“Renewable Chemicals Market By Types (Alcohols, Platform Chemicals, Organic Acids, and Others) and By Application (Textiles, Environment, Housing, Health & Hygiene, agriculture, Transportation, Food safety, Communication, Recreation, Bio-Medical, and Others): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026”.
According to the research study, the global Renewable Chemicals Market was estimated at USD 65 billion in 2019 and is expected to reach USD 126 billion by 2026. The global Renewable Chemicals Market is expected to grow at a compound annual growth rate (CAGR) of 10% from 2020 to 2027.
Global Renewable Chemicals Market Growing On The Back Of Rising Preference For Eco-Friendly Products Along With The Technological Advancements In Making Renewable Chemicals Competitive Both In Price And Performance
Several chemicals that are derived from natural sources, such as agricultural feedstock and waste are called renewable chemicals or bio-based chemicals. In contrast to traditional petro-based chemicals, green chemicals are considered a cleaner source of carbon as they leave behind fewer carbon footprints. Polymeric such as (lignin, protein, gluten, cellulose, hemicellulose), and monomeric (carbohydrates, oils, amino acids) ingredients are some of the most widely used green chemicals. These chemicals are generally used as a direct substitute for traditional petrochemicals.
Browse through 47 Tables & 135 Figures spread over 195+ Pages and in-depth TOC on “Market Size & Share of Renewable Chemicals Industry by Types, Growth, Demand, Analysis and Forecast, 2020-2026”.
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As consumers are getting more aware of the health issues raised by using chemicals along with its negative impact on the environment has led to an increasing demand for renewable chemicals. For instance, for reducing the dependency on fossil fuels in several industries, companies are making a switch towards utilizing natural sources required in manufacturing different chemicals. Also, the insufficiency of non-renewable energy attracts attention to bio-renewable chemicals from stakeholders. Invariably, the price of fuel-related goods depends on the market for fossil fuels; therefore, rising demand for bio-renewable chemicals is projected to decrease dependency on demand for fossil fuels. Bio-feedstocks like corn and sugarcane are grown worldwide, making it a possible replacement for crude oil as a chemical feedstock. Demand for organic food has also helped in increasing the demand for renewable chemicals that can be used as fertilizers, insecticides, and pesticides.
During the upcoming years, rising environmental concerns along with several governmental initiatives in encouraging the sourcing, production, and usage of eco-friendly chemicals along with several technological innovations from the manufacturers have stimulated the market growth. However, the high production cost of these renewable chemicals along with technical glitches during the process and the possibility of quality or performance compromise with the traditional chemicals hampers the market growth. Lower purchasing power along with less consumer awareness about these renewable chemicals in emerging economies is also anticipated to hamper the market growth in these countries over the next few years. Nevertheless, opportunities such as improvement in the quality of the yields and feed-stocks, along with the production of numerous downstream monomers and polymers provide lucrative growth opportunities for the renewable chemicals market.
Top Market Players
Some of the leading and top renewable chemicals companies in the global renewable chemicals market include Corbion N.V., Cobalt Technologies, BASF, Biomethanol Chemie Nederland B.V., Metabolix Inc., Genomatica Inc, NatureWorks LLC, Novozymes A/S, BioAmber, Archer-Daniels-Midland Company, Genomatica, Evonik Industries AG, SOLVAY, Cargill Inc, Myriant Corporation, Amyris Inc, Mitsubishi Chemical Corporation, Solazyme Inc, Braskem, and Koninklijke DSM N.V. among others. The leading five players such as Archer-Daniels-Midland Company, BASF, and Cargill hold the highest market share of the global renewable chemicals market. In 2018, Braskem expanded its focus on R&D activities, along with the business and market development, along with the commercialization of renewable chemicals at its new operation located in Boston.An increase in environmental concerns focuses on reducing harmful emissions caused by carbon and scarcity of nonrenewable or fossil feedstock is driving the demand for renewable chemicals market. Other factors contributing to the growth of the renewable chemicals market is government initiative and funding, rising prices of petroleum products. However, higher cost of production as compared to petroleum-based products, patent-protected production technology, high initial investment, lack of awareness are some of the major restrains for the renewable chemical market. Nevertheless, government funds for R&D for the development of cost-effective production technology, the introduction of new raw materials, and the rise in the number of end-user applications are likely to open new growth avenues for renewable chemicals in the near future.
The renewable chemicals market research report delivers an acute valuation and taxonomy of the renewable chemicals industry by practically splitting the market on the basis of different types, applications, and regions. Through the analysis of the historical and projected trends, all the segments and sub-segments were evaluated through the bottom-up approach, and different market sizes have been projected for FY 2020 to FY 2026.
Browse the full “Renewable Chemicals Market By Types (Alcohols, Platform Chemicals, Organic Acids, and Others) and By Application (Textiles, Environment, Housing, Health & Hygiene, agriculture, Transportation, Food safety, Communication, Recreation, Bio-Medical, and Others): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026" report at https://www.fnfresearch.com/alcohols-platform-chemicals-organic-acids-and-others-and-778
Based on product type, the worldwide renewable chemicals market can be segmented into alcohol, platform chemicals, organic acids, and others, with the 'alcohol' category having the leading market share of about 80 percent of the worldwide renewable chemicals market share. In terms of applications, the global renewable chemicals market can be segmented into textiles, transportation, environment, recreation, communication, housing, bio-medical, health & hygiene, food safety, agriculture, and others.
In terms of geography, the European region held the leading market share among other regions such as North America, Asia Pacific, Latin America, and Middle East & Africa in the global renewable chemicals market.
The taxonomy of the renewable chemicals industry by its scope and segmentation is as follows:
Global Renewable Chemicals Market: By Product Segmentation Analysis (Customizable)
- Biopolymers
- Ketones
- Alcohols
- Platform Chemicals
- Organic acids
- Others
Global Renewable Chemicals Market: By Application Segmentation Analysis (Customizable)
- Textiles
- Environment
- Housing
- Hygiene and Health
- Agriculture
- Transportation
- Food safety
- Communication
- Recreation
- Bio-Medical
- Others
Key Insights from Primary Research
- As per our primary respondents, the renewable chemicals market is set to grow annually at a rate of around 9.2%
- It was established through primary research that the renewable chemicals market was valued at around USD 68 billion in 2019
- Europe held the largest market share of renewable chemicals in terms of revenue in 2019
- The “Alcohols” category, on the basis of type segmentation, was the leading revenue-generating category in 2019
- Asia-Pacific is the fastest-growing market due to the rapidly growing demand for eco-friendly products and vast availability of raw materials
Source: Yahoo Finance!
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