According to the latest market study on “Renewable Chemicals Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product (Alcohols, Organic Acids, Ketones, Platform Chemicals, Biopolymers, Others); by Application (Food and Beverages, Agriculture, Textiles, Transportation, Chemical Intermediates, Packaging, Bio-Medical & Pharmaceuticals, Others),” The renewable chemicals market was valued at US$ 80,566.30 million in 2021 and is projected to reach US$ 1,76,750.76 million by 2028 it is expected to grow at a CAGR of 11.9% from 2021 to 2028. The report highlights key driving factors and prominent market players along with their developments in the market.
Renewable chemicals or bio-based chemicals are defined as those categories of chemicals, which are synthesized from renewable sources such as agricultural feedstock, agricultural waste, organic waste products, biomass, and microorganisms. Renewable chemicals are categorized as sustainable and environment-friendly chemicals which emits fewer carbon footprints as compared to traditional petro-based chemicals. Some of the most widely available renewable chemicals are lignin, carbohydrates, oils, plant extractives, hemicellulose, cellulose, starch, protein, and others. Such chemicals find application in diverse application bases such as food and beverage, agriculture, textiles, automotive, packaging and others.
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Major key players covered in this report:
Archer-Daniels-Midland Company (ADM), Cargill Inc, DSM, BASF SE, Amyris Inc, Evonik Industries AG, Solvay, The Dow Chemical Company, Genomatica, Inc, and Braskemare are among the well-established players in the global renewable chemicals market.
Renewable sciences have been regarded as one of the effective ways to promote the quality of air, water, and soil and contribute to sustainability by commercializing the use of eco-friendly bio-based chemicals in diverse applications. Eco-friendly sustainable renewable chemicals can be sourced from renewable feedstocks such as biomass, agricultural residues or feedstock, and microorganisms with the help of green chemistry synthesis or biorefineries. The governments of several economies have implemented strict regulations related to carbon and greenhouse gas emissions to promote high quality environment. For instance, the European Commission aims to achieve 80% reduction in the carbon emission by 2050 by phasing out ~ 81Mt of carbon dioxide to be used in clinker production. Regulatory bodies, such as REACH (Registration, Evaluation, Authorisation and Restriction of Chemicals), EPA (Environmental Protection Agency), and European Commission impose strict environment regulations on the production and disposal of petrochemicals.
Also, the growing focus of European Union on the establishment of ‘Green Economy’ coupled with its ’20-20-20’ initiative is phasing out the demand for petrochemicals. The reduction in petroleum resources along with political instability in the leading oil producing nations and volatility in the price of petroleum product increase preference for renewable chemicals. Global warming and climate change are creating demand for healthy, green, and clean products. Additionally, the circular economy is creating over US.6 trillion worth of novel opportunities for the development of eco-friendly technologies including the technology associated with renewable chemicals. Such collaborative efforts, regulations, and initiatives drive the growth of the renewable chemicals market.
The ongoing pandemic has drastically altered the status of the industrial sector and have negatively impacted the growth of the renewable chemicals market. The implementation of measures to combat the spread of the virus has aggravated the situation and have impacted the growth of several industrial sectors. Industries such as food and beverages, agriculture, textiles, transportation, packaging, pharmaceuticals have been impacted by the sudden distortion in operational efficiencies and disruptions in the value chains attributable to the sudden closure of national and international boundaries. The significant decline in the growth of the several industrial sectors negatively impacted the demand for renewable chemicals in the global market. The disruptions in terms of sourcing of raw materials from suppliers as well as temporarily closures of manufacturing base due to indefinite lockdowns and temporary quarantines have impacted the growth of the market during pandemic period. Nevertheless, as the economies are planning to revive their operations, the demand for renewable chemicals is expected to rise globally. Although the focus over just in time production is another concerning factor hindering market growth. The expanding demand of renewable chemicals across food and beverages, agriculture, textiles, transportation, packaging, pharmaceuticals, and other industries along with significant investment by prominent manufacturers is, expected to drive the growth for renewable chemicals.
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The report segments the global renewable chemicals market as follows:
- By Product the Global Renewable Chemicals market is segmented into Acrylic, Alcohols, Organic Acids, Ketones, Platform Chemicals, Biopolymers, Others.
- By Application the Global Renewable Chemicals market is segmented into Food and Beverages, Agriculture, Textiles, Transportation, Chemical Intermediates, Packaging, Bio-Medical & Pharmaceuticals, Others.
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