Renewable chemicals, usually known as bio-based chemicals, are obtained from numerous renewable sources such as organic waste products, agricultural left-over, agricultural feedstock, micro-organisms, and bio-mass. The bio-renewable chemical is a notion of “green chemistry”, which uses natural renewable sources of power to generate specific chemicals. These days, firms and governments around the world are stressing on ecologically pleasant dealing. In addition to that, a shortage of non-renewable reserves also appeals to shareholders towards the bio-renewable chemicals market. The rise in demand for fossil fuels leads to a rise in the price of fuel-related goods and so, to reduce this dependence, the demand for bio-renewable chemicals is rising. The global market for bio-renewable chemicals is hindered due to the absence or shortage of raw materials used in the manufacturing of renewable chemicals.
The global bio-renewable chemicals market is anticipated to exceed USD XXXX million by 2030 from USD XXXX million in 2019 at a CAGR of about xx% during the forecast period, i.e. 2020-2030. The global bio-renewable chemicals market is expected to grow based on the rising demand for alcohol (ethanol and methanol), green wrapping supplies, and consumer product packing materials. For every chemical, there are limited players in the market and they do not create any threat for each other. The demand for these commodities is high with roughly all production capacities being disbursed. The market is at an emerging stage and the firms are yet to stabilize their production. Thus the level of competition in the market is low.
Evolving technological innovations, the inclination of the population towards environment-friendly products, and supportive government policies are driving the growth of the renewable chemicals market. Plentiful raw materials, cheap labor cost, and rising demand for renewable chemicals in India and China are expected to boost up the growth of the market for renewable chemicals. Rapid urbanization and industrialization in evolving markets of Asia Pacific (APAC) is further anticipated to boost up the demand for renewable chemicals throughout the end-use productions.
Global Bio-renewable Chemicals Market: Segments
The Ethanol segment to surge with the highest CAGR of xx% during 2020-2030
The global bio-renewable chemicals market is segmented by product type into alcohol (ethanol and methanol), organic acids (succinic acid, lactic acid), bio-polymers (starch blends, regenerated cellulose, PBS, bio-PET, PLA, PHA), glycerin, and others (bio-based, 3-PDO, ECH and 4-BDO). Among these, glycerin was the largest segment holding xx% of the total market share in 2019 and is expected to display a similar trend in the coming years. Glycerin is mostly used in the manufacture of bio-polymers, biofuels, and other chemical products. Lactic acid is likely to be the next leading product segment throughout the forecast period. Anthocyanin is the most preferred product in the food & beverage industries because it displays good heat, ph.
The bio-plastic segment to grow with the highest CAGR of xx% during 2020-2030
The global bio-renewable chemicals market is segmented by applications into transportation, textiles, food safety, environment, communication, housing, recreation, health & hygiene, bio-medical, agriculture, and others. Among these, bio-plastic shall generate maximum revenue during the forecast period. The rising demand for ecological packing around the globe is likely to boost its growth. Besides, the strict policies mainly in U.S and Europe concerning the use of sustainable wrapping are likely to surge the demand for bioplastics.
An industrial segment to grow with the fastest CAGR of xx% during 2020-2030
The global bio-renewable chemicals market is segmented by end-users into industrial and domestic cleaners, paints and coatings, pharmaceuticals, and personal care products. Among these, the industrial segment is estimated to hold the maximum number of shares of xx% in 2019. Bio-chemicals are used in these industries for applications such as bio-plastics, bio-cleaners, and detergents. Bio-plastics are mainly utilized in packaging as they emit fewer greenhouse gases (GHGs). Thus, the demand for bioplastics is on a surge.
Global Bio-Renewable Chemicals Market: Drivers and Restraints
The surge in End-user Demand Augmenting Growth
Emerging technological innovations, people’s inclination towards eco-friendly goods, and supportive government policies are driving growth in the demand for renewable chemicals. In addition, rising demand for ethanol & methanol, green packaging materials, and consumer goods packaging materials is expected to boost market growth during the forecast period.
High Cost for Commercialization
The market for renewable chemicals is very niche, with few players in the global market. It is expected that rising consumer awareness of the environment will increase the adoption of green and eco-friendly chemicals. In order to meet the growing demand for renewable chemicals, pilot projects need to be commercialized and players need to make significant investments in research and development in order to upgrade the ongoing production technology and develop new products. While the market offers highly lucrative growth opportunities, high capital investment in the production of renewable chemicals compared to other conventional chemicals and polymers is expected to be a key challenge for market growth.
Global Bio-Renewable Chemicals Market: Regions
North America projected to be the fastest-growing region during 2020-2030
The bio-renewable chemicals market is segmented by region into North America, Latin America, Europe, and APAC. North America is considered to be the fastest-growing and the largest region in terms of producing and consuming bio-renewable chemicals, respectively, due to the rise in the government’s initiatives on consuming renewable chemicals. Several countries in Europe and the Middle East are also emphasizing environmental issues and enactment of related ecological guidelines on chemical production.
The global bio-renewable chemicals market is further classified by region into:
North America Market Size, Shares, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
Latin America Market Size, Shares, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
Europe Market Size, Shares, Trends, Opportunities, Y-o-Y Growth, CAGR – UK, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
APAC Market Size, Shares, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
Global Bio-renewable Chemicals Market: Key Players
List of top key players in the global bio-renewable chemicals market are:
Key Product Offerings
Key Performance Indicators
Elevance Renewable Sciences
Du Point Biosciences (Genencor)
The global bio-renewable chemicals market report also presents an analysis on:
Bio-renewable Chemicals Market Segments
By Product Type
Health & Hygiene
Industrial & Domestic Cleaners
Paints & Coatings
Personal Care Products
Bio-renewable Chemicals Market Dynamics
Bio-renewable Chemicals Market Size
Demand & Supply
Competition and Companies involved in the Market
Value Chain of the Market
Market Drivers and Restraints
FAQs on Global Bio-renewable Chemicals Market
Which segment is expected to hold the largest market share?
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