Renewable Chemicals Market Size Projections Indicate a CAGR of 11.2%, Envisioned to Attain a Value of USD 316.6 Billion by 2032

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Acumen Research and Consulting recently published report titled “Renewable Chemicals Market Forecast, 2023 – 2032”

BEIJING, July 12, 2023 (GLOBE NEWSWIRE) — The Renewable Chemicals Market is witnessing remarkable growth as industries shift towards sustainable and eco-friendly alternatives. Renewable chemicals, also known as bio-based chemicals, are derived from renewable feedstocks such as biomass, agricultural waste, and algae. This comprehensive analysis provides valuable insights into the Renewable Chemicals Market, including market trends, growth drivers, technological innovations, market challenges, segmentation, regional analysis, and key industry players.

Renewable Chemicals Market Key Highlights and Statics:

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  • The Global Renewable Chemicals Market is expected to experience substantial growth in the coming years, driven by the increasing demand for sustainable and environmentally friendly solutions.
  • The Renewable Chemicals Market reached a valuation of USD 111.4 billion in 2022 and is projected to achieve a market size of USD 316.6 Billion by 2032 growing at a CAGR of 11.2% from 2023 to 2032
  • The market is witnessing significant investments in research and development, technological advancements, and the development of new bio-based feedstocks.
  • European Union has set a target of 20% of all chemicals produced in Europe to be bio-based by 2030
  • Increasing focus on sustainability and need to reduce carbon emissions, drives the renewable chemicals market value

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Renewable Chemicals Market Report Coverage:

Market Renewable Chemicals Market
Renewable Chemicals Market Size 2022 USD 111.4 Billion
Renewable Chemicals Market Forecast 2032 USD 316.6 Billion
Renewable Chemicals Market CAGR During 2023 – 2032 11.2%  
Renewable Chemicals Market Analysis Period 2020 – 2032
Renewable Chemicals Market Base Year 2022  
Renewable Chemicals Market Forecast Data 2023 – 2032
Segments Covered By Product, By Feedstock, By End Use, And By Geography
Renewable Chemicals Market Regional Scope North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Key Companies Profiled BASF SE, Corbion NV, Dow Inc., Archer Daniels Midland Company, Braskem SA, Cargill, Inc., BioAmber Inc., Elevance Renewable Sciences, Inc., Genomatica, Inc., Metabolix, Inc., Myriant Corporation, and NatureWorks LLC.
Report Coverage Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis

Renewable Chemicals Market Analysis:

The Renewable Chemicals Market is driven by the need for sustainable alternatives to fossil fuel-based chemicals. Industries across various sectors, including agriculture, packaging, automotive, and consumer goods, are adopting renewable chemicals to reduce their carbon footprint and comply with environmental regulations. Renewable chemicals offer numerous benefits such as lower greenhouse gas emissions, reduced reliance on finite resources, and improved product performance.

Renewable Chemicals Market Trends:

  • Bio-based Polymers: The market is witnessing a surge in the demand for bio-based polymers, such as bio-based polyethylene, bio-based polypropylene, and bio-based polylactic acid (PLA). These polymers offer similar performance characteristics to their fossil fuel-based counterparts while being more environmentally friendly.
  • Renewable Solvents: There is growing interest in renewable solvents, which are derived from bio-based feedstocks and offer safer and more sustainable alternatives to traditional solvents. These solvents find applications in various industries, including paints and coatings, adhesives, and pharmaceuticals.
  • Bioplastics: Bioplastics, including bio-based polyethylene terephthalate (PET) and bio-based polyethylene (PE), are gaining traction as sustainable alternatives to conventional plastics. Bioplastics have the advantage of being biodegradable or compostable, reducing the environmental impact of plastic waste.
  • Biofuels: The demand for renewable fuels, such as bioethanol and biodiesel, is on the rise as industries seek to reduce greenhouse gas emissions and dependence on fossil fuels. Biofuels offer a cleaner and more sustainable alternative to traditional transportation fuels.

Renewable Chemicals Market Growth Fueling Factors:

Environmental Concerns: Growing environmental concerns and increasing awareness about the need for sustainable practices are driving the adoption of renewable chemicals. Companies are actively seeking ways to reduce their carbon footprint and mitigate the environmental impact of their operations.

Government Regulations and Incentives: Supportive government policies and regulations promoting the use of renewable chemicals are spurring market growth. Incentives such as tax credits, grants, and subsidies encourage businesses to invest in renewable chemical technologies and facilitate market expansion.

Technological Advancements: Advances in biotechnology, fermentation processes, and feedstock development are enabling the production of a wide range of renewable chemicals. These technological advancements improve the efficiency, cost-effectiveness, and scalability of renewable chemical production.

Growing Consumer Demand: Increasing consumer awareness and preference for sustainable and eco-friendly products are driving the demand for renewable chemicals. Consumers are actively seeking products with a lower environmental impact, prompting companies to adopt renewable chemicals in their manufacturing processes.

Renewable Chemicals Market Challenges:

Cost Competitiveness: While renewable chemicals offer numerous environmental benefits, cost competitiveness remains a challenge. The production costs of renewable chemicals can be higher than those of conventional chemicals, making it necessary to achieve economies of scale and technological advancements to improve cost efficiency.

Limited Feedstock Availability: The availability and sourcing of renewable feedstocks can pose challenges, particularly for large-scale production. The development of sustainable and reliable supply chains for bio-based feedstocks is essential to support the growth of the renewable chemicals market.

Performance and Compatibility: Renewable chemicals need to match or exceed the performance of their fossil fuel-based counterparts to gain wider acceptance in various industries. Compatibility with existing infrastructure, processes, and end-use applications is crucial for market adoption.

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Renewable Chemicals Market Segmentation:

Based on Product

  • Ketones
  • Ethanol
  • Methanol
  • Organic Acids
  • Platform Chemicals
  • Glycerol
  • Bio-Polymers
  • Other

Based on Feedstock

  • Corn
  • Algae
  • Sugarcane
  • Biomass
  • Other

Based on End Use

  • Environment
  • Agriculture
  • Transportation
  • Communication
  • Textiles
  • Bio-medical
  • Food and beverage packaging
  • Other

Renewable Chemicals Market Regional Analysis:

North America dominates the Renewable Chemicals Market, driven by favorable government regulations, strong investment in research and development, and the presence of key market players. Europe also holds a significant market share, supported by stringent environmental regulations and sustainability initiatives. The Asia Pacific region is experiencing rapid growth due to the increasing demand for sustainable products and the adoption of renewable chemical technologies in emerging economies.

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Renewable Chemicals Market Key Industry Players:

Dow Inc., Cargill, Incorporated, BASF SE, Corbion NV, Novozymes A/S, Braskem S.A., Mitsubishi Chemical Corporation, Evonik Industries AG, LyondellBasell Industries N.V., Archer Daniels Midland Company, DuPont de Nemours, Inc., NatureWorks LLC, Clariant AG, Royal DSM N.V. and Genomatica, Inc.

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