Global Renewable Chemicals Market Size to Hit US$ 280 Billion, at a CAGR of 11.58% by 2030

27-Apr-2023 | Facts and Factors

According to the Facts and Factors report, the global renewable chemicals market size was valued around USD 130 billion in 2022 and is expected to grow around USD 280 billion by 2030 with a compound annual growth rate (CAGR) of approximately 11.58% between 2023 and 2030.

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 Size, Share, Growth Analysis Report By Types (Alcohols, Platform Chemicals, Organic Acids, and Others), By Application (Textiles, Environment, Housing, Health & Hygiene, agriculture, Transportation, Food safety, Communication, Recreation, Bio-Medical, and Others), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2023 – 2030" report at https://www.fnfresearch.com/renewable-chemicals-market

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.

As consumers are getting more aware of the health issues raised by using chemicals along with its negative impact on the 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.

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.

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.

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.

Report Scope

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 taxonomy of the renewable chemicals industry by its scope and segmentation is as follows:

By Product Segmentation Analysis

• Biopolymers
• Ketones
• Alcohols
• Platform Chemicals
• Organic acids
• Others

By Application Segmentation Analysis

• Textiles
• Environment
• Housing
• Hygiene and Health 
• Agriculture
• Transportation
• Food safety
• Communication
• Recreation
• Bio-Medical
• Others

By Region Segmentation Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • Germany
  • The UK
  • France
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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