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Renewable Chemicals Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product and Application

Renewable Chemicals Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product and Application

  • July 2021
  • 165 pages
  • ID: 6128431
  • Format: PDF
  • The Insight Partners

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The renewable chemicals market was valued at US$ 80,566.30 million in 2021 and is projected to reach US$ 1,76,750.76 million by 2028 it is expected to grow at a CAGR of 11.9% from 2021 to 2028. Renewable chemicals or bio-based chemicals are defined as those categories of chemicals, which are synthesized from renewable sources such as agricultural feedstock, agricultural waste, organic waste products, biomass, and microorganisms. Renewable chemicals are categorized as sustainable and environment-friendly chemicals which emits fewer carbon footprints as compared to traditional petro-based chemicals. Some of the most widely available renewable chemicals are lignin, carbohydrates, oils, plant extractives, hemicellulose, cellulose, starch, protein, and others. Such chemicals find application in diverse application bases such as food and beverage, agriculture, textiles, automotive, packaging and others.
Based on product, the renewable chemicals market is categorized into alcohols, organic acids, ketones, platform chemicals, biopolymers, and others.Biopolymers segment is expected to be the fastest growing segment in the global renewable chemicals market during the forecast period.

The expanding demand for green packaging materials coupled with the increasing use of biopolymers in automotive industry is projected to drive the growth of the biopolymers in renewable chemicals market.Biopolymers includes polynucleotides (DNA, RNA), cellulose, chitosan, chitin, starch, proteins, polyesters, pectin, collagen, gelatin, and gluten, among others.

They are an innovative and promising alternative to reduce greenhouse gas and toxic emissions, and the use of non-renewable resources. The rising focus toward environment-friendly and sustainable materials is expected to promote the demand for biopolymers..
The global renewable chemicals market is segmented into five main regions— North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM).In 2021, North America contributed to the largest share in the global renewable chemicals market.

The dominance of the renewable chemicals market in this region is primarily attributable to the presence of strong industrial base with prominent manufactures significantly contributing to market growth.High demand of renewable chemicals from applications such as food and beverages, agriculture, textiles, transportation, packaging and other industries backed by significant growth in end-use industrial bases is stimulating the demand for renewable chemicals in regional market.

The rise in investment in manufacturing sector along with growing focus over eco-friendly and sustainable solutions, provides lucrative opportunities for the growth of the renewable chemicals market in North America. Furthermore, favorable policies to promote the use of biobased and renewable chemicals over conventional petroleum-based chemicals is further expected to to create lucrative growth opportunities in the region.
A few of the major key players operating in the renewable chemicals market are Archer-Daniels-Midland Company (ADM).; Cargill Inc.; DSM; BASF SE.; Amyris Inc.; Evonik Industries AG.; Solvay; The Dow Chemical Company.; Genomatica, Inc. and Braskem. These market players are highly focusing on the development of high quality and innovative product offerings.
The size of overall global renewable chemicals market has been derived using both primary and secondary source.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.

Also, multiple primary interviews have been conducted with industry participants to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the renewable chemicals market.

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