Zion Market Research has published a new report titled “Renewable Chemicals Market (Ketones, Biopolymers, Alcohols, Organic Acids, Platform Chemicals and Others) for Agriculture, Textiles, Housing, Environment, Transportation, Food & Beverage Packaging, Communication, Bio-Medical and Other Applications: Global Industry Perspective, Comprehensive Analysis and Forecast, 2016 – 2022”. According to the report, global renewable chemicals market was valued at over USD 49.22 billion in 2016, is expected to reach above USD 102.76 billion in 2022 and is anticipated to grow at a CAGR of slightly above 11.29% between 2017 and 2022.
Renewable chemicals are consequent of the biomass feedstock. There has been a tremendous reduction in the convenient fuel sources store. This has resulted in the introduction of renewable chemicals which are eco-friendly and inexhaustible. Renewable chemicals are used as feedstock for many formulations. Alcohols and biopolymers are dominating renewable chemicals owing to diverse end-user applications.
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To overcome the drawbacks caused by the use of fossil fuels such as high emission of carbon has resulted in the high use of renewable chemicals. The existence of abundant raw resources for the production of renewable chemicals is expected to strengthen the renewable chemicals market. Growing environmental concerns along with volatile conventional fuels prices are likely to assist the renewable chemicals market over the coming years. Moreover, government support coupled with manufacturer’s promotions for use of renewable chemicals may drive the renewable chemicals market. However, lack of advanced technologies and low yield may indulge the growth of the renewable chemicals market. On the flip side, intense research for obtaining higher yield and development of low production cost method could offer the market with the plentiful prospect in the coming years.
The renewable chemicals market can be broadly classified into five major product segments such as alcohols, biopolymers, ketones, platform chemicals and organic acids. Alcohol is further divided into ethanol and methanol. Huge demand for ethanol and methanol from pharmaceutical industry has resulted into amplifying the growth of alcohol market which in turn is anticipated to aid the renewable chemicals growth. Renewable chemicals find diverse applications, some of which includes agriculture, textiles, environment, transportation, food & beverage packaging, communication, biomedical and other applications. High usage of biopolymers in food and beverage packaging is expected to nurture the growth of the renewable chemicals market in the forecast period.
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Europe corned the renewable chemicals market in 2016 followed by North America and Asia Pacific. Europe comprise of most of the major brands operating in the renewable chemicals market which is expected to spur the growth of the renewable chemicals market in this region. The European Government has posed various stringent rules on the use of petroleum and fossil fuel has enforced researchers and manufacturers to develop green technology. This factor may outset the huge growth of renewable chemicals market.
North America is likely to experience reasonable growth for renewable chemicals market. Strict regulations led by the U.S. government for the use of fossil fuels due to negative impact on the environment. Moreover, plentiful of raw materials present in North America may act as advantage for manufacturers. This factor may foster the growth of renewable chemical market in this region.
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Asia Pacific is expected to specter enormous growth for renewable chemicals market in forecast period, owing to growing trend for renewable chemicals such as alcohols and biopolymers. Low regulations and relatively low labor cost in regions such as India and China may boost the growth of the renewable chemicals market in Asia Pacific. Tremendously escalating industrialization and urbanization in emerging economies may amplify the growth of the renewable chemicals market in this region. Forthcoming technologies and various end-user applications such as food industry, transportation and agriculture among others are expected to bolster the growth of the renewable chemicals market in coming years. Agriculture is the major livelihood in most of the parts in China and India and is predicted to maintain its pace. Therefore, growing agriculture sector is expected to further enhance the renewable chemicals market in coming years.
Latin America is expected to show modest growth in the coming years. Growing awareness for green and clean chemicals is anticipated to urge the growth of the renewable chemicals market in this region. Sharp rise in industrialization in Brazil may incite the growth of the renewable chemicals market in forecast period. Middle East and Africa is projected to witness decent growth owing to abundant petroleum feedstock and availability of workforce is pulling the manufacturers to invest in this region.
Corbion N.V., Mitsubishi Chemical Corporation, Myriant Corporation, Genomatica, Metabolix Inc., BASF, Braskem, BioMCN, NatureWorks LLC, DuPont Tate & Lyle Bio Products, Cobalt Technologies and BioAmber among others are some of the leading players operating in the renewable chemicals market.
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This report segments the renewable chemicals market as follows:
Renewable Chemicals Market: Product Analysis
- Polyhydroxy alkanoates (PHA)
- Starch blends
- Polylactic acid (PLA)
- Regenerated cellulose
- Platform chemicals
- Organic acids
Renewable Chemicals Market: Applications Analysis
- Food & beverage packaging
Renewable Chemicals Market: Regional Analysis
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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