WASHINGTON, Sept. 14, 2023 (GLOBE NEWSWIRE) -- As per Vantage Market Research, the global renewable chemicals market has been rapidly growing due to increasing environmental concerns and the need for sustainable alternatives to fossil fuels.
According to Vantage Market Research, the Global Renewable Chemicals Market is estimated to be valued at USD 257.3 Billion by 2030 and is expected to exhibit a CAGR of 11.7% from 2023 to 2030. The global Renewable Chemicals market grew to USD 118.6 Billion in 2022.
Renewable chemicals are derived from biomass and can replace non-renewable resources to meet various industrial needs. They use renewable feedstocks such as agricultural waste, algae, and plant oils, offering a more sustainable alternative to petroleum-based chemicals. Examples of renewable chemicals include biofuels, biopolymers, and bioplastics. These chemicals help reduce greenhouse gas emissions, promote resource efficiency, and provide opportunities to develop a bio-based economy. With increasing environmental concerns, the demand for renewable chemicals will grow in the coming years.
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Key Highlights
- The demand for Alcohol in the renewable chemicals market will notably increase by Product Type during the projection period from 2023 to 2030.
- The Transportation segment will continue to assert its dominance by Application, capturing the largest market share globally from 2023 to 2030.
- In 2022, the Asia Pacific region exhibited its market prowess, achieving the highest revenue share of 50.50%.
- The North American region is poised for remarkable growth, displaying a noteworthy Compound Annual Growth Rate (CAGR) between 2023 and 2030.
The renewable chemicals industry is experiencing significant growth due to increasing environmental concerns and the shift towards sustainable practices. These chemicals are derived from renewable sources such as biomass, agricultural waste, and algae, making them more environmentally friendly and reducing dependence on fossil fuels. They are used in various industries, including packaging, agriculture, textiles, and healthcare. The market is projected to expand as governments and industries prioritize sustainability and invest in research and developing renewable chemical alternatives.
Top Companies in The Global Renewable Chemicals Market
- 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)
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Factors affecting the growth of the Renewable Chemicals Industry
Several factors can affect the growth of the Renewable Chemicals industry. Some of these factors include:
- Government policies and regulations: Supportive policies like tax incentives, grants, and subsidies can encourage research, development, and production in this sector. Conversely, stringent rules or lack of support can hinder the industry’s growth.
- Environmental concerns and sustainability: Increasing awareness about the adverse environmental impacts of traditional chemicals has led to a growing demand for renewable alternatives. The push for sustainability and eco-friendly products has driven the growth of the renewable chemicals industry.
- Technological advancements: Advances in technology have made it more feasible and cost-effective to produce renewable chemicals. Improved processes for biomass conversion, bio-refinery technologies, and genetic engineering have enhanced production efficiency, driving industry growth.
- Feedstock availability and cost: The availability and cost of feedstock, such as agricultural residues or waste biomass, significantly impact the growth of the renewable chemicals industry. If feedstock is readily available and affordable, it makes producing renewable chemicals more economically viable.
Top Trends in the Global Renewable Chemicals Market
One of the top trends in the global renewable chemicals market is the development of new production technologies. Companies are investing in research and development to improve the efficiency and cost-effectiveness of renewable chemical production processes. This includes using advanced catalysts, innovative fermentation techniques, and biotechnological approaches to bio-based chemical production. Another trend is the increasing adoption of renewable chemicals in the packaging industry. With growing concerns about plastic waste and the need for sustainable packaging solutions, many companies are turning to renewable chemicals to develop bio-based plastics. These plastics have similar properties to conventional plastics but are biodegradable and derived from renewable sources.
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Recent Development of the Global Renewable Chemicals Market
- In April 2021, Du Pont shifts towards sustainability, aiming to cut carbon emissions, enhance efficiency, and reduce waste for improved operations and higher energy efficiency.
- In October 2021, Japan's Mitsubishi Chemical Holdings plans a $875 Mn investment by 2030. Focus on solar energy recycling using vegetable oils for plastics. Goal: net-zero greenhouse emissions by 2050.
Market Drivers
The global renewable chemicals market has been experiencing substantial growth in recent years, driven by several key factors. One of the main drivers of this market is the increasing focus on sustainability and the need to reduce reliance on fossil fuels. With the growing concerns about climate change and environmental degradation, there is a growing demand for renewable alternatives to traditional chemicals.
