PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1270338
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1270338
Renewable Chemicals Market size was valued at USD 112,804.7 million in 2022, expanding at a CAGR of 14.7% from 2023 to 2030.
Renewable chemicals, also referred to as "bio-based chemicals," are those produced using renewable resources like biomass, microorganisms, agricultural refuse, agricultural feedstock, and organic waste products. Due to their reduced carbon content and environmentally friendly traits, renewable chemicals have become potential replacements for petroleum-based chemicals. Polyhydroxyalkanoates (PHA) and polylactic acid (PLA), which can be made from nontoxic renewable feedstock, are two of the most hopeful biopolymers.
Renewable Chemicals Market- Market Dynamics
Due to stringent regulations and government efforts aimed at improving the environment, the use of renewable chemicals is dramatically rising in almost every country. For instance, Brazil has been experimenting with programmes aimed at ethanol produced from sugar cane and biodiesel in the field of renewable fuel. Regarding this, 18% of the fuels and about 45% of the energy used in Brazil are already sustainable. For different kinds of vehicles, national standards for fuel consumption caps have been set in China. As of January 1, 2016, the current Phase IV standards for passenger cars set a fleet average goal of 5.0 L/100km for new vehicles sold in 2020. On the other hand, Japan's primary component of the air pollution law is the Air Pollution Control Act. The government has established a 26% reduction goal for greenhouse gas (GHG) emissions by 2030 (25.4% from 2005). The development of the market for renewable chemicals will be directly impacted by such strict regulations and efforts for a better and safer environment. However, the main obstacle that might impede the development of renewable chemicals and their application, particularly in regions where there are opportunities but few investors, is the higher upfront cost of construction and technological investment. There are many areas where higher building costs force institutions to view projects involving renewable chemicals as risky, which only results in a bad attitude towards renewables that could have an adverse effect on thousands of lives. The market expansion of Renewable Chemicals may be hampered by the setbacks and unintended effects.
Renewable Chemicals Market- Segment Analysis
Based on the application, the transportation segment is expected to dominate the market during the forecast period. According to Organisation Internationale des Constructeurs d'Automobiles, the transportation industry had sales of 77.9 million. (OICA). They are ingesting chemicals that are produced from renewable resources, such as biodiesel and renewable diesel, which are biofuels manufactured from biomass. Since diesel engines account for the majority of their production, it can be used as hydrocarbon diesel and is referred to as a diesel fuel. For instance, the United States used nearly all of the 43 million barrels (1.8 billion gallons) of biomass-based diesel fuel (biodiesel blends with petroleum diesel) that were utilized in 2019. Approximately 7.8 billion pounds of carbon dioxide equivalents released into the atmosphere each year were eliminated after the adoption of green chemistry, which is the design of chemical products and processes that reduce or eliminate the use or generation of hazardous substances, according to the United States Environmental Protection Agency (EPA). This is equivalent to taking 770,000 cars off the road.
Renewable Chemicals Market- Geographical Insights
Europe is expected to dominate the market during the forecast period. The market for renewable chemicals has grown significantly in Europe as a result of strict packaging laws. For instance, the European Union (EU) encourages the use of biofuels and bio-liquids as alternatives to fossil fuels in order to reduce transportation-related carbon emissions. As part of the overall objective to meet at least 20% of the EU's total energy needs with renewables as stated in the Renewable Energy Directive, the target was to have 10% of the transport fuel of each EU Member State originate from renewable fuels by 2020.
In April 2021, with financial support from Capricorn Partners in Belgium and technological assistance from the charity Southern Research, the new company Trillium Renewable Chemicals was established. Trillium has been given $8.5 million by Capricorn's sustainable chemistry fund to build up a thermochemical method developed by Southern Research that turns sugars and glycerin into acrylonitrile and propylene glycol.
This proposed research study on the Renewable Chemicals market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year
The research report elucidates potential growth opportunities across different segments/countries and explains an attractive investment proposition matrix for the Renewable Chemicals market
The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the Renewable Chemicals market
The impact of COVID-19 on the Renewable Chemicals market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight into the Renewable Chemicals market post-COVID will also be covered.
To give the users of this report a comprehensive view of the Renewable Chemicals market, we have also included a competitive landscape and key innovator analysis for the Renewable Chemicals market.
The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
The report offers detailed company profiling featuring major market participants which will help users to understand the financial information and strategic initiatives of players operating in the Renewable Chemicals market.
In addition, the report also unveils the important acquisitions & mergers, collaborations & joint ventures, new launches, research & development, and regional expansion of major participants involved in the market on global as well as regional levels.
The global Renewable Chemicals market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts
GLOBAL RENEWABLE CHEMICALS MARKET KEY PLAYERS
Braskem
NatureWorks LLC
DSM
3M
BASF SE
Corbion N.V.
Mitsubishi Chemical Holdings Corporation
Amyris
OCI N.V.
Solvay
DAIKIN
Genomatica Inc.
Cobalt Technology, LLC.
Elevance
Evonik Industries AG
Novamont S.p.A.
DuPont
Novozymes
AVERY DENNISON CORPORATION
Mitsui Chemicals Inc.
GLOBAL RENEWABLE CHEMICALS MARKET, BY FEEDSTOCK
Corn
Sugarcane
Biomass
Algae
GLOBAL RENEWABLE CHEMICALS MARKET, BY PRODUCT TYPE
Alcohols
Ethanol
Methanol
Biopolymers
Polyhydroxy Alkanoates (PHA)
Starch Blends
Polylactic Acid (PLA)
Regenerated Cellulose
GLOBAL RENEWABLE CHEMICALS MARKET, BY APPLICATION
Agriculture
Textiles
Environment
Transportation
Food and Beverage Packaging
Communication
GLOBAL RENEWABLE CHEMICALS MARKET, BY REGION
North America
The U.S.
Canada
Europe
Germany
France
Italy
Spain
United Kingdom
Russia
Netherlands
Sweden
Poland
Rest of Europe
Asia Pacific
India
China
South Korea
Japan
Australia
Thailand
Indonesia
Philippines
Rest of APAC
Latin America
Brazil
Mexico
Argentina
Colombia
Rest of LATAM
The Middle East and Africa
Saudi Arabia
United Arab Emirates
Israel
Turkey
Algeria
Egypt
Rest of MEA