is expected to rise globally. Although the focus throughout just in time production is another concerning factor hindering market growth. The expanding demand of renewable chemicals across food and beverages, agriculture, textiles, transportation, packaging, pharmaceuticals, and other industries along with significant investment by prominent manufacturers is, expected to drive the growth for renewable chemicals.
Archer-Daniels-Midland Company (ADM), Cargill Inc, DSM, BASF SE, Amyris Inc, Evonik Industries AG, Solvay, The Dow Chemical Company, Genomatica, Inc, and Braskemare are among the well-established players in the global renewable chemicals market.
The report segments the global renewable chemicals market as follows:
- By Product the Global Renewable Chemicals market is segmented into Acrylic, Alcohols, Organic Acids, Ketones, Platform Chemicals, Biopolymers, Others.
- By Application the Global Renewable Chemicals market is segmented into Food and Beverages, Agriculture, Textiles, Transportation, Chemical Intermediates, Packaging, Bio-Medical & Pharmaceuticals, Others.
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- North America
- US
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- Mexico
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- Germany
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- Italy
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- Rest of Europe
- Asia Pacific (APAC)
- Australia
- China
- India
- Japan
- South Korea
- Rest of APAC
- Middle East & Africa (MEA)
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
- South America (SAM)
- Brazil
- Argentina
- Rest of SAM
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