The global renewable chemicals market is likely to grow at a favorable CAGR between 2019- 2025, according to the new report by Market Research Future (MRFR). Renewable chemicals, simply put, are specific chemicals that have sufficient renewable content which improves the recyclability. It comprises different chemicals that are obtained from renewable sources like microorganisms, biomass, organic waste products, agricultural waste, and agricultural feedstock.
Various factors are propelling the global renewable chemicals market growth. According to the new MRFR report, such factors include technological innovations, support from the government for eco-friendly processes and sources, rising environmental concerns, and strict environmental regulations associated with the manufacture & disposal of petrochemical by leading regulatory bodies such as REACH and EPA. Besides, increasing consumer awareness about renewable chemicals is also adding market growth.
On the contrary, the high cost of renewable chemicals and related performance issues are factors that may limit the renewable chemicals market growth over the forecast period. Besides, the COVID-19 pandemic has also created a grave impact on the market growth with production facilities of various end user industries being halted, leading to a fall in demand for chemicals. The novel coronavirus has also impacted supply chain, availability of raw materials, logistics suppliers, and farm workers.
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The MRFR report gives an inclusive segmental analysis of the global renewable chemicals market report based on feedstock, product, and end use industry.
By feedstock, the global renewable chemicals market is segmented into algae, biomass, sugarcane, corn, and others. Of these, the biomass segment will lead the market over the forecast period. Strict environmental regulations and increasing demand in the production of biodiesel & bioethanol are adding to the growth of the segment.
By product, the global renewable chemicals market is segmented into platform chemicals, bio-polymers, organic acids, glycerol, ketones, methanol, ethanol, and others. Of these, the ethanol segment will dominate the market over the forecast period, followed by the bio-polymers segment, which is predicted to grow at a high CAGR for the increasing use in the automotive and packaging industries.
By end use industry, the global renewable chemicals market is segmented into medical, textile, packaging, agricultural, chemical, automotive, food and beverage, petrochemical, and others. Of these, the automotive segment will have a major share in the market over the forecast period for the increasing use of biopolymers, biodiesel, and bioethanol in the industry.
Based on the region, the global renewable chemicals market report covers the growth opportunities and recent trends across North America, Europe, the Asia Pacific (APAC), Latin America, & the Middle East and Africa. Of these, the APAC region will lead the market over the forecast period. Cheap & easy availability of raw materials, growing demand for renewable chemicals from China, India, and Japan, rising chemical demand, increasing environmental concerns, advances in extraction techniques, and rising availability of vegetable sources for chemical manufacturing are adding to the global renewable chemicals market growth in the region.
The global renewable chemicals market in Europe is predicted to have the second-largest share over the forecast period. The inclination of consumers, coupled with the adoption of industry players, concerns about environmental pollution, and green products that are technologically advanced are adding to the renewable chemicals market growth in the region.
The global renewable chemicals market in North America is predicted to have healthy growth over the forecast period.
The global renewable chemicals market in the MEA and Latin America is predicted to have steady growth over the forecast period.
Leading players profiled in the global renewable chemicals market report include UOP LLC (US), DOW (US), SOLVAY (Belgium), Solazyme Inc (US), Novozymes A/S (Denmark), NatureWorks LLC (US), Myriant Corporation (US), Genomatica Inc (US), Evonik Industries AG (Germany), Koninklijke DSM N.V. (The Netherlands), Cargill Inc (US), Biomethanol Chemie Nederland B.V. (The Netherlands), Bioamber Inc (US), BASF SE (Germany), Amyris Inc (US), and Archer-Daniels-Midland Company (US).
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