Renewable Chemicals Market

Renewable Chemicals Market

Growth Factors of HD Renewable Chemicals Market

The renewable chemicals market size was valued at USD 137.6 billion in 2023, and the market is now projected to grow from USD 155.3 billion in 2024 to USD 390.6 billion by 2032, exhibiting a CAGR of 11.5% during the forecast period of 2024-2032.

The outbreak of COVID-19 affected the renewable chemicals market through the disruptions of the supply chain and production problems as well as weakened demand from major sectors. Restriction measures affected the industrial processes and limited the production of bio-based chemicals and their delivery. But it also led to the fast-track requirement of sustainable solutions which were more often focused on use of renewable resources for health, hygiene and other eco-friendly products. Companies and governments are now aiming at having sustainable and reliable supply chain system and investing on renewable energy and green technologies, thus positioning the renewable chemicals market for future recovery in the post-pandemic phase.

Some of the important emerging trends evident in renewable chemicals market include the trend within bio-plastics, fuelled by sustainability policies and standards. Advancements in conversion technologies; fermentations and enzymatic technologies used in production of bio-fuels and biodegradable chemicals are now possible. The conversion towards circular economies and decreases in carbon emissions is also driving investment in green chemical as well. Furthermore, joint efforts of industries and governments towards the development of bio-based products as an alternative to fossil-based products are driving the market with the new applications in the packaging industry, agriculture, and automotive industry. Thus, all the above mentioned factors are contributing towards the renewable chemicals market growth.

The market for renewable chemicals is progressing due to the increasing environmental concerns which are leading to increasing demand for green, bio based chemicals instead of petrochemicals. Stringent measures put in place through government policies to support low-carbon products along with financial incentives given to renewable resource consumption is enhancing growth. Research in genetics through biotechnology and changes to green chemistry are also providing more efficient ways of synthesizing these materials. Also, on the grounds of growing consumer consciousness regarding environmental preservation, together with the company’s struggling for lowering emissions, the use of is growing. The increasing trend of circular economies and, in particular, the fights against the usage of plastic materials are also strengthening the need for renewable chemicals in production processes of different sectors.

Comprehensive Analysis Renewable Chemicals Market

Renewable chemicals can be distinguished based on type that include alcohols, biopolymers, organic acids, ketones among others which are very vital in many industries. Bioethanol is another example of alcohols, which find their application in biofuels whereas biopolymers are increasingly being employed in sustainable packaging materials. Organic acids and ketones are used in the manufacture of pharmaceuticals as well as for industrial uses. By application, renewable chemicals are widely used in petrochemical substitutes, pharmaceuticals, green and sustainable packaging, cleaning & detergents, automobile industries among others to focus on reducing the adverse effects of their operations and products on the environment.

North America is one of the dominant regions for renewable chemicals market share due to increased government support, environmental legislations and improved technology. The U. S. has been more active in supporting bio-based industries to embrace renewable resources in markets such as bio- fuels, packaging and chemicals. The region has realized the need to control carbon emissions and promote circular economy hence increasing demand for sustainable products. The synergy created by research institutions industries and government programs has therefore stepped up the rate of innovation putting North America ahead in the renewable chemicals global market.

Key players in this sector include Trucent (U.S.), BRASKEM (Brazil), Archer-Daniels-Midland Company (ADM) (U.S.), Amyris Inc. (U.S.), BASF SE (Germany), Bioamber Inc (Canada), Biomethanol Chemie Nederland B.V (Netherlands)

As noticed in 2023, a major shift in the renewable chemicals market with relation to bioethanol was witnessed. Bioethanol is a type of alcohol commonly used in the creation of biofuel, the production experienced growth because of the need for renewable sources of energy. This was particularly characteristic in the areas such as Brazil and U. S where sugarcane and corn were used pertaining to feedstocks to the bioethanol. The trend seems to support the current increase in demand for green power that is in expansion looking at the current need to shift from fossil energy resources.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 11.5% over 2024 to 2032

Unit Value (USD Billion)

Segmentation By Type

• Alcohols
• Biopolymers
• Organic Acids
• Ketones
• Others

By Application

• Petrochemical
• Pharmaceutical
• Packaging Products
• Cleaning & Detergent products
• Automotive
• Others

By Region

• North America (By Type, By Application, By Country)
• U.S. (By Application)
• Canada (By Application)
• Europe (By Type, By Application, By Country)
• Germany (By Application)
• Italy (By Application)
• France (By Application)
• Spain (By Application)
• U.K. (By Application)
• Rest of Europe (By Application)
• Asia Pacific (By Type, By Application, By Country)
• China (By Application)
• India (By Application)
• Japan (By Application)
• Southeast Asia (By Application)
• Rest of Asia Pacific (By Application)
• Latin America (By Type, By Application, By Country)
• Brazil (By Application)
• Mexico (By Application)
• Rest of Latin America (By Application)
• Middle East & Africa (By Type, By Application, By Country)
• Saudi Arabia (By Application)
• Rest of Middle East & Africa (By Application)

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