Renewable chemicals are utilized in industries such as agriculture, automotive, packaging, and consumer goods, among others. These eco-friendly alternatives are derived from bio-based feedstocks, reducing carbon footprints and promoting sustainability. Renewable chemicals serve as key ingredients in biofuels, biodegradable plastics, and green packaging materials. Additionally, they are used in adhesives, lubricants, and cosmetics, meeting various industry demands for environmentally friendly solutions while supporting a more sustainable future for multiple sectors.
According to Data Bridge Market Research, the Global Renewable Chemicals Market is accounted at USD 17.50 billion in 2022 and is expected to reach the value of USD 70.89 billion by 2030. The market is expected to grow at a CAGR of 19.11% in the forecast period of 2023 to 2030.
“Technological advancements boost the market’s growth”
Advancements in technology have revolutionized the production of renewable chemicals, making it more efficient and cost-effective. Innovative processes and biotechnological breakthroughs have broadened the scope of products that can be derived from renewable sources. These developments have allowed industries to reduce their reliance on fossil fuels, decrease their environmental impact, and meet the growing demand for sustainable alternatives, driving the expansion of the renewable chemicals market.
What restraints the growth of the global renewable chemicals market?
“Huge capital requirements restraints the market’s growth”
The growth of the renewable chemicals market is restrained by the huge capital requirements involved in establishing production facilities and scaling up operations. Developing renewable chemicals often necessitates significant investments in research and development, advanced technologies, and specialized infrastructure. Additionally, constructing and commissioning large-scale production plants demands substantial financial resources. The high initial capital outlay can deter potential investors and hinder market expansion. Moreover, securing funding and attracting long-term investments may pose challenges, impacting the pace of growth in the renewable chemicals market.
Segmentation: Global Renewable Chemicals Market
The global renewable chemicals market is segmented on the basis of product type, feedstock, and application.
- On the basis of product type, the renewable chemicals market has been segmented into alcohols, Ethanol, methanol, biopolymers, polyhydroxy alkanoates (pha), starch blends, polylactic acid (PLA), regenerated cellulose, PBS, Bio-PET, Bio-PE, ketones, platform chemicals, organic acids.
- On the basis of feedstock, the renewable chemicals market has been segmented into corn, sugarcane, biomass, algae, others.
- On the basis of application, the renewable chemicals market has been segmented into agriculture, textiles, environment, transportation, food and beverage packaging, communication, bio-medical, other.
Regional Insights: North America dominates the Global Renewable Chemicals Market
North America dominates the renewable chemicals market due to strict environmental regulations and government initiatives aimed at sustainability. Increasing adoption of renewable chemicals across various countries further propels market expansion. These eco-friendly alternatives offer greener solutions, aligning with global efforts to reduce carbon footprints and promote sustainable practices in industries such as agriculture, packaging, and automotive.
Asia-Pacific is expected to grow from 2023 to 2030 owing to increasing needs for ethanol and methanol, as well as green packaging materials and consumer goods. The market growth is fueled by the high demand for these chemicals across various locations worldwide, as they are consistently consumed in significant volumes. This growing global demand for renewable chemicals is propelled by their eco-friendly nature and aligns with the increasing focus on sustainability and greener practices in industries worldwide.
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Recent Developments
- In November 2022, NatureWorks LLC, a prominent manufacturer of low-carbon polylactic acid (PLA), has unveiled its fully integrated Ingeo PLA Biopolymer manufacturing facility in Thailand. This significant expansion has bolstered their presence and market share in renewable chemicals.
- In September 2022, BASF SE has recently entered into an innovative partnership with RiKarbon, a U.S.-based start-up technology company. RiKarbon possesses patented technology to transform bio-waste into bio-based degradable emollients. Leveraging this technology, BASF will collaborate with RiKarbon and utilize its manufacturing facilities to expand its market presence.
The Prominent Key Players Operating in the Global Renewable Chemicals Market Include:
- BASF SE (Germany)
- Mitsubishi Chemical Holdings Corporation (Japan)
- DAIKIN (Japan)
- 3M (U.S.)
- Braskem (Brazil)
- Corbion N.V. (Netherlands)
- NatureWorks LLC (U.S.)
- Amyris (U.S.)
- OCI N.V. (Netherlands)
- Solvay (Belgium)
- DSM (Netherlands)
- Genomatica Inc., (U.S.)
- Cobalt Technology, LLC. (U.S.)
- Elevance (U.S.)
- Evonik Industries AG (Germany)
- DuPont (U.S.)
- Novamont S.p.A. (Italy)
- Novozymes (Denmark)
- AVERY DENNISON CORPORATION (U.S.)
- Mitsui Chemicals Inc., (Japan)
Above are the key players covered in the report, to know about more and exhaustive list of global renewable chemicals market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Renewable Chemicals Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
