Zion Market Research has published a new report titled “Renewable Chemicals Market (Ketones, Biopolymers, Alcohols, Organic Acids, Platform Chemicals and Others) for Agriculture, Textiles, Housing, Environment, Transportation, Food & Beverage Packaging, Communication, Bio-Medical and Other Applications: Global Industry Perspective, Comprehensive Analysis and Forecast, 2016 – 2022”. According to the report, global renewable chemicals market was valued at over USD 49.22 billion in 2016, is expected to reach above USD 102.76 billion in 2022 and is anticipated to grow at a CAGR of slightly above 11.29% between 2017 and 2022.
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Renewable chemicals are consequent of the biomass feedstock. There has been a tremendous reduction in the convenient fuel sources store. This has resulted in the introduction of renewable chemicals which are eco-friendly and inexhaustible. Renewable chemicals are used as feedstock for many formulations. Alcohols and biopolymers are dominating renewable chemicals owing to diverse end user applications.
To overcome the drawbacks caused by the use of fossil fuels such as high emission of carbon has resulted in the high use of renewable chemicals. The existence of abundant raw resources for the production of renewable chemicals is expected to strengthen the renewable chemicals market. Growing environmental concerns along with volatile conventional fuels prices are likely to assist the renewable chemicals market over the coming years. Moreover, government support coupled with manufacturer’s promotions for use of renewable chemicals may drive the renewable chemicals market. However, lack of advance technologies and low yield may indulge the growth of the renewable chemicals market. On the flip side, intense research for obtaining higher yield and development of low production cost method could offer the market with the plentiful prospect in the coming years.
The renewable chemicals market can be broadly classified into five major product segments such as alcohols, biopolymers, ketones, platform chemicals and organic acids. Alcohol is further divided into ethanol and methanol. Huge demand for ethanol and methanol from pharmaceutical industry has resulted into amplifying the growth of alcohol market which in turn is anticipated to aid the renewable chemicals growth. Renewable chemicals find diverse applications, some of which includes agriculture, textiles, environment, transportation, food & beverage packaging, communication, biomedical and other applications. High usage of biopolymers in food and beverage packaging is expected to nurture the growth of the renewable chemicals market in the forecast period.
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Europe held the largest market share of the total renewable chemicals market in 2016. This is mainly attributed to growing environmental concern which has enforced the manufacturers to develop formulations based on renewable chemicals. Moreover, the presence of various brands in Europe is expected to foster the growth of the renewable chemicals market in coming years. Due to various regulations led by the North American government to the use of conventional chemicals has led to opt for renewable chemicals, this factor is anticipated to aid the renewable chemicals market in the forecast period. Asia Pacific is likely to witness stunt growth in recent times and is expected to gain traction in coming years. Government initiatives for developing eco-friendly and bio-renewable chemicals in India and China are anticipated to plunge the growth of the renewable chemicals market in the forecast period. Latin America is anticipated to specter tremendous growth in forecast period owing to plentiful sugarcane feedstock for production of renewable chemicals. The Middle East and Africa are projected to experience moderate growth in the coming years owing to lack of technological advancement.
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 are some of the leading players operating in the renewable chemicals market.
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This report segments the renewable chemicals market as follows:
Renewable Chemicals Market: Product Analysis
- Polyhydroxy alkanoates (PHA)
- Starch blends
- Polylactic acid (PLA)
- Regenerated cellulose
- Platform chemicals
- Organic acids
Renewable Chemicals Market: Applications Analysis
- Food & beverage packaging
Renewable Chemicals Market: Regional Analysis
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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