The growing consumer awareness and demand for eco-friendly products have also contributed to the growth of the global renewable chemicals market. Consumers are becoming more conscious about the environmental impact of their products and are increasingly opting for renewable and sustainable alternatives. Moreover, the increasing adoption of renewable chemicals by various industries, such as packaging, automotive, textile, and construction, has further propelled the market growth. Companies recognize the benefits of using renewable chemicals, such as reduced carbon footprint, improved product performance, and enhanced brand value.
Market Restraints
While the renewable chemicals market has great potential, specific challenges must be addressed for further growth. The cost of production, for instance, is still relatively higher than petroleum-based chemicals. Additionally, the lack of standardized regulations and certifications for renewable chemicals can confuse the market. Furthermore, developing cost-effective and efficient conversion technologies for biomass and waste is crucial for the scalability of renewable chemical production.
Market Opportunities
Renewable chemicals, derived from renewable sources such as biomass, are environment-friendly alternatives to traditional petrochemicals. This market is projected to witness significant growth in the coming years, presenting opportunities for industry players to capitalize on. The increasing adoption of renewable chemicals in various sectors, such as packaging, agriculture, and cosmetics, is driving the market. Moreover, government initiatives and policies promoting the use of renewable chemicals are further boosting its growth. Overall, the global renewable chemicals market offers immense opportunities for existing players and new entrants.
Browse market data Tables and Figures spread through 148 Pages and in-depth TOC on Renewable Chemicals Market Forecast Report (2023-2030).
Report Segmentation of the Global Renewable Chemicals Market
Product Type Analysis
Alcohol category dominated the market with the largest market share in recent times. Due to their versatile properties and applications, this is because alcohols are widely used in various industries, such as pharmaceuticals, personal care, and food and beverage. The global renewable chemicals market is based on product types segmented into alcohols, biopolymers, ketones, platform chemicals, organic acids, etc. Furthermore, their ability to be used as solvents, fuels, and intermediates for producing other chemicals makes them a preferred choice amongst manufacturers aiming for a greener and more sustainable future. Additionally, the increasing awareness regarding the harmful effects of fossil fuels has driven the demand for renewable alcohol, further consolidating their market dominance.
Application Analysis
The transportation segment dominated the largest market share and will dominate in the forecast period because of the growing demand for sustainable and environmentally friendly transportation solutions. Renewable chemicals, such as biofuels and bioplastics, offer a sustainable alternative to traditional petrochemical-based products. Furthermore, stringent government regulations promoting using renewable energy sources in transportation have further fueled the demand for renewable chemicals. The global renewable chemicals market is based on the application analysis segmented into agriculture, textiles, environment, transportation, food and beverage packaging, communication, bio-medical, and other applications. Additionally, the transportation sector's large scale and wide usage of chemicals, such as lubricants and specialty chemicals, also contribute to the dominance of this segment in the renewable chemicals market.
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Global Renewable Chemicals Market Segmentation
By Product Type
- Alcohols
- Biopolymers
- Ketones
- Platform Chemicals
- Organic Acids
- Other Product Types
By Application
- Agriculture
- Textiles
- Environment
- Transportation
- Food & Beverage Packaging
- Communication
- Bio-Medical
- Other Applications
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 118.6 Billion |
| Revenue Forecast by 2030 | USD 257.3 Billion |
| CAGR | 11.7% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | BASF SE, Mitsubishi Chemical Holdings Corporation, DAIKIN, 3M, Braskem, Corbion N.V., NatureWorks LLC, Amyris, OCI N.V., Solvay, DSM, Genomatica Inc., Cobalt Technology, LLC, Elevance, Evonik Industries AG, DuPont, Novamont S.P.A., Novozymes, AVERY DENNISON CORPORATION, Mitsui Chemicals Inc. |
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Regional Analysis
Due to the increasing demand for sustainable and environmentally friendly products, Asia Pacific dominated the global market share for renewable chemicals, with a market share of 50.50% in 2022. The region has witnessed a surge in demand for Renewable Chemicals due to the rising number of vegan and vegetarian consumers. Furthermore, the presence of key players in the market, continuous product innovations, and effective marketing strategies have also contributed to the dominance of North America in the Renewable Chemicals market. The region is expected to maintain its leading position in the market in the coming years.
The North American market is the most lucrative due to several possible areas for future enlargement. The region's focus on sustainability and reducing carbon emissions drives the demand for renewable chemicals. Several government initiatives and regulations promoting renewable resource use are also contributing to the market's growth. Additionally, the increasing adoption of renewable chemicals in key industries such as automotive, packaging, and agriculture is fueling the market expansion.
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