Market Size and Analysis
Over the course of the projected period, the market for renewable chemicals is anticipated to expand rapidly. The advantages of bio-based chemicals, such as their smaller environmental impact compared to conventional petrochemicals and growing customer demand for goods made from renewable resources, are to blame for this. The quick adoption of the bioeconomy and renewable feedstocks to create low-carbon substitutes for sectors like the chemical industry will also influence market prospects.
The market for renewable chemicals worldwide was estimated to be worth USD 66.00 billion in 2020 and is anticipated to grow to USD 169.4 billion by 2028, recording a CAGR of 12.01% over the forecast period of 2021-2028. The market report created by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario in addition to market insights like market value, growth rate, market segments, geographical coverage, market players, and market scenario.
Renewable chemicals, commonly referred to as “bio-based chemicals,” are those produced from renewable resources such biomass, microorganisms, agricultural waste, agricultural feedstock, and organic waste products. Due to their lower carbon content and environmentally beneficial traits, renewable chemicals have become possible replacements for petroleum-based chemicals. Polyhydroxyalkanoates (PHA) and polylactic acid (PLA), which can be made from nontoxic renewable feedstock, are two of the most promising biopolymers.
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Due to numerous stringent laws and government initiatives to protect the environment, the use of renewable chemicals is sharply rising in almost every nation. In the area of renewable fuel, Brazil, for instance, has been experimenting with programmes aimed at sugar cane-based ethanol and biodiesel. Regarding this, 18% of Brazil’s fuels and about 45% of its energy are already derived from renewable sources. On the other hand, Japan’s primary piece of air pollution regulation is the Air Pollution Control Act. By 2030, the government wants to reduce greenhouse gas (GHG) emissions by 26%. (25,4% in comparison to 2005). The development of the market for renewable chemicals will be directly impacted by such strict environmental regulations and initiatives.
Additionally, a number of producers and researchers are concentrating on new technology that might displace fossil fuels, providing lucrative opportunities to market participants in 2022 to 2029. The market for renewable chemicals will continue to grow as consumers’ preferences for eco-friendly and natural products and growing awareness of the need to reduce carbon footprints in order to address problems like landfills and global warming.
Impact of COVID-19 on the Market for Renewable Chemicals
The market for renewable chemicals suffered as a result of the recent coronavirus outbreak. The impact on the automotive and industrial sectors was significant since it is difficult for people and things to move freely due to restrictions on international travel as well as regional and local movement. The market also suffered significant financial setbacks as a result of the major interruptions in various manufacturing and supply-chain operations brought on by the numerous precautionary lockdowns implemented by governments to stop the spread of disease. It is still challenging to predict the overall effect on the market for renewable chemicals.
Market share analysis for renewable chemicals and the competitive landscape
Details about each competitor are provided in the competitive landscape for renewable chemicals. The company’s financials, revenue generated, market potential, investment in R&D, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance are among the details that are included. The information above only relates to the companies’ market focus on renewable chemicals.
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Key Market Players & Competitive Landscape
Some of the major players of the global Renewable Chemicals market include Corbion N.V., Mitsubishi Chemical Corporation, Myriant Corporation, Genomatica, Metabolix Inc., BASF, Braskem, BioMCN, NatureWorks LLC, DuPont Tate & Lyle Bio Products, Cobalt Technologies and BioAmber among others.
- North America
- The U.S.
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa