Renewable Chemical Market was valued at US $ XX Mn and expected to grow at XX% Compound Annual Growth Rate (CAGR) from 2019 to 2025.
Market Outline: Renewable Chemicals Market
Renewable chemicals or bio-based chemicals comprises variety of chemicals which are obtain from renewable sources such as agricultural feedstock, agricultural waste, organic waste products, biomass, and microorganisms. Renewable chemicals are considered as sustainable source of carbon as it offer fewer carbon footprints in comparison to conventional petro-based chemicals. Some of the most commonly found renewable chemicals include polymeric (lignin, hemicellulose, cellulose, starch, protein) and monomeric (carbohydrates, oils, plant extractives, amino acids) components. These chemicals are used widely as a direct substitution for conventional petro-chemicals.
Market Dynamics: Renewable Chemicals Market
Global trend towards oil independency, increasing awareness towards reduction of carbon foot prints in order to cope with situation such as landfills and global warming, and increasing consumer preferences towards green and natural product is driving the market for renewable chemicals. Moreover limiting petroleum resources, political instability of major oil producing countries and continuous fluctuation in price of petroleum product has helped in overall popularity and acceptance of renewable chemicals around the globe. However, due to the rising concern of policymakers over food security and deforestation has restrained the growth of the renewable global chemical market.
Market Scope: Renewable Chemicals Market
Renewable chemicals market is segmented based on product type, application, and end user
Based on product type, market is segmented into the following:
- Organic Acids
Based on the end user, market is segmented into the following:
- Automotive & Transportation
- Consumer & Home Appliances
- Food & Beverages
Regional Analysis: Renewable Chemicals Market
Geographically, renewable chemicals market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America and Latin America Renewable Chemicals Market is expected to grow at a significant CAGR due to presence of abundant raw material particularly in U.S., Brazil and Argentina is expected to strengthen the supply side for local manufacturers within the region has lucrative growth attributed to rise in prevalence of cancer and neurological disorders, development of technologically advanced devices by market players, presence of skilled professionals in U.S and Canada are fuel the market. Europe Renewable Chemicals is the largest renewable chemicals market in 2013 on account of increasing European Union investment to establish ‘Green Economy’ coupled with stringent REACH and European Commission regulations towards petrochemicals. European Commission’s ’20-20-20’ initiative is further estimated to promote renewable chemicals penetration in the region over next few years. Asia Pacific Renewable Chemical Market is expected to take over Europe in terms of market share during the forecasted period. Easy and cheap availability of raw materials, cheap labor and increasing demand of renewable chemicals from growing countries such as China, Japan and India are some major factors propelling the market for renewable chemicals in Asia Pacific.
Competition Assessment: Renewable Chemicals Market
Some of the players in the renewable chemical market include:
- BASF SE
- BioAmber Inc
- Cargill, Natureworks LLC
- Archer Daniels Midland Company
- Verenium Corporation, Beta Renewables SpA
- Braskem, Chevron Corporation
- Cobalt Technologies
- Amyris Inc.
Notable Market Developments: Renewable Chemicals Market
- In October 20 2015, SGBio, a joint venture between the Solvay Group and GranBio, has acquired assets from Cobalt including the bank of microorganisms and intellectual property