Market Insights —
Renewable Chemicals have made a significant impact as environmental conscious grows across the globe. Market Research Future has performed a detailed study of the Global Renewable Chemicals Market. Several important figures and facts have been revealed in the report which suggests consistent growth with an upward trend for the Global Renewable Chemicals Market.
Several important factors drive the growth of the Renewable Chemicals Market. Increasingly, environmental concern has taken center stage, and government support, as well as consumer demand for eco-friendly products, has drastically impacted the Global Renewable Chemicals Market in a positive manner. With applications in a number of growing end-use industries such as food & beverage packaging, agriculture, and textile to name a few, the demand for Renewable Chemicals is growing at a rapid rate. Urbanization has bolstered high demand for eco-friendly food & beverage packaging as urban consumers are increasingly adopting the eco-friendly trend. Raw materials for the production of Renewable Chemicals has encouraged adoption in an increasingly environmentally friendly economy. Moreover, this provides a huge boost for the rural and agricultural economy as most renewable chemicals are made from biomaterials such as sugarcane and the like. Additionally, consumer acceptance, and increased demand for eco-friendly products and packaging have propelled industrial adoption of Renewable Chemicals. Government support for the same has also made a positive impact.
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Presently, the market is restrained by competitiveness with traditional chemicals in terms of performance and cost competitiveness. However, innovation and advancement of technologies used to produce Renewable Chemicals are expected to produce multiple opportunities for the market in the coming years.
Market players of importance in the competitive landscape of the Global Renewable Chemicals Market have been included in MRFR’s analysis of the market. These players include E.I. DU PONT, Bioamber, BASF SE, Cargill, Braskem, Amyris Inc, Evonik industries, Archer-Daniels-Midland Company, Biomethanol Chemie Nederland, DSM, and others.
MRFR's segmentation of the market into its various prominent parts has been performed on the basis of Types, Applications, and Region. Types of Renewable Chemicals have been segmented into organic acids, alcohols, ketones, platform chemicals, polymers, and others. Various sub-segmentations have been included in the report. Findings suggest that bio-ethanol is one of the most significant types in the market with a large share, while PLA and PHA are important bio-polymers in terms of market share.
Meanwhile, applications of Renewable Chemicals can be found in industrial, food packaging & beverage bottling, bio-medical, transportation, fertilizers, textiles, agriculture, environment, health & hygiene, recreation, and housing.
North America and Europe are front-runners in the Global Renewable Chemicals Market. These regions have strong and well-developed economies which are implementing stringent regulations regarding carbon emissions and encouraging the use of bio-based chemicals. Moreover, consumers in this region are increasing adopting eco-friendly habits and are placing huge demand for eco-friendly products and packaging.
The Asia Pacific is an up and coming regional market which is increasingly industrializing and urbanizing at a rapid rate. The presence of a large consumer population which is increasingly inclined toward the trend of environmental consciousness and the government laws which support the management and reduction of pollution all kinds are highly encouraging of adoption of Renewable Chemicals. The region has plentiful raw material and has established itself as a manufacturing hub which is likely to result in prominent growth over the coming years.
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