Pune, April 07, 2022 (GLOBE NEWSWIRE) -- The global renewable chemicals market size is predicted to reach USD 252.55 billion by 2028 and exhibit a CAGR of 11.5% during the forecast period. Fortune Business InsightsTM has presented this information in its report titled “Renewable Chemicals Market, 2021-2028”. Furthermore, due to increased greenhouse gas emissions and the depletion of fossil resources, the usage of renewable chemicals and polymers has exploded in many end-user sectors. Additionally, the government's increased promotional actions for eco-friendly and bio-based creations will aid the market's long-term development.
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List of Key Market Players:
- Trucent (U.S.)
- BRASKEM (Brazil)
- Archer-Daniels-Midland Company (ADM) (U.S.)
- Amyris Inc. (U.S.)
- BASF SE (Germany)
- Bioamber Inc (Canada)
- BiomethanolChemie Nederland B.V (Netherlands)
- Cargill Inc (U.S.)
- DSM, E. I (Netherland)
- Mitsubishi Chemical Corporation (Japan)
Segments-
On the basis of type, the market is segmented into biopolymers, alcohols, ketones, organic acids, and others. On the basis of application, the market is divided into pharmaceutical, petrochemicals, packaging products, automotive, cleaning & detergent products, and others. Geographically, the market is classified into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage-
The report delivers data on the renewable chemicals industry in-depth, focusing on critical elements such as key players, product type, applications, and goods. It also contains quantitative data in terms of volume and value, market analysis, market data research methodology, and industry trend insights. It emphasizes essential industry advancements as well as the competitive landscape. In addition to the causes listed above, the report includes several other variables contributing to the market's recent expansion.
Drivers & Restraints-
Rising Industrial Applications of Renewable Alcohols to Boost Market Growth
Renewable alcohols are used in various industrial applications such as solvents, fuel additives, and beverages, which will drive market growth. Renewable alcohols mainly comprise methanol and ethanol. Fuels such as regular gasoline are increasingly blended with ethanol as an oxygenate additive. Bio-based ethanol is also added to the product catalogs of some businesses due to its advantages of being ecologically sound.
For example, Braskem created the first sugarcane-based ethanol-based partly renewable solvent in April 2019. The HE-70S product from the oxygenated solvents group uses bio-based carbon as a raw material. On the other hand, methanol is used to manufacture formaldehyde and acetic acid, which are used in solvents, foams, plywood subfloors, adhesives, and windshield washer fluid. As a result, during the anticipated time frame, increased demand for renewable alcohol will propel the growth of the market.
However, intricate manufacturing processes and high-cost processing result in an increase in the total cost, eventually hindering the renewable chemicals market growth.
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Regional Insights-
Government in the Asia Pacific to Promote Production of Eco-Friendly Products and Chemicals
In 2020, the Asia Pacific renewable chemicals market share was valued at USD 71.43 billion. Governments in the region are promoting environment-friendly products and chemicals in response to growing environmental concerns. As a result, demand for these chemicals is increasing, leading to market growth in Asia Pacific. China has the largest market share and is the fastest-growing country in the area. The need for bio-based chemicals in China is fueled by rising bio-polymer manufacturing, increased research and development efforts, and a burgeoning chemical sector.
Due to the rise in the e-commerce and food & beverage industries, the U.S. is a prominent contributor in North America. As a result, the demand for ketones and biopolymers in packaging and beverage applications is expanding. The strong demand for the commodity in Europe is linked to the expansion of the automotive sector. The rising use of ethylene glycol fuels regional development as a coolant for engines since it provides greater protection against boil-over, freezing, cavitation, erosion, and corrosion.
The increased consumption of alcohols, such as ethanol and methanol, in the solvents sector is attributable to the market expansion in Latin America. These alcohols are used in the cosmetics, drinks, and medicines industries.
Furthermore, the expansion of the pharmaceutical business in the Middle East & Africa will result in significant market growth shortly. As a result of this expansion, demand for biopolymers in tissue engineering and drug delivery applications is expanding. As a result, the pharmaceutical industry's rapid growth supports the Middle East & Africa market growth.
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Table of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Insights – Impact of COVID-19 on Global Renewable Chemicals Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Global Renewable Chemicals Market Analysis, Insights and Forecast, 2017-2028
TOC Continued…!
Competitive Landscape-
Key Players to Focus on Product Innovations
Capacity improvement, product innovation, acquisitions, and collaborations are part of the market growth strategies for key firms such as Archer-Daniels-Midland Company (ADM), BRASKEM, Trucent, and others.
Industry Development-
January 2021: Varennes Carbon Recycling, a waste-to-low-carbon-fuels plant in Canada, signed a commercial deal with Shell Canada. To develop a commercial-scale plant in Varennes, the business is investing roughly USD 686 million. The factory will use Enerkem's unique technology to produce low-carbon fuels and renewable chemical products from non-recyclable waste. The company will be able to supply high-quality, low-carbon, and inexpensive items to its clients due to this advancement.
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