Market Research Future (MRFR) reports that the Global Renewable Chemicals Market could expect to gain considerable revenue by 2025. It is also estimated to achieve a high CAGR during the forecast period (2017-2025).
Key Companies:
Key companies contributing to the Worldwide Renewable Chemicals Market are Braskem, BASF, Bioamber, Archer-Daniels-Midland Company, Evonik industries, Biomethanol Chemie Nederland, DSM, Cargill, E. I. DU PONT, Amyris Inc, and others.
Industry Update:
June 2019
LyondellBasell Industries N.V., along with Neste, will start with the production of bio-based polypropylene and bio-based low-density polyethylene. The project made use of renewable hydrocarbons extracted from sustainable bio-based raw materials like residue oils and waste.
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Growth Drivers and Key Restraints:
Renewable Chemicals are used to elevate the demand for renewable resources instead of fossil fuels. These chemicals refer to all the chemicals that are derived from renewable feedstock like biomass (plant, animal, and marine), agricultural raw materials, and microorganisms. Rigid government regulations and rise in environmental concerns, as well as awareness, are accelerating the use of bio-based products that come from biomass sources. This factor works in favor of the market for Renewable Chemicals.
Renewable Chemicals find a variety of applications across various industries, including housing, food processing, environment, textiles, pharmaceutical, hygiene, transportation, and other applications. Renewable Chemicals are mainly available as alcohols, ketones, bio-polymers, and organic acids. They find extensive use in consumer goods, surfactants, and lubricants, plastics and resins for environmental purpose.
The Worldwide Renewable Chemicals Market tremendous growth pace is the result of the availability of plenty of Renewable Chemicals. Stringent regulations by regulatory authorities to bring down environmental damage, which leads, as a result of which more and more consumer now incline towards eco-friendly products. This enhances market growth, as well. But the high cost associated with the production of Renewable Chemicals slow down the market growth rate to some extent.
Market Opportunities:
Renewable Chemicals’ demand in emerging nations like India and China is somewhat restricted. With that said, the market could still see significant growth in the near future with rising production by the manufacturing industry with curbed environmental pollution. Also, with the rising demand for environmentally friendly chemicals, the market will expand at a luxurious pace in these countries. These factors are deemed to provide massive growth opportunities to the market in emerging nations during the appraisal period.
Market Segmentation:
The Worldwide Market for Renewable Chemicals has been segmented on the basis of Types and Applications.
Depending on Types, the global market is considered for alcohols, organic acids, ketones, platform chemicals, polymers, and others.
The Applications of Renewable Chemicals are industrial, transportation, food packaging & beverage bio-medical, agriculture, bottling, textiles, fertilizers, housing, environment, recreation, and health & hygiene.
Regional Aspect:
Asia Pacific, North America, Middle East & Africa, Latin America and Europe are the main markets for Renewable Chemicals.
In 2016, Europe emerged as the largest Renewable Chemicals Market, with North America and Asia Pacific in the first and second position respectively. Europe houses some of the top brands in the field of Renewable Chemicals, a factor that benefits the Renewable Chemicals Market. The government in Europe has implemented a series of strict rules on use of petroleum and fossil fuel, which has promoted researchers as well as manufacturers to explore green technology. This factor would usher in massive revenues for the Renewable Chemicals Market in the region.
North America could expect to witness reasonable growth with the strict regulations imposed, particularly in the United States (U.S.). These regulations are implemented so reduce the negative impact of fossil fuels on the environment. Also, abundance of raw materials in the region could benefit the manufacturers, bolstering the market’s growth in the near future.
Asia Pacific could see massive growth for Renewable Chemicals Market in the years to come. The rising trend for Renewable Chemicals, including biopolymers and alcohols in the region, also favors the market. Lenient regulations, along with relatively low labor cost in countries like China and India could boost market growth. Strikingly escalating urbanization and industrialization also amplify growth of Renewable Chemicals Market within the region. As agriculture is the significant livelihood across various areas of the region, the market is believed to maintain a steady pace in the subsequent years.
Latin America could demonstrate modest growth in the next few years. The chief reasons could the mounting awareness for green and clean chemicals as well as the sharp rise in industrialization, mostly in Brazil. Middle East and Africa could project decent growth on account of plenty of petroleum feedstock coupled with the availability of workforce which compels manufacturers to invest in the region.
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