The global renewable chemicals market is anticipated to grow at a CAGR of around 11.4% during the forecast period 2021 to 2028 and to reach around US$ 198.5 Bn by 2028.
|Market||Renewable Chemicals Market|
|Analysis Period||2016 - 2026|
|Forecast Data||2019 - 2026|
|Segments Covered||By Feedstock, By Product, By End Use, and By Geography|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||BASF SE, Archer-Daniels-Midland Company, Bioamber Inc., Amyris Inc., Biomethanol Chemie Nederland B.V., Cargill Inc., Braskem, E. I. DU Pont DE Nemours & Company, DSM, and Others.|
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
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Renewable chemicals are considered sustainable sources of carbon since, compared to conventional petro-based chemicals and also they offer less carbon footprints. Two of the most widely known green chemicals are monomeric (carbohydrates, plant extracts, amino acids) and polymeric (linenine, cellulose, hemicellulose). Such products are commonly used to supplement traditional petrochemicals.
Rising consumer awareness and increasing environmental issues by using renewable chemicals are major growth contributors for target market. Renewable chemicals demand has also been boosted in recent years by strict rules concerning environment related to the processing and removal of petrochemicals by regulatory bodies including EPA, REACH and the European Commission. Volatile crude oil and high finished petrochemicals rates are expected to accelerate demand growth. Increased commercial and industrial preference for renewable resources in the manufacture of finished products such as medicinal products, pharmaceuticals, food additives and plastics should also complement the demand for renewable chemicals. Global chemical producers rely on using natural products to produce specific chemicals to minimize their reliance on the energy of fossil fuels. Specific state and national governments have placed stringent controls on the use and storage of petrochemicals in the mitigation of dangerous human and environmental impacts. The long term growth of renewable chemicals on the product market can be hindered by high processing costs and complex production processes. In contrast with their conventional materials, certain green alternatives to existing petrochemicals have been exceptionally strong. Lower purchasing power, coupled with lack of consumer knowledge of these chemicals, may also hinder renewable chemicals' entry into these areas over the next few years, especially in emerging markets in Asia Pacific and Africa.
Segment Analysis by Region
North America is anticipated to grow at the significant CAGR in terms of production and use of biorenewable chemicals due to policies and the emphasis on the use of sustainable chemicals. The 'Federal Bio Recommended and Toxic Substitute Program' in the US, 'toxic drug register and substitute measures' in Canada form part of the schemes that control the production and usage of chemicals in North American countries. Several European and Middle Eastern countries are also focused on environmental issues and the application of associated chemicals environmental regulations.
Pandemic situation across the globe has disrupted the business flow worldwide. In 2020 every industry vertical in its 2nd, 3rd, 4th quarter has witnessed substantial drop on production and revenue, this was majorly due to lockdown. The restriction on the operations is impacting the production side and also impacting the supply chain of products. The disrupted supply of raw materials and low operational factories efficiency has contributed in the slower growth of the global market. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process at high operational efficiency, better supply chain models, and effective distribution network. These factors to some extent will help the industry vertical to flourish and aid market growth.
The global market is highly competitive due to presence of large number of players and innovative product offerings. In addition, business expansion activities through partnerships and agreements are factors expected to further increase the competition.
The global renewable chemicals market is segmented into feedstock, product type, end use. The end use segment is bifurcated into textiles, agriculture, environment, communication, transportation, food & beverage packaging, bio-medical, and other. Among end use the textiles segment is expected to account for significant revenue share in the global market. The players profiled in the report BASF SE, Archer-Daniels-Midland Company, Bioamber Inc., Amyris Inc., Biomethanol Chemie Nederland B.V., Cargill Inc., Braskem, E. I. DU Pont DE Nemours & Company, DSM, and Others.
Renewable Chemicals Market By Feedstock
Renewable Chemicals Market By Product
Renewable Chemicals Market By End Use
Food & beverage packaging
Renewable Chemicals Market By Geography
• Rest of Europe
• South Korea
• Rest of Asia-Pacific
• Rest of Latin America
Middle East & Africa
• South Africa
• Rest of Middle East & Africa
Rising consumer awareness and increasing environmental issues by using renewable chemicals are major growth factor for target market
The renewable chemicals market value is anticipated to be worth around US$ 90 Bn in 2027.
The renewable chemicals market is anticipated to grow around 9.8% CAGR amid the forecast period 2020-2027.
North America is anticipated to grow at the significant CAGR in terms of production and use of biorenewable chemicals due to policies and the emphasis on the use of sustainable chemicals.
The key players operating in renewable chemicals market such as BASF SE, Archer-Daniels-Midland Company, Bioamber Inc., Amyris Inc., Biomethanol Chemie Nederland B.V., Cargill Inc., Braskem, E. I. DU Pont DE Nemours & Company, DSM, and Others.
The report provides insights on global renewable chemicals market size, and segment markets by feedstock, product, application, and geography along with the information on companies operating in the market.
The Renewable Chemicals market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.