12-Nov-2020 | Facts and Factors
Global Renewable Chemicals Market Growing On The Back Of Rising Preference For Eco-Friendly Products Along With The Technological Advancements In Making Renewable Chemicals Competitive Both In Price And Performance
Several chemicals that are derived from natural sources, such as agricultural feedstock and waste are called renewable chemicals or bio-based chemicals. In contrast to traditional petro-based chemicals, green chemicals are considered a cleaner source of carbon as they leave behind fewer carbon footprints. Polymeric such as (lignin, protein, gluten, cellulose, hemicellulose), and monomeric (carbohydrates, oils, amino acids) ingredients are some of the most widely used green chemicals. These chemicals are generally used as a direct substitute for traditional petrochemicals.
Browse the full “Renewable Chemicals Market By Types (Alcohols, Platform Chemicals, Organic Acids, and Others) and By Application (Textiles, Environment, Housing, Health & Hygiene, agriculture, Transportation, Food safety, Communication, Recreation, Bio-Medical, and Others): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026" report at https://www.fnfresearch.com/alcohols-platform-chemicals-organic-acids-and-others-and-778
As consumers are getting more aware of the health issues raised by using chemicals along with its negative impact on environment has led to increasing demand for renewable chemicals. For instance, for reducing the dependency on fossil fuels in several industries, companies are making a switch towards utilizing natural sources required in manufacturing different chemicals. Also, the insufficiency of non-renewable energy attracts attention to bio-renewable chemicals from stakeholders. Invariably, the price of fuel-related goods depends on the market for fossil fuels; therefore, rising demand for bio-renewable chemicals is projected to decrease dependency on demand for fossil fuels.Bio-feedstocks like corn and sugarcane are grown worldwide, making it a possible replacement for crude oil as a chemical feedstock. Demand for organic food has also helped in increasing the demand for renewable chemicals that can be used as fertilizers, insecticides, and pesticides.
The worldwide demand for renewable chemicalsmarket was estimated at around USD 65 billion in 2019, and by the end of 2026, would have valuations of around USD 126 billion.The industry players and analysts predict the global renewable chemicals market growth of around10% in terms of CAGR. During the upcoming years, rising environmental concerns along with several governmental initiatives in encouraging the sourcing, production, and usage of eco-friendly chemicals along with several technological innovations from the manufacturers have stimulated the market growth. However, the high production cost of these renewable chemicals along with technical glitches during the process and the possibility of quality or performance compromise with the traditional chemicals hampers the market growth. Lower purchasing power along with less consumer awareness about these renewable chemicals in emerging economies is also anticipated to hamper the market growth in these countries over the next few years. Nevertheless, opportunities such as improvement in the quality of the yields and feed-stocks, along with the production of numerous downstream monomers and polymers provide lucrative growth opportunities for the renewable chemicals market.
Some of the leading and top renewable chemicals companies in the global renewable chemicals market include Corbion N.V., Cobalt Technologies, BASF, BiomethanolChemie Nederland B.V., Metabolix Inc., GenomaticaInc, NatureWorks LLC, Novozymes A/S, BioAmber, Archer-Daniels-Midland Company, Genomatica, Evonik Industries AG, SOLVAY, Cargill Inc, Myriant Corporation, AmyrisInc, Mitsubishi Chemical Corporation, SolazymeInc, Braskem, and Koninklijke DSM N.V.among others.The leading five players such as Archer-Daniels-Midland Company, BASF, and Cargill hold the highest market share of the global renewable chemicals market. In 2018, Braskem expanded its focus on R&D activities, along with the business and market development, along with the commercialization of renewable chemicals at its new operation located in Boston.
Based on product type, the worldwide renewable chemicals market can be segmented into alcohol, platform chemicals, organic acids, and others, with the 'alcohol' category having the leading market share of about 80 percent of the worldwide renewable chemicals market share.In terms of applications, the global renewable chemicals market can be segmented into textiles, transportation, environment, recreation, communication, housing, bio-medical, health & hygiene, food safety, agriculture, and others. In terms of geography, the European region held the leading market share among other regions such as North America, Asia Pacific, Latin America, and Middle East & Africa in the global renewable chemicals market.
The taxonomy of the renewable chemicals industry by its scope and segmentation is as follows:
Global Renewable Chemicals Market: By ProductSegmentation Analysis (Customizable)
Global Renewable Chemicals Market: By Application Segmentation Analysis (Customizable)
Global Renewable Chemicals Market: Regional Segmentation Analysis (Customizable)
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