Renewable Chemicals

Renewable Chemicals

Global Renewable Chemicals Market to Reach US$204.9 Billion by 2030

The global market for Renewable Chemicals estimated at US$94.2 Billion in the year 2023, is expected to reach US$204.9 Billion by 2030, growing at a CAGR of 11.7% over the analysis period 2023-2030. Ethanol, one of the segments analyzed in the report, is expected to record a 11.7% CAGR and reach US$155.7 Billion by the end of the analysis period. Growth in the Ketones segment is estimated at 10.3% CAGR over the analysis period.

The U.S. Market is Estimated at US$29.9 Billion While China is Forecast to Grow at 16.1% CAGR

The Renewable Chemicals market in the U.S. is estimated at US$29.9 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$18.7 Billion by the year 2030 trailing a CAGR of 16.1% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 9.5% and 10.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 12.3% CAGR.

Global Renewable Chemicals Market - Key Trends & Drivers Summarized

Renewable chemicals, also known as bio-based chemicals, are derived from renewable resources such as agricultural crops, forestry products, and microorganisms, rather than traditional petrochemical sources. These chemicals are integral to a wide range of applications, including pharmaceuticals, plastics, solvents, and fuels. The shift towards renewable chemicals is driven by the need to reduce dependence on fossil fuels, mitigate environmental pollution, and promote sustainability. Unlike conventional chemicals, renewable chemicals have a lower carbon footprint and are often biodegradable, making them an environmentally friendly alternative. Innovations in biotechnology and green chemistry have further enabled the production of renewable chemicals at competitive costs, enhancing their feasibility and adoption in various industries.

The market for renewable chemicals has been expanding due to increasing environmental awareness and regulatory support. Governments around the world are implementing policies and providing incentives to encourage the production and use of renewable chemicals. For instance, mandates on the use of bio-based products and the imposition of carbon taxes on fossil fuels have created favorable conditions for the renewable chemicals market. Additionally, consumer demand for eco-friendly products is pushing companies to incorporate renewable chemicals into their product lines. Industries such as automotive, packaging, and textiles are increasingly adopting bio-based materials to meet sustainability goals and respond to market pressures for greener solutions.

The growth in the renewable chemicals market is driven by several factors. Firstly, advancements in biotechnology and process engineering have improved the efficiency and cost-effectiveness of producing renewable chemicals. Secondly, the increasing regulatory support and favorable government policies are accelerating market adoption. Thirdly, the rising consumer demand for sustainable and eco-friendly products is pushing industries to shift towards renewable chemicals. Lastly, the continuous depletion of fossil fuel reserves and the volatility of oil prices are compelling industries to seek alternative raw materials, further boosting the market for renewable chemicals. These drivers collectively ensure robust growth and innovation within the renewable chemicals sector.

Select Competitors (Total 314 Featured) -

• Ajinomoto Co., Inc.
• Aemetis, Inc.
• A.B. Enterprises
• ADDCON GmbH
• Air Liquide Engineering & Construction
• A.M Food Chemical Co., Ltd.
• Advanced Fuel Solutions, Inc.
• Agrana Beteiligungs-AG
• Akro-Plastic GmbH
• Altivia
• Abengoa SA
• Advance Bio Material P. Ltd.
• ACE Ethanol LLC
• Adkins Energy LLC
• Alco Group

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