The Global Renewable Chemicals Market is Projected to Reach US$98.9 Billion by 2024

Increasing Demand for Eco-Friendly, Sustainable and Clean Alternatives to Conventional Chemicals Fuels Growth in the Renewable Chemicals Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, market size and demand forecasts on the global Renewable Chemicals market. The global Renewable Chemicals market is projected to reach US$98.9 billion by 2024, driven by the rising demand for clean, green and sustainable chemicals amidst growing concerns over environmental damage caused by fossil fuel usage and rising greenhouse gas emissions.

Renewable chemicals, produced from renewable feedstock such as animal waste, forestry waste, municipal waste, household waste, horticultural waste, microorganisms, agricultural biomass, agricultural waste, and agricultural raw materials, are becoming an area of high interest among investors, technology developers, regulatory authorities, consumers and corporations across the world. Rapidly depleting fossil fuels and escalating energy consumption, along with rising environmental awareness among nations have led to an increased focus on searching for alternate viable eco-friendly and renewable chemicals. Compared to traditional petroleum-based chemicals, renewable chemicals are considered to be sustainable sources of carbon and are also known to offer lower carbon footprints in comparison.

Steady economic growth, volatile oil prices and growing awareness about environmental conservation are leading to the commercialization of renewable chemicals. With fossil fuels causing irreparable damage to the already fragile ecosystem, the transition towards renewable energies presents immense opportunities. Renewable chemicals are also growing in popularity as a result of rapidly depleting conventional fuel resources, rising customer demand for eco-friendly products, and adoption of stringent emission norms and environmental regulations. The abundance of biomass and renewable feedstock, increasing government focus on reducing dependence on foreign oil and achieving self-sufficiency, international pressure to reduce greenhouse gas emissions and carbon footprint, and the desire to reduce dependency on non-renewable petroleum products through renewable sourcing are other factors responsible for driving interest in renewable chemicals.

Renewable chemicals have found strong foothold in various end-use segments over the years. Supported by robust growth of industrial biotechnology and introduction of advanced technologies, the application possibilities of renewable chemicals are now expanding in additional end-use markets. While alcohols have been the major product segment that has achieved tremendous success over the years, other renewables such as polymers are growing in prominence in recent years. Potential opportunities for growth in the renewable chemicals market emerge from improvements in yields of renewable chemical production processes, the steadily expanding scope in end-use markets, the advent of new raw materials or feedstocks, and significant under penetration in emerging Asian economies. Development and launch of new products and increasing capacity utilization rates will play a vital role in enhancing competitiveness in the renewable chemicals market.

As stated by the new market research report on Renewable Chemicals, Europe represents the largest market worldwide. Market growth is driven largely by increased consumer concerns about greenhouse gas emissions and subsequent rise in demand for eco-friendly products, rising governmental support for renewable chemicals, abundant biomass availability, low costs of feedstock, and technological innovations. The focus of the European Union on establishing a green economy and the increase in investments to achieve the same has been a major driving factor for the renewable chemicals market in Europe. Asia-Pacific is forecast to register the fastest CAGR of 10% over the analysis period. Driven by the increasing energy needs of an expanding population and improving economic environment, the market for renewable chemicals is expected to post strong growth in Asia-Pacific.

Major players in the market include Archer Daniels Midland Company, Avantium Technologies, BASF SE, BioAmber Inc., Braskem, Cargill Incorporated, CJ CheilJedang, Corbion NV, DowDuPont, DuPont Tate & Lyle Bio Products Company LLC, Evonik Industries AG, Genomatica Inc., Gevo Inc., LanzaTech Inc., Myriant Corporation, NatureWorks LLC, Novozymes A/S, PureVision Technology Inc., Rivertop Renewables Inc., Royal DSM NV, Solazyme Industrials, Solvay, Verdezyne Inc., Virent Inc., and ZeaChem Inc., among others.

The research report titled “Renewable Chemicals: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections for all major geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India and Rest of Asia-Pacific), Latin America (Brazil and Rest of Latin America) and Rest of World. Product Segments analyzed include Renewable Alcohols, Renewable Polymers and Others. The report also analyzes the market by the End-Use Sectors - Environment, Food & Beverage, Consumer Healthcare, Industrial, Garments & Textiles, Automotive and Others.

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